A Peek Into The Markets: US Stock Futures Mixed; Crude Oil Edges Lower

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Dow Jones surged more than 230 points in the previous session. The S&P 500 index also recorded its best week since February. Investors are awaiting earnings results from Herman Miller, Inc. MLHR and Livexlive Media Inc LIVX

The Dallas Fed manufacturing index for June is scheduled for release at 10:30 a.m. ET. After a strong 34.9 reading in May, analysts expect the index retreating to 32.5 in June. Federal Reserve Bank of New York President John Williams is set to speak at 9:00 a.m. ET, while Philadelphia Fed President Patrick Harker will speak at 11:00 a.m. ET. Fed Vice Chairman for Supervision Randal Quarles is set to speak at 1:10 p.m. ET.

Futures for the Dow Jones Industrial Average slipped 29 points to 34,304.00 while the Standard & Poor’s 500 index futures rose 0.50 points at 4,271.75. Futures for the Nasdaq 100 index rose 27.75 points to 14,366.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,625,030 with around 603,960 deaths. India reported a total of at least 30,279,330 confirmed cases, while Brazil confirmed over 18,420,590 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $75.10 per barrel, while US WTI crude futures fell 0.3% to trade at $73.88 a barrel. The total number of active U.S. oil rigs fell by 1 to 372 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.7% and STOXX Europe 600 Index slipped 0.2%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 fell 0.2% while German DAX 30 rose 0.1%. Import prices in Germany increased 11.8% year-over-year in May versus a 10.3% surge in the earlier month .

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.06%, while Hong Kong’s Hang Seng Index declined 0.18% and China’s Shanghai Composite Index slipped 0.03%. Australia’s S&P/ASX 200 fell 0.01% and India’s BSE Sensex fell 0.2%. China's industrial profits jumped 36.4% annually in May, versus a 57% gain in April.

Broker Recommendation

Chardan Capital maintained Intellia Therapeutics, Inc. NTLA with a Buy and raised the price target from $85 to $130.

Intellia Therapeutics shares rose 28.7% to $114.24 in pre-market trading.

Check out other major ratings here

Breaking News

• Johnson & Johnson JNJ announced plans to end the manufacture and sale of opioids nationwide in a $230 million settlement with the New York state, Reuters reported.
• Apple Inc. AAPL is exploring making future iPads with larger displays, according to Mark Gurman, a leading Apple watcher.
• Mexco Energy Corporation MXC reported net income of $0.08 per share for fiscal year 2021, versus a year-ago net loss of $0.05 per share.
• Biography author Walter Isaacson has been in touch with Tesla Inc TSLA CEO Elon Musk to discuss the possibility of penning a biography of the billionaire entrepreneur, as per a Fox Business report.

Check out other breaking news here