Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled 100 points in the previous session. Investors are awaiting earnings results from ProPhase Labs, Inc. (NASDAQ:PRPH) and The Honest Company, Inc. (NASDAQ:HNST).
Data on import and export prices for April will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for May is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 11:00 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 12:00 p.m. ET.
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Futures for the Dow Jones Industrial Average jumped 191 points to 31,843.00 while the Standard & Poor’s 500 index futures rose 35.50 points to 3,962.75. Futures for the Nasdaq index climbed 173.75 points to 12,121.00.
Oil prices traded higher as Brent crude futures rose 1.5% to trade at $109.04 per barrel, while US WTI crude futures rose 1.4% to trade at $107.61 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 84,066,370 with around 1,026,100 deaths. India reported a total of at least 43,116,600 confirmed cases, while Brazil confirmed over 30,639,130 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1.3%, London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index rose 1.1%. The French CAC 40 Index climbed 1.5%, while German DAX gained 1.3%. Industrial production in the Eurozone dropped 1.8% in March. Spain’s annual inflation eased to 8.3% in April from around 40-year high of 9.8% in March, while annual inflation rate in France was confirmed at 4.8%.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 2.64%, Hong Kong’s Hang Seng Index climbed 2.68% and China’s Shanghai Composite Index rose 0.96%. Australia’s S&P/ASX 200 rose 1.9% and India’s S&P BSE Sensex fell 0.3%. Hong Kong's economy GDP contracted 4.0% year-over-year in the first quarter. Total passenger vehicles sales in India dipped 10% to 251,581 units in April. Australia's new home sales fell by 1.2% in April.
Broker Recommendation
Piper Sandler upgraded First Solar, Inc. (NASDAQ:FSLR) from Neutral to Overweight and raised the price target from $80 to $90.
First Solar shares rose 4.8% to $64.36 in pre-market trading.
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Breaking News
- Motorola Solutions, Inc. (NYSE:MSI) reported better-than-expected results for its first quarter on Thursday.
- Affirm Holdings, Inc. (NASDAQ:AFRM) reported upbeat results for its third quarter and raised its revenue forecast for the fiscal year. The company also announced a multi-year extension of its partnership in the U.S. with Shopify.
- After running the hard mile to mobilize finances for his Twitter Inc. (NASDAQ:TWTR) buy, Elon Musk said early Friday the deal is on hold. Musk tweeted that the deal is temporarily on hold, and the reason apparently is the discord over spam/fake accounts calculation.
- Toast, Inc. (NASDAQ:TOST) reported upbeat revenue for its first quarter and raised it FY22 sales guidance.