Pre-open movers
U.S. stock futures traded higher in early pre-market trade after recording losses in the previous session despite reporting upbeat reading on weekly jobless claims. Investors are awaiting earnings results from Kroger Co KR and So-Young International Inc - ADR SY
The Producer Price Index for August is scheduled for release at 8:30 a.m. ET. Following a 1.0% monthly rise in July, analysts expect producer prices increasing 0.6% in August. Data on wholesale inventories for July will be released at 10:00 a.m. ET. Federal Reserve Bank of Cleveland President Loretta Master is set to speak at 9:00 a.m. ET.
Futures for the Dow Jones Industrial Average climbed 187 points to 35,057.00 while the Standard & Poor’s 500 index futures rose 19.25 points to 4,511.50. Futures for the Nasdaq 100 index gained 58.50 points to 15,617.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 40,602,890 with around 654,590 deaths. India reported a total of at least 33,174,950 confirmed cases, while Brazil confirmed over 20,958,890 cases.
Oil prices traded higher as Brent crude futures rose 1.5% to trade at $72.52 per barrel, while US WTI crude futures rose 1.5% to trade at $69.18 a barrel. US crude oil inventories dropped 1.5 million barrels last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were mostly higher today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index rose 0.2%. The French CAC 40 Index climbed 0.3%, London’s FTSE 100 gained 0.4% while German DAX 30 gained 0.2%. French industrial production increased 0.3% in July, while Italy's industrial production rose 0.8% from a month ago in July. Annual consumer price inflation rate in Germany was confirmed at 3.9% in August. The UK GDP expanded by 3.6% during the three months to July, while industrial production rose 1.2% in July. The UK trade deficit increased to GBP 3.1 billion in July from GBP 2.5 billion in the earlier month. Imports to the UK rose 1.1%, while exports slipped 0.1% from the previous month in July.
Asian markets traded higher today. Japan’s Nikkei 225 rose 1.25%, Hong Kong’s Hang Seng Index climbed 1.74%, while China’s Shanghai Composite Index gained 0.27%. Australia’s S&P/ASX 200 rose 0.5% and India’s BSE Sensex rose 0.1%. Auto sales in China tumbled 17.8% year-over-year to 1.8 million units in August.
Broker Recommendation
Cowen & Co. initiated coverage on DaVita Inc. DVA with a Market Perform rating and announced a price target of $145.
DaVita shares rose 0.1% to close at $129.09 on Thursday.
Check out other major ratings here
Breaking News
- Dave & Buster's Entertainment Inc PLAY reported upbeat results for its second quarter on Thursday.
- Zscaler Inc ZS reported better-than-expected results for its fourth quarter and issued strong sales guidance for the year.
- Apple Inc AAPL has named Kevin Lynch as the new head of its self-driving car project, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
- Verint Systems Inc. VRNT reported stronger-than-expected results for its second quarter.
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