Pre-Markets in Red on Higher Crude Oil Prices and U.S. Bond Yields

U.S. stock futures are in negative territory after three days of decline. Crude oil prices continue their northward journey on heightened geopolitical tensions between the United States and Iran. The U.S. benchmark — West Texas Intermediate — crude price is trading above $100 per barrel while the international benchmark — Brent — crude price is trading above $101 a barrel.

Moreover, yields on U.S. long-term treasury notes have shown no signs of decline despite the Treasury Department assuring that it would buy back up to $6 billion in longer-term bonds. The yield on the benchmark 10-Year U.S. Treasury Note rose 72 basis points to 4.912%. The yield on the 30-Year U.S. Treasury Note also rose 58 basis points to 5.344%.

Earnings News: M, AVAV, AEO

Macy’s Inc. M came up with quarterly adjusted earnings of $0.40 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.41 per share a year ago. The omnichannel retailer posted quarterly revenues of $4.87 billion, surpassing the Zacks Consensus Estimate by 1%. This compares to year-ago revenues of $4.81 billion. For a detailed analysis of M’s earnings, click here.

AeroVironment Inc. AVAV came up with quarterly adjusted earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.32 per share a year ago. The defense aerospace equipment manufacturer posted quarterly revenues of $480.49 million, surpassing the Zacks Consensus Estimate by 2.69%. This compares to year-ago revenues of $454.68 million. For a detailed discussion on AVAV’s earnings, click here.

American Eagle Outfitters Inc. AEO came up with quarterly adjusted earnings of $0.79 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.45 per share a year ago. The specialty retailer of casual apparel, accessories and footwear posted quarterly revenues of $1.38 billion, surpassing the Zacks Consensus Estimate by 1%. This compares to year-ago revenues of $1.28 billion. To get more information on AEO earnings, click here.

The Cooper Companies Inc. COO came up with quarterly adjusted earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.11 per share. This compares to earnings of $1.10 per share a year ago. The global medical device manufacturer posted quarterly revenues of $1.07 billion, missing the Zacks Consensus Estimate by 2.97%. This compares to year-ago revenues of $1.06 billion. For knowing more on COO's earnings, click here.

Economic Data: Initial Claims, PPI/Core PPI

The Department of Labor reported that initial claims decreased by 1,000 to 206,000 for the week ended Sept.5, marginally above the Zacks Consensus Estimate of 205,000. The previous week’s data was revised marginally upward to 207,000 from 206,000 reported earlier.

Continuing claims (those who have already received government aid and reported a week behind) decreased 1,000 to 1.774 million for the week ended Aug..29. The previous week's level was revised downward by 4,000 to 1,775,000 from 1,779,000 reported earlier.

The Department of Labor reported that the Producer Price Index (PPI) rose 0.4% in August, in line with the Zacks Consensus Estimate. The metric for July was revised upward to 0.1% from a break-even reported earlier. Year over year, the headline PPI increased 5.4% in August.

Core PPI (excluding volatile food, energy items and trade services) rose 0.3% in August, in line with the Zacks Consensus Estimate. July’s data was 0.4%. Year over year, core PPI increased 4.7% in August.

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This article originally published on Zacks Investment Research (zacks.com).

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