Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. The flash Composite Purchasing Managers' Index for June is schedule for release at 9:45 a.m. ET, while data on existing home sales for May will be released at 10:00 a.m. ET. Federal Reserve Member of the Board of Governors Lael Brainard will speak in Cincinnati, Ohio at 12:00 p.m. ET, while Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Cincinnati, Ohio at 12:00 p.m. ET. San Francisco Federal Reserve Bank President Mary Daly will speak in San Francisco, California at 12:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 26 points to 26,748, while the Standard & Poor’s 500 index futures fell 4.75 points to 2,955.25. Futures for the Nasdaq 100 index fell 24.5 points to 7,748.25.

Oil prices traded higher as Brent crude futures rose 1.9 percent to trade at $65.66 per barrel, while US WTI crude futures rose 1.4 percent to trade at $57.85 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.1 percent, STOXX Europe 600 Index declining 0.3 percent and German DAX 30 index gaining 0.4 percent. The UK's FTSE index was trading higher by 0.3 percent, while the French CAC 40 Index rose 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.95 percent, Hong Kong’s Hang Seng Index dropped 0.27 percent, China’s Shanghai Composite Index rose 0.50 percent and India’s BSE Sensex fell 1.03 percent.

Broker Recommendation

Analysts at Barclays downgraded Carnival Corp (CCL) from Overweight to Equal-Weight and lowered the price target from $69 to $55.

Carnival shares fell 3.9 percent to $46.91 in pre-market trading.

Breaking News

• Red Hat Inc (RHT) reported upbeat results for its first quarter on Thursday.
• Korn Ferry (KFY) reported in-line earnings for its fourth quarter, while sales exceeded views. The company issued weak Q1 sales guidance.
• ContraVir Pharmaceuticals Inc (CTRV) shares climbed around 48% in pre-market trading after the FDA responded to the company’s IND package and concurred with the company’s proposed plan for further preclinical studies to support the development of CRV431 in NASH.
• Invitation Homes Inc (INVH) priced its secondary offering of 37.5 million shares for gross proceeds of $1 billion.