Market Overview

A Peek Into The Markets: US Stock Futures Up; OPEC+ Agrees To Extend Output Cuts

A Peek Into The Markets: US Stock Futures Up; OPEC+ Agrees To Extend Output Cuts

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting strong gains in the prior session. Investors are awaiting earnings reports from Thor Industries Inc. (NYSE: THO), REV Group Inc. (NYSE: REVG) and Calavo Growers Inc. (NASDAQ: CVGW).

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.

Breaking News

  • The Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to extend the existing production cuts of 9.7 million barrels per day through July.
  • Indian company Yatra Online Inc (NASDAQ: YTRA) disclosed that it has terminated its merger agreement with Ebix and also filed a litigation over Ebix's alleged breach of terms of agreement.
  • AstraZeneca Plc (NYSE: AZN) reached out to Gilead Sciences Inc. (NASDAQ: GILD) regarding a potential merger last month, which could be the largest pharmaceutical industry deal on record.
  • Piedmont Lithium Limited (NASDAQ: PLL) reported a proposed US public offering of American Depositary Shares.

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