A Peek Into The Markets: US Stock Futures Rise Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Wall Street closed mostly lower in the previous session. Investors are awaiting earnings results from Accenture Plc ACN, FedEx Corporation FDX, Nike Inc NKE and Darden Restaurants, Inc. DRI

Data on durable goods orders, Gross Domestic Product, international trade in goods, initial jobless claims and wholesale inventories will be released at 8:30 a.m. ET. The Kansas City Fed manufacturing index for June will be released at 11:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 11:00 a.m. ET, while Dallas Fed President Robert Kaplan will speak at 1:00 p.m. ET. St. Louis Fed President James Bullard is set to speak at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 170 points to 33,929.00 while the Standard & Poor’s 500 index futures rose 19.75 points at 4,251.25. Futures for the Nasdaq 100 index rose 85 points to 14,348.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,577,710 with around 602,830 deaths. India reported a total of at least 30,082,770 confirmed cases, while Brazil confirmed over 18,169,880 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $74.90 per barrel, while US WTI crude futures rose 0.6% to trade at $73.48 a barrel. US crude-oil supplies dropped around 8 million barrels last week, the Energy Information Administration said Wednesday. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 1.1% and STOXX Europe 600 Index rose 0.6%. The French CAC 40 Index gained 0.8%, London’s FTSE 100 rose 0.2% while German DAX 30 rose 0.7%. German Ifo Business Climate indicator increased 2.6% to 101.8 in June, while French manufacturing climate indicator came in unchanged at 107 in June. Spanish gross domestic product contracted 0.4% on quarter during the first three months of the year.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.01%, while Hong Kong’s Hang Seng Index climbed 0.23% and China’s Shanghai Composite Index gained 0.01%. Australia’s S&P/ASX 200 fell 0.3% and India’s BSE Sensex gained 0.6%.

Broker Recommendation

DA Davidson initiated coverage on PayPal Holdings, Inc. PYPL with a Buy rating and announced a price target of $325.

PayPal shares rose 0.6% to $289.75 in pre-market trading.

Check out other major ratings here

Breaking News

• Steelcase Inc. SCS reported a narrower-than-expected loss for its first quarter, while sales exceeded views. The company also issued strong guidance for the second quarter.
• Apple Inc. AAPL is looking to expand its revenue streams in China with the launch of its search advertising service this week, AppleInsider reported.
• KB Home KBH reported upbeat earnings for its second quarter, while sales missed estimates.
• DHI Group, Inc. DHX said it will add $12 million to its stock buyback, increasing the overall buyback to $20 million.

Check out other breaking news here