Pre-open movers
U.S. stock futures traded higher in early pre-market trade. The Dow Jones surged more than 300 points, while the S&P 500 closed at a record high in the previous session after President Joe Biden reported a deal on infrastructure spending. Investors are awaiting earnings results from CarMax, Inc KMX and Paychex, Inc. PAYX
Data on personal income and outlays for May will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for June is scheduled for release at 10:00 a.m. ET. Cleveland Fed President Loretta Mester is set to speak at 11:35 a.m. ET, while Federal Reserve Bank of Boston President Eric Rosengren will speak at 1:00 p.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 3:00 p.m. ET.
Futures for the Dow Jones Industrial Average jumped 85 points to 34,167.00 while the Standard & Poor’s 500 index futures rose 3 points at 4,259.00. Futures for the Nasdaq 100 index rose 18 points to 14,372.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,590,540 with around 603,170 deaths. India reported a total of at least 30,134,440 confirmed cases, while Brazil confirmed over 18,243,480 cases.
Oil prices traded higher as Brent crude futures rose 0.1% to trade at $74.87 per barrel, while US WTI crude futures rose 0.1% to trade at $73.35 a barrel. US natural-gas supplies climbed 55 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were mostly lower today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index fell 0.2%, London’s FTSE 100 rose 0.1% while German DAX 30 fell 0.2%. Spain's producer price inflation increased to 15.3% year-over-year in May from a revised 13% in April. German GfK consumer climate indicator rose to -0.3 heading into July. The UK’s GfK consumer confidence stood at -9 for June. The consumer confidence indicator in Italy surged 4.5 points to a reading of 115.1 in June, while manufacturing confidence index increased to 114.8 from 110.9. Loans to households in the Eurozone increased 3.9% in May.
Asian markets traded higher today. Japan’s Nikkei 225 rose 0.66%, while Hong Kong’s Hang Seng Index climbed 1.4% and China’s Shanghai Composite Index gained 1.15%. Australia’s S&P/ASX 200 rose 0.5% and India’s BSE Sensex gained 0.4%.
Broker Recommendation
Goldman Sachs upgraded Nokia Corporation NOK from Neutral to Buy.
Nokia shares rose 2.7% to $5.28 in pre-market trading.
Check out other major ratings here
Breaking News
- Nike Inc NKE reported upbeat results for its fourth quarter and issued strong sales forecast for its fiscal full year.
- FedEx Corporation FDX reported better-than-expected results for its fourth quarter.
- Mirati Therapeutics, Inc. MRTX disclosed that it has received Breakthrough Therapy Designation from the FDA for patients with advanced non-small cell lung cancer harboring the KRAS G12C mutation.
- BlackBerry Ltd BB reported a narrower net loss for its first quarter, while sales exceeded expectations.
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