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

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after closing on a mixed note in the previous session. Data on nonfarm payrolls for June, international trade for May and initial jobless claims for the latest week will be released at 8:30 a.m. ET. Data on factory orders for May 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 2,686,580 with around 128,060 deaths. Russia reported a total of at least 660,230 confirmed cases, while Brazil confirmed over 1,448,750 cases.

Futures for the Dow Jones Industrial Average climbed 228 points to 25,803 while the Standard & Poor’s 500 index futures traded rose 19.65 points to 3,122.75. Futures for the Nasdaq 100 index rose 49.50 points to 10,318.25.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $42.22 per barrel, while US WTI crude futures rose 0.4% to trade at $39.98 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the Baker Hughes North American rig count report for the recent 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 2.6% and STOXX Europe 600 Index gaining 1.3%. The UK's FTSE index was trading higher by 1%, while French CAC 40 Index gained 1.7% and German DAX 30 gained 2.1%.

In Asian markets, Japan’s Nikkei rose 0.11%, Hong Kong’s Hang Seng Index rose 2.85%, China’s Shanghai Composite Index gained 2.13% and India’s BSE Sensex rose 1.4%.

Broker Recommendation

Analysts at Morgan Stanley upgraded Avis Budget Group, Inc. CAR from Equal-Weight to Overweight and announced a $37 price target.

Avis Budget shares rose 8.8% to $24.45 in pre-market trading.

Breaking News

• Venus Concept Inc VERO reported the FDA clearance for Venus Viva MD.
• According to the Wall Street Journal sources, SoftBank Group Corp is looking to terminate its five-year partnership agreement, struck in April 2019, with the troubled Wirecard AG.
• Culp, Inc. CULP reported a Q4 net loss of $2.26 per share, versus a year-ago net loss of $0.12 per share. Its sales dropped 29.3% to $47.4 million, missing analysts’ estimates of $58.35 million.
• NIO Inc. NIO delivered 3,740 vehicles in June, representing a 179.1% year-over-year growth.