[BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +12.00.
The stock market is on course for a slightly lower open this morning, as the S&P 500 futures are trading one point below fair value.
Oil ministers from the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries, including Russia, will kick off a two-day meeting in Vienna today to review their current production cut deal, which has decreased output by roughly 1.8 million barrels per day since January 2017. The deal helped boost oil prices to a three-and-a-half year high, and the expectation is that the countries will now decide to increase output. WTI crude futures are down 1.1% at $65.02/bbl.
In corporate news, Micron (MU 61.26, +2.31, +3.8%), Kroger (KR 28.54, +2.36, +9.0%), and Darden Restaurants (DRI 104.87, +11.60, +12.4%) are higher in pre-market trading after all three companies beat earnings estimates. Micron and Kroger also issued upbeat guidance. Outside of earnings, Intel (INTC 54.33, +0.87, +2.4%) announced that CEO Brian Krzanich has resigned after breaching the company's non-fraternization policy.
On the data front, investors have received several pieces of economic data this morning:
- The latest weekly initial jobless claims count totaled 218,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 215,000 (from 218,000). As for continuing claims, they rose to 1.723 million from a revised count of 1.701 million (from 1.697 million).
- The Philadelphia Fed Survey for June declined to 19.9 (Briefing.com consensus 27.0) from an unrevised 34.4 in May.
- The FHFA Housing Price Index rose 0.1% in April, and the March increase was revised to 0.2% from 0.1%.
Today's last economic report, the Conference Board's Leading Economic Index for May (Briefing.com consensus +0.4%), will cross the wires at 10:00 AM ET.