A Peek Into The Markets: US Stock Futures Higher Following Monday's Sell-Off; Fed Meeting In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq Composite dropped by more than 500 points in the previous session. Investors are awaiting earnings results from Core & Main, Inc. (NYSE:CNM), Motorcar Parts of America, Inc. (NASDAQ:MPAA) and Sprinklr, Inc. (NYSE:CXM).

The Federal Open Market Committee will begin its two-day policy meeting today. The Producer Price Index for May will be released at 8:30 a.m. ET. Producer prices are likely to increase 0.8% on the month in May after moderating to a 0.5% increase in the previous month.

Check out this 3 Stocks Under $3 Insiders Are Aggressively Buying

Futures for the Dow Jones Industrial Average jumped 231 points to 30,758.00 while the Standard & Poor’s 500 index futures jumped 36.25 points to 3,786.75. Futures for the Nasdaq index climbed 135.50 points to 11,432.00.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $123.38 per barrel, while US WTI crude futures rose 0.9% to trade at $121.96 a barrel.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 87,424,840 with around 1,036,080 deaths. India reported a total of at least 43,236,690 confirmed cases, while Brazil confirmed over 31,497,030 cases.

A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index rose 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index rose 0.5%. The French CAC 40 Index rose 0.1%, while German DAX gained 0.4%. Wholesale prices in Germany climbed 22.9% year-over-year in May following a record 23.8% surge in the prior month, while annual inflation rate in the country was confirmed at 7.9% in May. Average weekly earnings including bonuses in the UK rose by 6.8% year-over-year to GBP 604 during the three months to April, while jobless rate rose to 3.8% in the three months to April from 3.7% in the three months to March.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.32%, China’s Shanghai Composite climbed 1.02% and Hong Kong’s Hang Seng Index rose 0.01%. Australi’s S&P/ASX 200 dipped 3.6%, while India’s S&P BSE Sensex fell 0.2%. The annual wholesale price inflation rate in India increased to 15.88% in May from 15.08% in the previous month. Industrial production in Japan dropped by 1.5% month-over-month in April. Foreign direct investment into China jumped 17.3% year-over-year to CNY 564.2 billion during the first five months of the year. The NAB business confidence index in Australia dipped to a four-month low level of 6 in May.

Broker Recommendation

Piper Sandler maintained Braze, Inc. (NASDAQ:BRZE) with an Overweight and lowered the price target from $65 to $42.

Braze shares jumped 7.2% to $31.52 in pre-market trading.

Check out this: Executives Sell More Than $211M Of 2 Stocks

Breaking News

• Oracle Corporation (NYSE:ORCL) reported better-than-expected Q4 results for its fourth quarter on Monday.
• Rivian Automotive, Inc. (NASDAQ:RIVN) could be facing a setback with its R1S SUV that was launched in December. The delivery schedules of the R1S have been pushed back from anywhere between one month and nine months, Autoevolution said, citing a letter Rivian sent to reservation holders and information shared among forum members.
• Beacon Roofing Supply, Inc. (NASDAQ:BECN) reported an additional $250 million accelerated share repurchase program.
• Financial Institutions, Inc. (NASDAQ:FISI) reported a stock repurchase program of up to 766,447 shares of its common stock.

Check out other breaking news here