Market Overview

A Peek Into The Markets: US Stock Futures Surge; All Eyes On Jobs Data

A Peek Into The Markets: US Stock Futures Surge; All Eyes On Jobs Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after closing mostly lower in the prior session. Investors are awaiting jobs report for May. Analysts expect contraction of 7.725 million in nonfarm payrolls for May, following a loss of 20.5 million jobs in April. The country’s unemployment rate is projected to surge to 19.8% from 14.7% in April.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,872,660 with around 108,210 deaths. Russia reported a total of at least 449,250 confirmed cases, while Brazil confirmed over 614,940 cases.

Futures for the Dow Jones Industrial Average climbed 358 points to 26,611 while the Standard & Poor’s 500 index futures traded rose 29 points to 3,139.50. Futures for the Nasdaq 100 index gained 49.75 points to 9,676.00.

Oil prices traded higher as Brent crude futures rose 2.9% to trade at $41.13 per barrel, while US WTI crude futures rose 2.3% to trade at $38.25 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 2.7% and STOXX Europe 600 Index gaining 1.4%. The UK's FTSE index was trading higher by 1.2%, while French CAC 40 Index rose 2.3% and German DAX 30 climbed 2.1%.

In Asian markets, Japan’s Nikkei rose 0.74%, Hong Kong’s Hang Seng Index rose 1.66%, China’s Shanghai Composite Index gained 0.4% and India’s BSE Sensex rose 0.7%.

Broker Recommendation

Analysts at JP Morgan upgraded Novavax, Inc. (NASDAQ: NVAX) from Underweight to Neutral and announced a $46 price target.

Novavax shares rose 13.1% to $50.50 in pre-market trading.

Breaking News

  • Slack Technologies Inc (NYSE: WORK) reported better-than-expected results for its first quarter, but withdrew its annual billings guidance. Amazon and Slack also announced a strategic partnership in a bid to compete with Microsoft’s Teams.
  • Broadcom Inc (NASDAQ: AVGO) reported in-line earnings for its second quarter, while sales exceeded views by a slight margin.
  • Gap Inc. (NYSE: GPS) reported first-quarter losses of around $1 billion due to store closures forced by the current COVID-19 pandemic.
  • Zumiez Inc. (NASDAQ: ZUMZ) reported weaker-than-expected results for its first quarter on Thursday.

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