A Peek Into The Markets: US Stock Futures Gain Ahead Of PMI Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting a rise in the previous session. White House trade adviser Peter Navarro said the trade deal with China was off, but President Trump later clarified through a tweet that “The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” The flash Composite Purchasing Managers' Index for June is scheduled for release at 9:45 a.m. ET, while new home sales report for May and the Richmond Fed's manufacturing index for June will be released at 10:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 2,312,300 with around 120,400 deaths. Russia reported a total of at least 591,460 confirmed cases, while Brazil confirmed over 1,106,470 cases.

Futures for the Dow Jones Industrial Average climbed 206 points to 26,159 while the Standard & Poor’s 500 index futures traded rose 21.55 points to 3,132.25. Futures for the Nasdaq 100 index rose 59 points to 10,183.75.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $43.36 per barrel, while US WTI crude futures rose 0.6% to trade at $40.96 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.7% and STOXX Europe 600 Index climbing 1.4%. The UK's FTSE index was trading higher by 0.8%, while French CAC 40 Index rose 1.6% and German DAX 30 gained 2.2%.

In Asian markets, Japan’s Nikkei rose 0.5%, Hong Kong’s Hang Seng Index rose 1.62%, China’s Shanghai Composite Index gained 0.18% and India’s BSE Sensex rose 1%.

Broker Recommendation

Analysts at KeyBanc upgraded J B Hunt Transport Services Inc JBHT from Sector Weight to Overweight and announced a $135 price target.

JB Hunt shares fell 0.4% to close at $117.13 on Monday.

Breaking News

• The flash eurozone composite PMI climbed to a four-month high of 47.5 for June, compared to a reading of 31.9 in the previous month, Markit reported. The services PMI increase to 47.3 from 30.5, while the manufacturing PMI surged to 46.9 versus 39.4.
• Fuwei Films (Holdings) Co Ltd FFHL reported Q1 earnings per share of RMB3.97 ($0.56), versus a year-ago net loss per share of RMB1.03. Its net sales rose 2.6% to RMB83.2 million ($11.8 million).
• 1life Healthcare Inc ONEM reported a 7 million share common stock offering by selling shareholders.
• Sanofi SNY and Translate Bio, Inc. TBIO agreed to expand collaboration to develop mRNA vaccines across all infectious disease areas.