US Futures consolidate - Watch PFE, DE, KEYS, OXY


The S&P 500 futures consolidate ahead of economic data

The S&P 500 futures consolidate after they closed higher yesterday, as the Nasdaq 100 Index (+158 points or 1.40% to 11477) was pushed to another record close by gains in large-cap tech stocks Apple (AAPL +2.22% to $473.10) and Tesla  (TSLA +6.56% to $2,001.83). Apple also became the first company with a market value of $2 trillion.

Later today, are due Markit U.S. Manufacturing Purchasing Mangers' Index (August preliminary reading at 52.0 expected), and Services PMI (51.0 expected), and Existing Home Sales (a rise in annualized rate to 5.40 million units in July expected). 

European indices are slightly bullish. U.K Office for National Statistics has reported July retail sales at +3.6% (vs +2.0% on month expected). Research firm Markit has published preliminary readings of August Manufacturing PMI for the eurozone at 51.7 (vs 52.9 expected), for Germany at 53.0 (vs 52.5 expected), for France at 49.0 (vs 53.7 expected) and for the U.K. at 55.3 (vs 53.8 expected). Also, preliminary readings of August Services PMI were released for the eurozone at 50.1 (vs 54.5 expected), for Germany at 50.8 (vs 55.1 expected), for France at 51.9 (vs 56.3 expected) and for the U.K. at 60.1 (vs 57.0 expected).

Later today, the European Commission will post August Consumer Confidence Index (-15.0 expected).

Asian indices closed on the upside except the Australian ASX which lost 0.14%. Official data showed that Australia's preliminary retail sales grew 3.3% on month in July (+2.7% in June). Also, Japan's national core CPI was flat on year in July (+0.1% expected).

WTI Crude Oil futures are turning down. U.S. oil export to China may reach 37M barrels in September, surpassing the record level set in May of 35.2M barrels, reported Bloomberg citing the shipping fixtures. Later today, Baker Hughes will report the oil rig counts for the U.S. and Canada; total number of oils rigs operating in the U.S. reported the previous week fell to 172, the lowest since July 2005.

Gold loses ground while the US dollar steadies before the release of important US economic data.

Gold fell 15.68 dollars (-0.81%) to 1931.59 dollars while the dollar index rose 0.34pt to 93.132.

U.S. Equity Snapshot

Pfizer (PFE) and BioNTech, the two pharmaceutical groups which are developing COVID-19 vaccine, said they "are on track to seek regulatory review for BNT162b2 as early as October 2020 and, if regulatory authorization or approval is obtained, currently plan to supply up to 100 million doses worldwide by the end of 2020 and approximately 1.3 billion doses by the end of 2021".

Source: TradingView, GAIN Capital

Deere & Co (DE), a manufacturer of agricultural and construction equipment, is soaring before hours as the raised its full-year net income forecast.

Keysight Technologies (KEYS), a provider of electronic measurement devices and software solutions, released third quarter adjusted EPS of 1.19 dollar, beating estimates, down from 1.25 dollar last year, on adjusted revenue of 1.0 billion dollars, higher than expected, down from 1.1 billion dollars a year earlier.

Occidental Petroleum (OXY), an energy exploration and production company, was upgraded to "equal-weight" from "underweight" by Morgan Stanley.

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