A Peek Into The Markets: US Stock Futures Gain; PepsiCo Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting gains in the prior session. PepsiCo, Inc. PEP is expected to release quarterly earnings before the opening bell. Federal Reserve Bank of New York President John Williams is set to speak at 11:30 a.m. ET, while Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:00 p.m. ET. The U.S. Treasury budget report for June is scheduled for release at 2:00 p.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 3,304,940 with around 135,200 deaths. Brazil confirmed over 1,864,680 cases, while India reported a total of at least 878,250 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 122 points to 26,099 while the Standard & Poor’s 500 index futures traded rose 10.50 points to 3,189.00. Futures for the Nasdaq 100 index climbed 48.75 points to 10,886.00.

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $42.73 per barrel, while US WTI crude futures fell 1.4% to trade at $39.98 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.7% and STOXX Europe 600 Index rising 0.5%. The UK's FTSE index was trading higher by 0.9%, while French CAC 40 Index rose 0.5% and German DAX 30 gained 0.8%.

In Asian markets, Japan’s Nikkei rose 2.22%, Hong Kong’s Hang Seng Index rose 0.17%, China’s Shanghai Composite Index climbed 1.77% and India’s BSE Sensex rose 0.4%.

Broker Recommendation

Analysts at KeyBanc upgraded Sunrun Inc. RUN from Sector Weight to Overweight and announced a $32 price target..

Sunrun shares rose 1.1% to $29.20 in pre-market trading.

Breaking News

• Analog Devices, Inc. ADI is in talks to acquire Maxim Integrated Products Inc. MXIM for over $17 billion, the Wall Street Journal reported..
• Multiplan disclosed that it has reached a merger deal with special purpose acquisition company Churchill Capital III Corp CCXX, valuing the company at $11 billion.
• Tesla Inc. TSLA has canceled its plans to make low range Model Y vehicles, Chief Executive Officer Elon Musk said on Twitter late Sunday.
• BeiGene, Ltd. BGNE priced its 145.8 million share registered direct offering at $14.23 per share.