A Peek Into The Markets: US Stock Futures Up After S&P 500 Hits New High

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones added more than 350 points and the S&P 500 surged to another record high in the previous session. Investors are awaiting earnings results from Cal-Maine Foods, Inc. CALM.

The S&P Corelogic Case-Shiller home price index and the FHFA's house price index for October will be released at 9:00 a.m. ET. The Richmond manufacturing index for December will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average gained 84 points to 36,262.00 while the Standard & Poor’s 500 index futures gained 11.25 points to 4,793.50. Futures for the Nasdaq index rose 66.25 points to 16,626.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 53,791,850 with around 839,600 deaths. India reported a total of at least 34,799,690 confirmed cases, while Brazil confirmed over 22,246,270 cases.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $78.34 per barrel, while US WTI crude futures rose 0.3% to trade at $75.81 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.5% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index gained 0.2%, while German DAX 30 gained 0.3%. Spain's retail trade climbed 4.9% year-over-year in November.

Asian markets traded higher today. Japan’s Nikkei 225 gained 1.37%, while Hong Kong’s Hang Seng Index gained 0.24% and China’s Shanghai Composite climbed 0.39%. Australia’s S&P/ASX 200 rose 0.44%, while India’s BSE Sensex climbed 0.9%. Industrial production in Japan surged 7.2% in November, while unemployment rate increased to 2.8% in November from 2.7% in October.

Broker Recommendation

Goldman Sachs downgraded InnovAge Holding Corp. INNV from Buy to Neutral and lowered the price target from $15 to $4.

InnovAge Holding shares fell 1.5% to $4.64 in pre-market trading.

Check out other major ratings here

Breaking News

• Flotek Industries FTK said on Monday it had received an unsolicited takeover offer for part or all of the company.
• Apple Inc AAPL has temporarily closed its physical stores in New York City amid rising COVID-19 fears due to rapidly spreading omicron variant, CNBC reported on Monday, citing the company’s website.
• Vipshop Holdings Limited VIPS lowered its revenue forecast for the fourth quarter. The company said it now expects quarterly net revenue between RMB34.0 billion and RMB35.8 billion, versus its earlier outlook of RMB35.8 billion to RMB37.6 billion.
• The U.S. Centers for Disease Control and Prevention on Monday named cruise liners from Royal Carnival Corp CCL and Royal Caribbean Cruises Ltd RCL among nearly six dozen ships that are under investigation or observation after reports of COVID-19 cases on board.

Check out other breaking news here