Stock Futures Today
This morning, major Chinese markets saw their biggest one-day decline since 2007. Shares of Chinese ADRs are having a rough morning, including Alibaba Group Holding Ltd. (NYSE: BABA).
On Friday, the Dow Jones Industrial Average fell 163 points on the day, extending the index's losing streak to four days. A sharp decline in materials and healthcare stocks and a decline in commodity prices offset strong earnings reports by Amazon.com Inc. (Nasdaq: AMZN), Visa Inc. (NYSE: V), and Starbucks Corp. (Nasdaq: SBUX).
Top News in the Stock Market Today
- The Stock Market Today: This morning, earnings week continues and speculation about a pending rate hike by the U.S. Federal Reserve will be in full swing. The economic calendar for this week is relatively light, with the exception of a very important Q2 GDP reading on Thursday.
- Oil Outlook: Oil prices continued to decline as traders worried about oversupply on the global markets and the broader market sell-off in China. WTI crude futures for September fell more than 1% to hit $47.63 per barrel. Meanwhile, Brent oil prices slipped 1.5% to hit $53.78 per barrel. Both U.S. and Brent crude are on pace to post monthly losses of more than 10%.
- Earnings Reports: Companies reporting earnings today include Aaron's Inc. (NYSE: AAN), AbbVie Inc. (Nasdaq: ABBV), American Airlines Group Inc. (Nasdaq: AAL), Barnes Group Inc. (NYSE: B), South State Corp. (NYSE: SSB), and Spirit Airlines Inc. (Nasdaq: SAVE).
Pre-Market Movers in the Stock Market Today: AGN, TEVA, MYL, FCAU, VZ
- Pre-Market Movers No. 1, AGN: Shares of Allergan Plc. (NYSE: AGN) were up more than 8% this morning on news that it will sell its generic drug unit to Teva Pharmaceuticals Industries Ltd. (NYSE ADR: TEVA) for $40.5 billion. The deal means that Teva has withdrawn its offer to purchase generic drug maker Mylan NV (Nasdaq: MYL). That news sent shares of Mylan into a tailspin this morning, declining more than 14%.
- Pre-Market Movers No. 2, FCAU: Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) slipped more than 2% this morning after the National Highway Traffic Safety Administration said it was fining the auto giant $105 million over problems related to its recent safety recalls.
- Pre-Market Movers No. 3, VZ: Shares of Verizon Communications Inc. (NYSE: VZ) were down 0.5% this morning on news that employees in nine states are prepared to strike over their current contract. The deal covers roughly 39,000 unionized employees and expires Aug. 1.