Market Overview

A Peek Into The Markets: US Stock Futures Mostly Higher Following Friday's Plunge

A Peek Into The Markets: US Stock Futures Mostly Higher Following Friday's Plunge

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade, after posting sharp losses in the previous session. The pending home sales index for May is scheduled for release at 10:00 a.m. ET, while the Dallas Fed manufacturing index for June will be released at 10:30 a.m. ET. Federal Reserve Bank of New York President John Williams will speak at 3:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 2,549,060 with around 125,800 deaths. Russia reported a total of at least 640,240 confirmed cases, while Brazil confirmed over 1,344,140 cases.

Futures for the Dow Jones Industrial Average climbed 113 points to 25,063 while the Standard & Poor’s 500 index futures traded rose 8.75 points to 3,015.75. Futures for the Nasdaq 100 index fell 9.50 points to 9,856.

Oil prices traded lower as Brent crude futures fell 1.3% to trade at $40.40 per barrel, while US WTI crude futures fell 1.4% to trade at $37.95 a barrel.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index rising 0.1% and STOXX Europe 600 Index falling 0.1%. The UK's FTSE index was trading higher by 0.1%, while French CAC 40 Index slipped 0.2% and German DAX 30 gained 0.4%.

In Asian markets, Japan’s Nikkei fell 2.3%, Hong Kong’s Hang Seng Index fell 1.01%, China’s Shanghai Composite Index declined 0.61% and India’s BSE Sensex fell 0.8%.

Broker Recommendation

Analysts at Evercore ISI Group upgraded Chart Industries, Inc. (NASDAQ: GTLS) from In-Line to Outperform and announced a $62 price target.

Chart Industries shares rose 8.7% to close at $45.22 on Friday.

Breaking News

  • Chesapeake Energy Corporation (NYSE: CHK) disclosed on Sunday that it filed for bankruptcy to carry out balance sheet restructuring.
  • The Boeing Company (NYSE: BA) and the US Federal Aviation Administration will start running test flights of the company's troubled 737 MAX aircraft on Monday, Reuters reported.
  • Staffing 360 Solutions Inc (NASDAQ: STAF) reported a net loss of $7.0 million, versus a year-ago profit of $0.2 million in the year-ago period. Its revenue fell 20.5% to $58.7 million.
  • SoftBank Group Corp (OTC: SFTBY) announced plans to repurchase $1.9 billion of unsecured corporate bonds in an attempt to pare down debt.

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