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

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after the Wall street recorded its worst week since February 26. However, Dow Jones surged 360 points on Friday, while the Nasdaq added 300 points in the previous session.

The Empire State manufacturing index for May is scheduled for release at 8:30 a.m. ET, while the housing market index for April will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 10:00 a.m. ET, while Federal Reserve Vice Chair Richard Clarida will speak at 10:05 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:30 p.m. ET, while Dallas Fed President Robert Kaplan will speak at 6:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 91 points to 34,227.00 while the Standard & Poor’s 500 index futures declined 10 points at 4,159.00. Futures for the Nasdaq 100 index fell 43.25 points to 13,343.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 32,940,920 with around 585,970 deaths. India reported a total of at least 24,965,460 confirmed cases, while Brazil confirmed over 15,627,240 cases.

Oil prices traded slightly lower as Brent crude futures fell 0.1% to trade at $68.70 per barrel, while US WTI crude futures fell 0.1% to trade at $65.35 a barrel. The total number of active U.S. oil rigs rose by 8 to 352 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 dropped 0.3% while German DAX 30 gained 0.1%. Spanish trade deficit shrank to EUR 411.9 million in March, compared to EUR 2.0 billion in the year-ago month, while annual inflation rate in Italy rose to 1.1% in April from 0.8%.

Asian markets traded mostly higher today. Japan’s Nikkei 225 dropped 0.92%, while China’s Shanghai Composite climbed 0.78%. Hong Kong’s Hang Seng Index rose 0.59%, Australia’s S&P/ASX 200 rose 0.1% and India’s BSE Sensex jumped 1.7%. Wholesale prices in India surged 10.49% year-over-year in April, while producer prices in Japan increased by 3.6% year-over-year in April. China's retail sales jumped 17.7% year-over-year in April, while industrial production climbed 9.8% year-over-year in April. Average new home prices in China increased 4.8% year-on-year in April.

Broker Recommendation

Keybanc initiated coverage on DoubleVerify Holdings, Inc. DV with a Sector Weight rating.

DoubleVerify shares rose 3.9% to close at $30.86 on Friday.

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Breaking News

• KKR & Co Inc KKR is in talks to buy U.K.-based sustainability consulting company ERM Group Inc., Bloomberg reported.
• AT&T Inc. T is in talks to merge its media assets with Discovery Communications Inc DISCA, Bloomberg reported.
• The Coca-Cola Company KO is dropping its Coke Energy brand from its North American lineup.
• Ryanair Holdings plc RYAAY recorded its biggest annual loss in its history as the covid-19 pandemic impacted international travel.

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