Market Overview

A Peek Into The Markets: US Stock Futures Surge Ahead Of HP Earnings, Beige Book Report

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A Peek Into The Markets: US Stock Futures Surge Ahead Of HP Earnings, Beige Book Report

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, following a strong rise in the previous session. Investors are awaiting earnings results from Ralph Lauren Corp (NYSE: RL), HP Inc. (NYSE: HPQ) and NetApp Inc. (NASDAQ: NTAP). The Richmond Fed's manufacturing index for May is scheduled for release at 10:00 a.m. ET, while the State Street Investor Confidence Index for May will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 12:30 p.m. ET, while the Federal Open Market Committee will release its latest Beige Book report at 2:00 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 1,681,410 with around 98,920 deaths. Russia reported a total of at least 362,340 confirmed cases, while Brazil confirmed over 391,220 cases.

Futures for the Dow Jones Industrial Average surged 283 points to 25,285 while the Standard & Poor’s 500 index futures traded rose 29.35 points to 3,023.75. Futures for the Nasdaq 100 index rose 75.75 points to 9,482.25.

Oil prices traded lower as Brent crude futures fell 1.9% to trade at $36.06 per barrel, while US WTI crude futures fell 1.7% to trade at $33.77 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.8%, STOXX Europe 600 Index surging 0.2% and German DAX 30 index gaining 0.5%. The UK's FTSE index was trading higher by 1.1%, while French CAC 40 Index rose 0.4%.

In Asian markets, Japan’s Nikkei rose 0.7%, Hong Kong’s Hang Seng Index fell 0.71%, China’s Shanghai Composite Index fell 0.34% and India’s BSE Sensex rose 1.7%.

Broker Recommendation

Analysts at Berenberg downgraded Pearson PLC (NYSE: PSO) from Hold to Sell.

Pearson shares fell 5.7% to $5.43 in pre-market trading.

Breaking News

  • Amazon.com, Inc. (NASDAQ: AMZN) is in advanced talks to buy self-driving-car tech startup Zoox Inc, according to the Wall Street Journal.
  • Walmart Inc. (NYSE: WMT) reported that it had partnered with clothing and accessories reseller ThredUp.
  • Heico Corp (NYSE: HEI) reported better-than-expected results for its second quarter on Tuesday.
  • Domino’s Pizza, Inc. (NYSE: DPZ) reported a rise in sales in the US between late March and mid-May as the pandemic forced persons to stay home.
 

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