Market Overview

A Peek Into The Markets: U.S. Stock Futures Up Ahead Of Beige Book

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A Peek Into The Markets: U.S. Stock Futures Up Ahead Of Beige Book
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Pre-open movers

U.S. stock futures traded higher in early pre-market trade. The Chicago PMI for May is schedule for release at 9:45 a.m. ET, while the pending home sales index for April will be released at 10:00 a.m. ET. The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET. Dallas Federal Reserve Bank President Robert Kaplan is set to speak in New York City at 8:00 a.m. ET, while San Francisco Federal Reserve Bank President John Williams is set to speak in Seoul at 7:30 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 19 points to 21,034.00, while the Standard & Poor’s 500 index futures rose 2.75 points to 2,413.50. Futures for the Nasdaq 100 index climbed 15.25 points to 5,807.00.

Oil prices traded lower as Brent crude futures fell 2.33 percent to trade at $50.63 per barrel, while US WTI crude futures dropped 1.97 percent to trade at $48.68 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index gaining 0.43 percent, STOXX Europe 600 Index rising 0.16 percent and German DAX 30 index gaining 0.42 percent. The UK's FTSE index was trading higher by 0.41 percent, while French CAC 40 Index rose 0.23 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.14 percent, Hong Kong’s Hang Seng Index fell 0.16 percent, China’s Shanghai Composite Index gained 0.23 percent and India’s BSE Sensex fell 0.04 percent.

Broker Recommendation

Analysts at Baird upgraded VMware, Inc. (NYSE: VMW) from Neutral to Outperform.

VMware shares rose 0.84 percent to $97.55 in pre-market trading.

Breaking news

  • Michael Kors Holdings Ltd (NYSE: KORS) posted a loss for its fourth quarter loss and announced plans to close between 100 and 125 stores. However, the company’s adjusted earnings exceeded expectations. The company also issued a weak earnings forecast for the current quarter.
  • Danaos Corporation (NYSE: DAC) reported stronger-than-expected results for its first quarter on Tuesday.
  • Eli Lilly and Co (NYSE: LLY) disclosed that its Phase 3 RANGE urothelial cancer trial of CYRAMZA met its primary endpoint.
  • Quanex Building Products Corporation (NYSE: NX) reported upbeat earnings for its second quarter on Tuesday.

Posted-In: A Peek Into The MarketsEarnings News Eurozone Futures Global Pre-Market Outlook Markets

 

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