Market Overview

A Peek Into The Markets: US Stock Futures Surge Ahead Of ADP Report, Fed Speakers

A Peek Into The Markets: US Stock Futures Surge Ahead Of ADP Report, Fed Speakers

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after starting the month of September on a strong note. Investors are awaiting earnings from Macy's Inc (NYSE: M), Guess?, Inc. (NYSE: GES), Science Applications International Corp (NYSE: SAIC) and PVH Corp (NYSE: PVH). The ADP national employment report for August will be released at 8:15 a.m. ET, while data on factory orders for July will be released at 10:00 a.m. ET. The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 10:00 a.m. ET, while Cleveland Fed President Loretta Mester will speak at 12:00 p.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 3:00 p.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 6:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 213 points to 28,835 while the Standard & Poor’s 500 index futures traded rose 25.50 points to 3,552.50. Futures for the Nasdaq 100 index gained 130.25 points to 12,442.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,075,650 with around 184,680 deaths. Brazil confirmed over 3,950,930 cases, while India reported a total of at least 3,769,520 confirmed cases.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $45.69 per barrel, while US WTI crude futures rose 0.4% to trade at $42.94 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.2% and STOXX Europe 600 Index gaining 2.1%. The French CAC 40 Index climbed 2.4%, while German DAX 30 rose 2.4% and London’s FTSE 100 rose 1.8%. House prices in the UK jumped to a record high, with the annual house price growth increasing to 3.7% in August. Industrial producer prices in the Eurozone rose 0.6% in July after increasing 0.7% in the prior month.

In Asian markets, Japan’s Nikkei rose 0.47%, Hong Kong’s Hang Seng Index fell 0.26% China’s Shanghai Composite Index fell 0.17% and India’s BSE Sensex rose 0.4%.

Broker Recommendation

Analysts at Berenberg downgraded Delta Air Lines, Inc. (NYSE: DAL) from Buy to Hold and announced a $32 price target.

Delta Air shares rose 0.2% to $30.78 in pre-market trading.

Breaking News

  • Caleres Inc (NYSE: CAL) reported better-than-expected results for its second quarter on Tuesday.
  • At Home Group Inc (NYSE: HOME) reported upbeat results for its second quarter. However, the company did not issue any guidance due to uncertainty surrounding Covid-19.
  • Alibaba Group Holdings Ltd (NYSE: BABA) has raised its ownership interests in the Shanghai-headquartered company YTO Express, according to the South China Morning Post.
  • Shoe Carnival, Inc. (NASDAQ: SCVL) reported upbeat earnings for its second quarter, while sales missed views.

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