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 M, Guess?, Inc. GES, Science Applications International Corp SAIC and PVH Corp 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. 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 CAL reported better-than-expected results for its second quarter on Tuesday.
- At Home Group Inc 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 BABA has raised its ownership interests in the Shanghai-headquartered company YTO Express, according to the South China Morning Post.
- Shoe Carnival, Inc. SCVL reported upbeat earnings for its second quarter, while sales missed views.
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