A Peek Into The Markets: US Stock Futures Gain Ahead Of ADP Report

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. The ADP national employment report for May will be released at 8:15 a.m. ET, while US Services Purchasing Managers' Index for May is schedule for release at 9:45 a.m. ET. The ISM non-manufacturing index for May will be released at 10:00 a.m. ET. Federal Reserve Board of Governors Vice Chairman Richard Clarida is set to speak in Chicago, IL at 9:45 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak at the Atlanta Regional Housing Forum at 9:45 a.m. ET. Federal Reserve Member of the Board of Governors Michele Bowman is set to speak in Washington, D.C. at 10:00 a.m. ET, while Boston Federal Reserve Bank President Eric Rosengren will speak in Chicago, IL at 1:15 p.m. ET. The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 155 points to 25,501, while the Standard & Poor’s 500 index futures rose 17.6 points to 2,822.50. Futures for the Nasdaq 100 index climbed 58.75 points to 7,238.00.

Oil prices traded mostly lower as Brent crude futures rose 0.1 percent to trade at $62.01 per barrel, while US WTI crude futures fell 0.6 percent to trade at $53.17 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.2 percent, STOXX Europe 600 Index gaining 0.4 percent and German DAX 30 index gaining 0.4 percent. The UK's FTSE index was trading higher by 0.6 percent, while French CAC 40 Index rose 0.5 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.8 percent, Hong Kong’s Hang Seng Index climbed 0.5 percent, China’s Shanghai Composite Index fell 0.03 percent and India’s BSE Sensex fell 0.46 percent.

Broker Recommendation

Analysts at Wells Fargo upgraded Medtronic PLC MDT from Market Perform to Outperform and raised the price target from $100 to $110.

Medtronic shares rose 1.2 percent to $95.58 in pre-market trading.

Breaking News

• Gamestop Corp. GME reported upbeat earnings for its first quarter, while sales missed views. The company sees 2019 comparable sales down 5-10 percent.
• Ambarella Inc AMBA reported better-than-expected results for its first quarter.
• salesforce.com, inc. CRM reported stronger-than-expected earnings for its first quarter and raised its 2020 guidance.
• Sierra Oncology Inc SRRA shares jumped 24 percent in pre-market trading after the company's Momelotinib was granted FDA fast track designation.