Pre-open movers

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,942,360 with around 110,510 deaths. Russia reported a total of at least 467,070 confirmed cases, while Brazil confirmed over 691,750 cases.

Futures for the Dow Jones Industrial Average climbed 165 points to 27,237 while the Standard & Poor’s 500 index futures traded rose 15.45 points to 3,202.25. Futures for the Nasdaq 100 index rose 19 points to 9,827.50.

Oil prices traded higher as Brent crude futures rose 1.2% to trade at $42.79 per barrel, while US WTI crude futures rose 0.9% to trade at $39.89 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.4% and STOXX Europe 600 Index declining 1.5%. The UK's FTSE index was trading lower by 0.2%, while French CAC 40 Index slipped 0.5% and German DAX 30 dropped 0.6%.

In Asian markets, Japan’s Nikkei rose 1.37%, Hong Kong’s Hang Seng Index fell 0.02%, China’s Shanghai Composite Index gained 0.24% and India’s BSE Sensex rose 0.5%.

Broker Recommendation

Analysts at JP Morgan upgraded The Michaels Companies, Inc. (NASDAQ:MIK) from Neutral to Overweight and announced a $13 price target.

Michaels shares rose 12.3% to $6.19 in pre-market trading.

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