As dawn broke over Wall Street, futures indicated a modest uptick, reflecting the growing anticipation among traders for the release of the July retail sales report from Washington. Investors were also busy analyzing quarterly earnings from major retail player, Walmart, which saw its shares jump nearly 7% in pre-market trading following an impressive revision of its fiscal 2025 guidance.
The release of the national retail sales report is scheduled for 8:30 AM ET, with analysts projecting a slight gain of 0.4% from the previous month, June. In pre-market futures, the S&P 500 saw a modest increase of 0.1%, closely followed by the Nasdaq and Dow Jones Industrial Average, both inching up by 0.1% and 0.2% respectively.
Globally, Asian markets experienced mixed results during overnight trading. The Nikkei 225 in Tokyo recorded an impressive gain of 0.8%, buoyed by a strong second-quarter GDP report, while Hong Kong's Hang Seng Index dipped slightly by 0.03% in response to moderate industrial profits and retail sales data emerging from Beijing. In Europe, midday market movements were also diverse.
The FTSE 100 rose by 0.1%, while Germany's DAX 30 edged up by 0.3%. However, France's CAC 40 and Spain's IBEX 35 showed slight declines, down 0.04% and 0.01% respectively, indicating a cautious optimism across European exchanges. On the corporate front, Deere & Company witnessed a pre-market increase of 1.1% after releasing quarterly results that exceeded expectations.
Cisco Systems Inc. surged by 6.1% in pre-bell trading, buoyed by its latest earnings report, which coupled strong revenue guidance released late in the previous day. Looking ahead, several important economic indicators are on the docket. Besides the eagerly awaited retail sales report, analysts will be keenly observing the weekly jobless claims figures, which will also be announced at 8:30 AM ET.
Additionally, the August manufacturing indices for both Philadelphia and Empire State will provide insights into industrial trends, alongside the July import and export prices report. The economic narrative continues with the release of the July industrial production bulletin, expected at 9:15 AM, followed by business inventories and the housing market index reports at 10 AM.
For energy markets, the weekly EIA natural gas report is due at 10:30 AM, a release that often influences trading decisions in related sectors. In the world of cryptocurrencies, Bitcoin experienced a downturn of 3.8%, trading at $58,783, reflecting broader market movements and investor sentiment. Meanwhile, US West Texas Intermediate crude oil recorded a slight increase of 0.1%, now priced at $77.71 per barrel, while 10-year US Treasuries offered a yield of 3.849%.
In the commodities market, spot gold increased by 0.7%, reaching $2,496 an ounce amid fluctuating market conditions. Traders and investors alike remain vigilant as they brace for the day’s unfolding economic data and market conditions, keeping a close watch on significant stocks including Walmart, Deere, and Cisco that are shaping the market’s trajectory this Thursday morning..