A Peek Into The Markets: US Stock Futures Gain Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from several retailers. Data on Gross Domestic Product for the first quarter, U.S. international trade in goods for April and initial jobless claims for the latest week will be released at 8:30 a.m. ET. The pending home sales index for April is schedule for release at 10:00 a.m. ET. Federal Reserve Board of Governors Vice Chairman Richard Clarida is set to speak in New York at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 54 points to 25,163, while the Standard & Poor’s 500 index futures rose 8.9 points to 2,789.00. Futures for the Nasdaq 100 index surged 22.5 points to 7,238.50.

Oil prices traded mixed as Brent crude futures fell 0.5 percent to trade at $67.52 per barrel, while US WTI crude futures rose 0.2 percent to trade at $58.92 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories is schedule for release at 11:00 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 1 percent, STOXX Europe 600 Index climbed 0.5 percent and German DAX 30 index gained 0.6 percent. The UK's FTSE index was trading higher by 0.4 percent, while French CAC 40 Index fell 1.7 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.29 percent, Hong Kong’s Hang Seng Index declined 0.44 percent, China’s Shanghai Composite Index fell 0.31 percent and India’s BSE Sensex surged 0.84 percent.

Broker Recommendation

Analysts at Goldman Sachs upgraded Citigroup Inc C from Neutral to Buy.

Citigroup shares rose 1.4 percent to $64.60 in pre-market trading.

Breaking News

• Express, Inc. EXPR reported stronger-than-expected results for its first quarter.
• Designer Brands Inc DBI reported better-than-expected results for its first quarter and raised FY19 EPS guidance.
• PVH Corp PVH reported upbeat earnings for its first quarter, while sales missed estimates. The company also lowered its annual profit outlook.
• Palo Alto Networks Inc PANW reported better-than-expected results for its third quarter, but issued weak earnings guidance for the fourth quarter. The company also announced plans to purchase two companies, Twistlock and PureSec.