Pre-open movers
U.S. stock futures traded higher in early pre-market trade after closing mostly flat in the previous session. Investors are awaiting earnings results from Advance Auto Parts, Inc. (NYSE:AAP), Zoom Video Communications, Inc. (NASDAQ:ZM) and XPeng Inc. (NYSE:XPEV).
The Chicago Fed National Activity Index for April is scheduled for release at 8:30 a.m. ET. The index is expected to slow to 0.13 in April from 0.44 in March. Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.
Futures for the Dow Jones Industrial Average jumped 127 points to 31,340.00 while the Standard & Poor’s 500 index futures rose 17 points to 3,916.50. Futures for the Nasdaq index surged 47.25 points to 11,888.00.
Oil prices traded higher as Brent crude futures rose 1.2% to trade at $113.92 per barrel, while US WTI crude futures rose 1.1% to trade at $111.45 a barrel. The total number of active U.S. oil rigs rose by 13 to 576 rigs this week, Baker Hughes Inc reported.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 85,004,430 with around 1,028,920 deaths. India reported a total of at least 43,138,390 confirmed cases, while Brazil confirmed over 30,791,220 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 1%. The French CAC 40 Index rose 0.6%, while German DAX climbed 1.2%. The Ifo Business Climate indicator for Germany increased to a three-month high of 93 in May versus a revised reading of 91.9 in April.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.98%, Hong Kong’s Hang Seng Index fell 1.18% and China’s Shanghai Composite Index rose 0.01%. Australia’s S&P/ASX 200 rose 0.05% and India’s S&P BSE Sensex jumped 0.8%. The annual inflation rate in Hong Kong declined to a three-month low of 1.3% in March from 1.7% in the prior month.
Broker Recommendation
Piper Sandler downgraded Dow Inc. (NYSE:DOW) from Overweight to Neutral and lowered the price target from $84 to $78.
Dow shares fell 1.8% to $66.87 in pre-market trading.
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