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 CPRI, Hewlett Packard Enterprise Company HPE and GameStop Corp. 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.
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.
A Peek Into Global Markets
European markets were mixed today. The STOXX Europe 600 Index fell 0.3%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index slipped 0.2%. The French CAC 40 Index rose 0.2%, while German DAX gained 0.2%. The unemployment rate in the Eurozone came in unchanged at a record low of 6.8% in April, the same as in the earlier month, while manufacturing PMI was revised higher to 54.6 in May versus an initial reading of 54.4. UK’s manufacturing PMI dropped to 54.6 in May from 55.8 in April, while German manufacturing PMI rose to 54.8 in May from 54.6 in April. The S&P Global French manufacturing PMI dropped to a 7-month low of 54.6 in May, while Italy’s manufacturing PMI slipped to 51.9 in May. The S&P Global Spanish manufacturing PMI climbed to 53.8 in May from 53.3 in the previous month.
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.
Piper Sandler downgraded Patterson-UTI Energy, Inc. 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.
- HP Inc. HPQ reported better-than-expected results for its second quarter and issued strong earnings guidance for the third quarter.
- China's BYD Company Limited BYDDY is looking to acquire six lithium mines in Africa, CnEVpost said on Tuesday, citing a source-based report from another domestic media outlet.
- Salesforce, Inc. CRM reported upbeat results for its first quarter and raised its annual profit forecast.
- Zhong Yang Financial Group Limited TOP priced its 5 million share offering at $5 per share.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.