U.S. stock futures traded higher in early pre-market trade, after closing mostly higher in the previous session. Investors are awaiting earnings results from SYSCO Corporation SYY and Super Micro Computer, Inc. SMCI. The Producer Price Index for July will be released at 8:30 a.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 12:00 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 5,094,560 with around 163,460 deaths. Brazil confirmed over 3,057,470 cases, while India reported a total of at least 2,268,670 confirmed cases.
Futures for the Dow Jones Industrial Average climbed 175 points to 27,854 while the Standard & Poor’s 500 index futures traded rose 14.05 points to 3,366.75. Futures for the Nasdaq 100 index surged 51 points to 11,123.00.
Oil prices traded higher as Brent crude futures rose 0.7% to trade at $45.31 per barrel, while US WTI crude futures rose 1% to trade at $42.37 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 1.9% and STOXX Europe 600 Index gaining 1.5%. The UK's FTSE index was trading higher by 1.5%, while French CAC 40 Index rose 1.9% and German DAX 30 climbed 1.8%.
In Asian markets, Japan’s Nikkei rose 1.88%, Hong Kong’s Hang Seng Index climbed 2.01% China’s Shanghai Composite Index fell 1.15% and India’s BSE Sensex rose 0.8%.
Analysts at KeyBanc downgraded Consolidated Edison, Inc. ED from Overweight to Sector Weight.
Consolidated Edison shares rose 0.4% to $75.68 in pre-market trading.
- Ligand Pharmaceuticals Inc. LGND announced plans to acquire Pfenex Inc PFNX for $12 per share in cash..
- Gilead Sciences, Inc GILD announced Monday it was seeking complete FDA approval for its drug Remdesivir, which is being used in the treatment of COVID-19.
- Inovio Pharmaceuticals Inc INO reported downbeat results for its second quarter on Monday. The company also expects its COVID-19 vaccine to enter mid-to-late stage human trials in September..
- Occidental Petroleum Corporation OXY reported weaker-than-expected earnings for its second quarter after recording $6.6 billion in impairment charges.
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