Pre-open movers
U.S. stock futures traded mostly higher in early pre-market trade after the Dow Jones dropped more than 200 points in the previous session. Investors are awaiting earnings results from Capri Holdings Limited (NYSE:CPRI), Hewlett Packard Enterprise Company (NYSE:HPE) and GameStop Corp. (NYSE:GME).
The manufacturing PMI for May for March will be released at 9:45 a.m. ET, while data on construction spending for April, JOLTS for April and the ISM manufacturing index for May will be released at 10:00 a.m. ET. New York Fed President John Williams is set to speak at 11:30 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 1:00 p.m. ET. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
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Futures for the Dow Jones Industrial Average jumped 110 points to 33,081.00 while the Standard & Poor’s 500 index futures rose 3 points to 4,134.25. Futures for the Nasdaq index fell 22 points to 12,624.50.
Oil prices traded higher as Brent crude futures rose 1.4% to trade at $117.17 per barrel, while US WTI crude futures rose 1.4% to trade at $116.28 a barrel.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 85,901,790 with around 1,031,610 deaths. India reported a total of at least 43,161,360 confirmed cases, while Brazil confirmed over 31,019,030 cases.
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A Peek Into Global Markets
Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.65%, Hong Kong’s Hang Seng Index fell 0.56% and China’s Shanghai Composite Index fell 0.13%. Australia’s S&P/ASX 200 rose 0.3% and India’s S&P BSE Sensex fell 0.6%. Retail sales in Hong Kong climbed 8.1% year-over-year in April. The S&P Global Indian manufacturing PMI slipped to 54.6 in May from 54.7 in April. The Caixin China general manufacturing PMI rose to 49.1 in May from April's 26-month low level of 46.0, while Japanese manufacturing PMI was revised higher to 53.3 in May from the preliminary level of 53.2.
Broker Recommendation
Piper Sandler downgraded Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from Overweight to Neutral and announced a $22.75 price target.
Patterson-UTI Energy shares fell 3.7% to close at $19.08 on Tuesday.
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