US Futures Rebounding – Watch LULU, WORK, NOC

Fundamental analysis of Forex market

The S&P 500 Futures are rebounding after they closed sharply lower yesterday as tech-led sell-off continued.

Later today, the U.S. Labor Department will report JOLTS job openings for July (6 million expected).

European indices are rebounding after they consolidated following announcement by AstraZeneca it halts clinical trials in Japan for Covid-19 vaccine for safety reasons.

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Asian indices faced a drop this morning, following Wall Street sell-off.

WTI Crude Oil futures remain bearish after they plummeted 7.6% yesterday. Later today, American Petroleum Institute (API) would release the change of U.S. oil stockpile data for September 4.

Gold remains under pressure and declined 9.33$ (-0.48%) to 1922.7.

EUR/USD declined 13pips to 1.1765, the day’s range was 1.1753 – 1.1787 compared to 1.1766 – 1.1827 the previous session ahead of the ECB meeting tomorrow.

U.S. Equity Snapshot

Lululemon Athletica‘s (LULU) shares are under pressure in premarket trading after the designer of athletic accessories and apparel said it expects adjusted profit in its current third fiscal quarter to fall as much as 20% because of higher marketing costs. The company reported second quarter adjusted EPS of 0.74 dollar, beating the estimate, down from 0.96 dollar a year ago.

Source: GAIN Capital, TradingView

Slack Technologies (WORK) shares are heavily down in premarket trading after the collaboration hub announced second quarter LPS of 0.13 dollar, below the forecast, up from an LPS of 0.98 dollar last year on revenue of 215.9 million dollars up from 145.0 million dollars a year earlier.

Northrop Grumman (NOC), an aerospace and defense technology company, announced that it has secured a 13.3 billion dollars contract from the U.S. Air Force for the modernization of the nation’s intercontinental ballistic missile (ICBM) system.