Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones jumped more than 800 points in the previous session. Investors are awaiting earnings results from NIKE, Inc. (NYSE:NKE), Jefferies Financial Group Inc. (NYSE:JEF) and Concentrix Corporation (NYSE:CNXC).
Data on durable goods orders for May will be released at 8:30 a.m. ET, while the pending home sales index for May is scheduled for release at 10:00 a.m. ET. The Dallas Fed manufacturing index for June will be released at 10:00 a.m. ET.
Check out this: Nike, Jefferies + 3 Stocks To Watch Heading Into Monday
Futures for the Dow Jones Industrial Average jumped 114 points to 31,601.00 while the Standard & Poor’s 500 index futures rose 19 points to 3,935.25. Futures for the Nasdaq index rose 75.25 points to 12,215.75.
Oil prices traded lower as Brent crude futures fell 0.4% to trade at $108.64 per barrel, while US WTI crude futures fell 0.6% to trade at $106.95 a barrel. The total number of active U.S. oil rigs climbed by 10 to 594 rigs this week, Baker Hughes Inc reported Friday.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 88,794,280 with around 1,040,800 deaths. India reported a total of at least 43,407,040 confirmed cases, while Brazil confirmed over 32,078,630 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 0.8%, London’s FTSE 100 gained 0.7% while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index rose 0.7%, while German DAX gained 1.3%.
Asian markets traded higher today. Japan’s Nikkei 225 rose 1.43%, China’s Shanghai Composite gained 0.88% and Hong Kong’s Hang Seng Index gained 2.35%. Australia’s S&P/ASX 200 rose 1.9%, while India’s S&P BSE Sensex rose 1.1%. The index of coincident economic indicators in Japan came in at 96.8 in April, unchanged versus the flash estimates, while index of leading economic indicators rose to 102.9 in April from 100.8 a month ago. Profits earned by Chinese industrial firms rose 1% year-over-year to CNY 34.41 trillion in January-May, compared to a 3.5% increase in the previous period.
Broker Recommendation
Keybanc upgraded WEC Energy Group, Inc. (NYSE:WEC) from Sector Weight to Overweight and announced a $104 price target.
WEC Energy shares rose 1.9% to close at $97.16 on Friday.
Check out this: U.S. Durable Goods Orders And Other Macro Issues For Monday
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