Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Nasdaq tumbled around 270 points in the previous session. Investors are awaiting earnings results from Academy Sports and Outdoors, Inc. (NASDAQ:ASO) and Johnson Outdoors Inc. (NASDAQ:JOUT).

The Consumer Price Index for November is scheduled for release at 8:30 a.m. ET. After surging 0.9% in October, consumer prices in November are likely to slow to a 0.7% monthly rise. The University of Michigan's consumer sentiment index, while the U.S. Treasury statement for November will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average gained 24 points to 35,777.00 while the Standard & Poor’s 500 index futures rose 8.75 points to 4,675.75. Futures for the Nasdaq 100 index rose 35.25 points to 16,184.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 50,535,790 with around 815,260 deaths. India reported a total of at least 34,674,740 confirmed cases, while Brazil confirmed over 22,177,050 cases.

Oil prices traded slightly higher as Brent crude futures rose 0.1% to trade at $74.52 per barrel, while US WTI crude futures rose 0.3% to trade at $71.17 a barrel. US natural-gas supplies dropped 59 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 lower today. The Spanish Ibex Index fell 0.4% and STOXX Europe 600 Index slipped 0.3%. The French CAC 40 Index fell 0.5%, London’s FTSE 100 fell 0.2% while German DAX 30 declined 0.3%. The British economy grew 0.1% month-over-month during October, while trade deficit shrank to GBP 2.027 billion in October from GBP 2.777 billion in the prior month. Industrial production in the UK slipped 0.6% over a month during October. Annual inflation rate in Germany increased to 5.2% in November.

Asian markets traded lower today. Japan’s Nikkei 225 fell 1%, while Hong Kong’s Hang Seng Index dropped 1.07% and China’s Shanghai Composite slipped 0.18%. Australia’s S&P/ASX 200 fell 0.4%, while India’s BSE Sensex fell 0.3%. Auto sales in China dropped 9.1% year-over-year to 2.52 million units in November. Producer prices in Japan rose 9% year-over-year in November, versus an 8% increase in the previous month.

Broker Recommendation

Piper Sandler maintained Oracle Corporation (NYSE:ORCL) with a Neutral and raised the price target from $80 to $100.

Oracle shares rose 11.1% to $98.59 in pre-market trading.

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