Market Overview

A Peek Into The Markets: US Stock Futures Up; Dow Futures Surge Over 500 Points

A Peek Into The Markets: US Stock Futures Up; Dow Futures Surge Over 500 Points

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after a three-day holiday weekend. Investors are awaiting earnings results from AutoZone, Inc. (NYSE: AZO), Booz Allen Hamilton Holding Corporation (NYSE: BAH) and Heico Corp (NYSE: HEI). The Chicago Fed National Activity Index for April is scheduled for release at 8:30 a.m. ET, while the S&P Corelogic Case-Shiller home price index for March and the FHFA house price index for March will be released at 9:00 a.m. ET. The Conference Board consumer confidence index for May and new home sales report for April will be released at 10:00 a.m. ET. The Dallas Fed manufacturing index for May will be released at 10:30 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 1:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,662,760 with around 98,220 deaths. Russia reported a total of at least 353,420 confirmed cases, while Brazil confirmed over 374,890 cases.

Futures for the Dow Jones Industrial Average surged 554 points to 24,978 while the Standard & Poor’s 500 index futures traded rose 60.85 points to 3,013.75. Futures for the Nasdaq 100 index rose 190.5 points to 9,596.75.

Oil prices traded higher as Brent crude futures rose 1.5% to trade at $36.66 per barrel, while US WTI crude futures rose 3% to trade at $34.24 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.4%, STOXX Europe 600 Index surging 0.9% and German DAX 30 index gaining 0.7%. The UK's FTSE index was trading higher by 2%, while French CAC 40 Index rose 1.2%.

In Asian markets, Japan’s Nikkei rose 2.55%, Hong Kong’s Hang Seng Index rose 1.96%, China’s Shanghai Composite Index climbed 1.01% and India’s BSE Sensex rose 0.1%.

Broker Recommendation

Analysts at JP Morgan upgraded Hewlett Packard Enterprise Co (NYSE: HPE) from Underweight to Neutral and announced $11 price target.

Hewlett Packard shares rose 3.6% to $9.50 in pre-market trading.

Breaking News

  • Evofem Biosciences Inc (NASDAQ: EVFM) disclosed that the FDA has approved the company’s birth control gel, Phexxi.
  • Novavax Inc. (NASDAQ: NVAX) announced on Monday it had started the first phase of its novel coronavirus vaccine trials.
  • Zealand Pharma A/S (NASDAQ: ZEAL) reported the FDA acceptance of its New Drug Application for the dasiglucagon HypoPal Rescue Pen.
  • Hertz Global Holdings Inc (NYSE: HTZ) disclosed that it filed for Chapter 11 bankruptcy protection.

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Posted-In: Earnings News Penny Stocks Eurozone Futures Global Pre-Market Outlook Markets