Stock futures indicate weak opening for US markets, Nike, Ford shares in focus

United States equity benchmarks futures were indicating a weak opening for US stocks on Wednesday, July 1. Dow futures fell 0.21%, Nasdaq futures dropped 0.53% and S&P 500 futures declined 0.28% at 3:03 pm.

US stocks settled higher on Tuesday as better than expected May job openings data boosted sentiment towards risk assets like equities.

The Dow Jones Industrial Average ended 0.26% higher at 52,319.20. The tech-heavy NASDAQ closed at 26,213.72, up 1.52%, due to a rise in chip stocks.

The number of job openings in United States remained unchanged at 7.6 million in May while job openings for the month of April was revised down by 33,000, according to US Bureau of Labor Statistics.

The data reported by the Bureau came in better than estimates as market participants were expecting 7.3 million job openings triggering reduced chances of rate cuts.

Asian markets ended mixed on Wednesday as talks between US and Iran faced fresh obstacles raising worries about inflation and a potential rate hike by the US Federal Reserve.

Japan's Nikkei rose 0.6% and China's Shanghai Composite advanced 0.44% while Hong Kong's Hang Seng declined 0.63% and South Korea's KOSPI dropped 2%.

As per media reports Iranian Parliament Speaker and chief negotiator, Mohammad Bagher Ghalibaf, said Iran will not enter negotiations with the United States on a final agreement unless five preliminary paragraphs of a recently signed pace memorandum of understanding are fulfilled.

These include provisions for ending the war on all fronts, including Lebanon, lifting the US naval blockade, reopening the Strait of Hormuz, issuing US waivers for Iranian crude oil exports and releasing frozen Iranian assets, Xinhua news agency reported.

Nike shares will be on investors radar after the company said that it earned $11 billion in quarterly revenue in quarter ended May 31, down 1%. Its wholesale revenue in the fourth quarter rose 4% to $6.6 billion.

Nike Direct revenue for the fourth quarter came in at $4.1 billion, down 7% on a reported basis and down 9% on a currency-neutral basis.

General Mills, FactSet Research Systems, MSC Industrial Direct Company, National Beverage Corp., Greenbrier Companies, Lotus Technology, Richtech Robotic and CoinShares PLC are prominent companies that will be reporting their quarterly earnings later in the day.

Investors will closely watch out for ADP employment data, manufacturing PMI data, Fed Chairman Kevin Warsh's speech, S&P final US manufacturing PMI data, ISM manufacturing data, construction spending data and auto sales data which will be reported during the day.