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 RL, HP Inc. HPQ and NetApp Inc. 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 PSO from Hold to Sell.

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

Breaking News

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