A Peek Into The Markets: US Stock Futures Down Following Tuesday’s Rally - Cisco Systems (NASDAQ:CSCO), K

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 400 points in the previous session. Investors are awaiting earnings results from Target Corporation (NYSE:TGT), Lowe's Companies, Inc. (NYSE:LOW) and Cisco Systems, Inc. (NASDAQ:CSCO).

Data on housing starts and permits for April will be released at 8:30 a.m. ET. Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 4:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dipped 90 points to 32,491.00 while the Standard & Poor’s 500 index futures fell 17.25 points to 4,067.50. Futures for the Nasdaq index fell 90 points to 12,470.25

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $112.70 per barrel, while US WTI crude futures rose 1% to trade at $113.57 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.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 84,473,440 with around 1,027,280 deaths. India reported a total of at least 43,127,190 confirmed cases, while Brazil confirmed over 30,728,280 cases.

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A Peek Into Global Markets

European markets were mostly lower today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.4%. The French CAC 40 Index fell 0.3%, while German DAX dropped 0.2%. UK’s producer inflation increased 14% year-over-year in April from 11.9% in March, while annual inflation rate accelerated to 9% in April, the highest since 1982. Passenger car sales in the European Union dipped 20.6% year-over-year to 684,506 units in April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.94%, Hong Kong’s Hang Seng Index gained 0.20% and China’s Shanghai Composite Index fell 0.25%. Australia’s S&P/ASX 200 rose 1% and India’s S&P BSE Sensex rose 0.3%. Industrial production in Japan increased by 0.3% month-over-month in March following a 2.9% increase a month ago, while the country’s economy contracted 0.2% quarter-over-quarter in the first quarter following a revised 0.9% growth in the previous quarter. Average new home prices in China increased by 0.7% year-over-year in April, while Australia's wage price index rose by 2.4% year-over-year in the first quarter.

Broker Recommendation

Jefferies upgraded Penn National Gaming, Inc. (NASDAQ:PENN) from Hold to Buy.

Penn National Gaming shares rose 3% to $31.84 in pre-market trading.

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Breaking News

Keysight Technologies, Inc. (NYSE:KEYS) reported upbeat results for its second quarter. The company said it sees Q3 revenue of $1.33 billion to $1.35 billion and earnings of $1.74 to $1.80 per share.
Tesla Inc. (NASDAQ:TSLA) is gearing up to hold its next AI Day in August, exactly a year after the first one, CEO Elon Musk tweeted on Tuesday.
The Container Store Group, Inc. (NYSE:TCS) reported better-than-expected results for its fourth quarter and issued strong FY23 sales guidance.
A Suffolk County resident is reportedly suing McDonald’s Corp (NYSE:MCD) and The Wendy's Co (NYSE:WEN), accusing them of defrauding customers by not selling burgers that are as big and juicy as the ones they advertise.