A Peek Into The Markets: US Stock Futures Edge Higher; Crude Oil Rises 1%

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the S&P 500 index surged to another record close in the previous session. Investors are awaiting earnings results from Motorcar Parts of America, Inc. MPAA and Concrete Pumping Holdings Inc BBCP.

Futures for the Dow Jones Industrial Average gained 16 points to 34,478.00 while the Standard & Poor’s 500 index futures rose 3.75 points at 4,249.50. Futures for the Nasdaq 100 index rose 32 points to 14,026.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,462,030 with around 599,760 deaths. India reported a total of at least 29,510,410 confirmed cases, while Brazil confirmed over 17,412,760 cases.

Oil prices traded higher as Brent crude futures rose 1.2% to trade at $73.59 per barrel, while US WTI crude futures rose 1% to trade at $71.65 a barrel. The total number of active U.S. oil rigs rose by 6 to 365 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.5%, London’s FTSE 100 rose 0.3% while German DAX 30 gained 0.3%.

Asian markets traded higher today. Japan’s Nikkei 225 gained 0.74%, while India’s BSE Sensex climbed 0.1%. Wholesale prices in India surged 12.94% year-over-year in May versus a 10.49% rise a month ago. Industrial production in Japan increased 2.9% in April, while Foreign direct investment into China surged 35.4% year-over-year to CNY 481 billion in January-May 2021.

Broker Recommendation

Keybanc initiated coverage on Procore Technologies, Inc. PCOR with an Overweight rating and announced a price target of $105.

Procore Technologies shares fell 3% to close at $83.99 on Friday.

Check out other major ratings here

Breaking News

• Thrasio, a start-up company, is in talks to go public through a merger with the blank check company Churchill Capital V Corp CCV, Bloomberg reported, citing people with knowledge of the matter.
• Washington Prime Group Inc WPG filed for chapter 11 bankruptcy protection after the COVID-19 pandemic resulted in temporary closure of around 100 shopping centers.
• BYD Co Ltd BYDDF is in talks with smartphone maker Xiaomi Corp XIACF on a number of projects to build cars, cnEVpost reported on Sunday, citing the Chinese automaker’s Chairman and President Wang Chuanfu.
• Quidel Corporation QDEL disclosed that it has received an amended Emergency Use Authorization from the FDA for its new Sofia Q Rapid Antigen Test device.

Check out other breaking news here