A Peek Into The Markets: US Stock Futures Signal Higher Start On Wall Street; Crude Oil Rises 1%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording losses in the previous week. Investors are awaiting earnings results from Oracle Corporation ORCL, Matrix Service Company MTRX and Napco Security Technologies, Inc. NSSC

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 149 points to 34,756.00 while the Standard & Poor’s 500 index futures rose 19.75 points to 4,478.00. Futures for the Nasdaq 100 index gained 58.50 points to 15,500.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 40,955,260 with around 659,970 deaths. India reported a total of at least 33,264,170 confirmed cases, while Brazil confirmed over 20,999,770 cases.

Oil prices traded higher as Brent crude futures rose 1.1% to trade at $73.75 per barrel, while US WTI crude futures rose 1.3% to trade at $70.60 a barrel. The total number of active U.S. oil rigs rose by 7 to 401 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.5% and STOXX Europe 600 Index surged 0.5%. The French CAC 40 Index climbed 0.6%, London’s FTSE 100 gained 0.5% while German DAX 30 gained 0.8%. Wholesale prices in Germany surged 12.3% year-over-year in August, recording the highest rate since October 1974.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.22%, Hong Kong’s Hang Seng Index fell 1.5%, while China’s Shanghai Composite Index gained 0.33%. Australia’s S&P/ASX 200 rose 0.3% and India’s BSE Sensex slipped 0.1%. Total passenger vehicles sales in India declined 12.2% percent from the prior month to 232,224 units during August. Producer prices in Japan increased 5.5% year-over-year in August.

Broker Recommendation

Goldman Sachs downgraded Veeco Instruments Inc. VECO from Buy to Neutral and lowered the price target from $29 to $26.

Veeco Instruments shares fell 1.5% to close at $22.80 on Friday.

Check out other major ratings here

Breaking News

• Tesla Inc TSLA announced that it is going to increase the price of its Model Y Performance car in China by $1,552. According to the report announced on the Chinese microblogging website Weibo, the new price of Model Y will be RMB 387,900.
• Apple Inc’s AAPL chip supplier Taiwan Semiconductor Manufacturing Co Ltd TSM is planning to build an advanced semiconductor manufacturing facility in South Taiwan, Nikkei Asia reported on Monday, citing people familiar with the matter..
• IN8BIO, Inc. INAB reported a net loss of $1.00 per share for the second quarter, versus a year-ago loss of $0.92 per share.
• Epic Games, the maker of "Fortnite," plans to appeal a court ruling in its antitrust case against Apple, Reuters reported on Sunday, citing a legal filing.

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