Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled 2% in the previous session. Investors are awaiting earnings results from Fox Corporation (NASDAQ:FOX), Sysco Corporation (NYSE:SYY) and Electronic Arts Inc. (NASDAQ:EA).
The NFIB small business optimism index for April is scheduled for release at 6:00 a.m. ET. New York Fed President John Williams is set to speak at 7:40 a.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 8:30 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 9:15 a.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 1:00 p.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 3:00 p.m. ET.
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Futures for the Dow Jones Industrial Average jumped 323 points to 32,484.00 while the Standard & Poor’s 500 index futures rose 46 points to 4,033.50. Futures for the Nasdaq index rose 205 points to 12,398.75.
Oil prices traded lower as Brent crude futures fell 0.5% to trade at $ 105.44 per barrel, while US WTI crude futures fell 0.3% to trade at $102.74 a barrel. The API’s report on crude oil stocks will be released today.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 83,688,180 with around 1,024,750 deaths. India reported a total of at least 43,107,680 confirmed cases, while Brazil confirmed over 30,574,240 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1.2%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 1.3%. The French CAC 40 Index jumped 1.3%, while German DAX climbed 1.7%. The ZEW Indicator of Economic Sentiment for Germany rose to -34.3 in May from a 2-year low level of -41 in April. Industrial production in Italy came in unchanged for March. Retail sales in the UK rose 1.7% in April from a year ago.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.58%, Hong Kong’s Hang Seng Index fell 1.8% and China’s Shanghai Composite Index gained 1.06%. Australia’s S&P/ASX 200 fell 1% and India’s S&P BSE Sensex rose 0.4%. Retail sales in Australia rose by 1.6% from a month ago in March, while NAB business confidence index fell to 10 in April from 16 in March. Household spending in Japan fell by 2.3% from the prior year during March.
Broker Recommendation
Piper Sandler downgraded Upstart Holdings, Inc. (NASDAQ:UPST) from Overweight to Neutral and lowered the price target from $230 to $44..
Upstart shares dipped 46.4% to $41.30 in pre-market trading.
Check out this: Executives Buy Around $85M Of 4 Stocks
Breaking News
- Groupon, Inc. (NASDAQ:GRPN) reported weaker-than-expected results for its first quarter and issued weak FY22 sales guidance.
- Cathie Wood-led Ark Invest Management on Monday sold most of its remaining stake in Twitter Inc (NYSE:TWTR), just days after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk raised about $7 billion to help fund his $44 billion take-private deal of the microblogging site.
- Novavax, Inc. (NASDAQ:NVAX) posted downbeat results for its first quarter on Monday.
- Li Auto Inc (NASDAQ:LI) reported delivery of 31,716 vehicles in the first quarter, compared to 2,579 in the year-ago period.
