A Peek Into The Markets: US Stock Futures Down Following Friday's Sell-Off

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones dropped by around 880 points in the previous session following the release of inflation data for May. Investors are awaiting earnings results from Oracle Corporation ORCL and Braze, Inc. BRZE.

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Futures for the Dow Jones Industrial Average dropped 618 points to 30,770.00 while the Standard & Poor’s 500 index futures declined 98 points to 3,801.00. Futures for the Nasdaq index fell 367.50 points to 11,472.50.

Oil prices traded lower as Brent crude futures fell 1.9% to trade at $119.67 per barrel, while US WTI crude futures fell 2% to trade at $118.31 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 87,321,700 with around 1,035,840 deaths. India reported a total of at least 43,232,000 confirmed cases, while Brazil confirmed over 31,456,860 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 2.1%, London’s FTSE 100 fell 1.5% while Spain’s IBEX 35 Index fell 1.8%. The French CAC 40 Index fell 2.3%, while German DAX fell 2.1%. The British economy contracted 0.3% month-over-month in April, following a 0.1% drop in March. The UK trade deficit shrank to GBP 8.5 billion in April from GBP 11.5 billion in the prior month, while industrial production dropped 0.7% from a month ago in April.

Asian markets traded lower today. Japan’s Nikkei 225 fell 3.01%, China’s Shanghai Composite declined 0.89% and Hong Kong’s Hang Seng Index fell 3.39%. India’s S&P BSE Sensex also fell 3.1%. Total passenger vehicles sales in India slipped 0.2% month0ver-month to 251,052 units in May following a 10% decline in April.

Broker Recommendation

Keybanc maintained QUALCOMM Incorporated QCOM with an Overweight and raised the price target from $200 to $220.

Qualcomm shares fell 3.5% to $128.49 in pre-market trading.

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Breaking News

  • Tesla, Inc. TSLA has reportedly received an invite from Indonesia to add to its list of growing factories across the world.
  • Revlon, Inc. REV is preparing to file for Chapter 11 bankruptcy protection as early as next week, according to the Wall Street Journal, citing people familiar with the matter.
  • The supreme leader of North Korea, Kim Jong-Un, and his top officials are pushing for a crackdown on government representatives as the country seeks greater internal unity to overcome the economic difficulties and challenges caused by the COVID-19 outbreak.
  • Deckers Brands DECK promoted Angela Ogbechie to the newly created role of Chief Supply Chain Officer. The company also said David Lafitte will step down as Chief Operating Officer.

Check out other breaking news here

Posted In: A Peek Into The MarketsEarningsNewsPenny StocksEurozoneFuturesGlobalPre-Market OutlookMarkets

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