Benzinga | Jul 20, 2020 06:35AM EDT

A Peek Into The Markets: US Stock Futures Edge Lower; Crude Oil Down 1%

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, after closing mixed in the previous session. Investors are awaiting earnings results from Halliburton Company (NYSE:HAL), ManpowerGroup Inc. (NYSE:MAN) and International Business Machines Corporation (NYSE:IBM).

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 3,773,260 with around 140,530 deaths. Brazil confirmed over 2,098,380 cases, while India reported a total of at least 1,118,200 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 31 points to 26,489 while the Standard & Poor's 500 index futures traded fell 6.50 points to 3,207.50. Futures for the Nasdaq 100 index declined 12.50 points to 10,610.

Oil prices traded lower as Brent crude futures fell 1% to trade at $42.70 per barrel, while US WTI crude futures fell 1.1% to trade at $40.16 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.6% and STOXX Europe 600 Index declining 0.5%. The UK's FTSE index was trading lower by 0.9%, while French CAC 40 Index fell 0.7% and German DAX 30 declined 0.4%.

In Asian markets, Japan's Nikkei rose 0.09%, Hong Kong's Hang Seng Index fell 0.12%, China's Shanghai Composite Index gained 3.11% and India's BSE Sensex rose 0.7%.

Broker Recommendation

Analysts at Jefferies upgraded Dropbox, Inc. (NASDAQ:DBX) from Hold to Buy and raised the price target from $22 to $28.

Dropbox shares rose 2.4% to $21.33 in pre-market trading.

Breaking News

* Quest Diagnostics Inc (NYSE:DGX) reported that the Food and Drug Administration issued an emergency use authorization to its COVID-19 test that can be used with up to four samples at a time..

* Luminex Corporation (NASDAQ:LMNX) reported that it has received the FDA Emergency Use authorization for COVID-19 antibody test.

* EBay Inc. (NASDAQ:EBAY) is nearing a deal to sell its classified-ads business to Norwegian marketplace operator Adevinta ASA, the Wall Street Journal reported.

* XpresSpa Group Inc (NASDAQ:XSPA) reported a common stock offering of 10.5 million shares.