What's happening in the stock market today

Source: Investopedia

Dow and S&P futures are trading lower, and the Nasdaq looks to open higher after all three indexes closed in the red yesterday.

The producer price index (PPI) for June will be released at 8:30 a.m., and will give investors crucial data about how prices are changing from a seller's point of view. Economists expect an increase of 0.6% after an increase of 0.8% in May. The Federal Reserve is also due to release its latest Summary of Commentary on Current Economic Conditions, better known as the Beige Book, at 2:00 p.m. 

Treasury yields are lower ahead of the releases, and ahead of Federal Reserve Chairman Jerome Powell's semiannual Congressional update on monetary policy at 12:00 p.m.  

Oil futures are trading lower after the American Petroleum Institute said that U.S. crude inventories dropped 4.1 million barrels in the week ended July 8. The Energy Information Administration's (EIA) weekly report on U.S. petroleum inventories will be released at 10:30 a.m. 

European markets traded lower today after industrial production in the eurozone dropped 1% in May, Spain's consumer prices increased 2.7% in June, the U.K.'s producer prices rose 4.3% in June, and the U.K. annual inflation rate rose to 2.5%. 

Asian markets traded mixed after industrial production in Japan fell 6.5% in May, foreign direct investment into China rose 28.7% year-over-year (YOY) in the first half, Australia's Westpac-Melbourne Institute index of consumer sentiment rose to 108.8 in July, and wholesale prices in India rose 12.07% year-over-year in June.