A Peek Into The Markets: US Stock Futures Gain; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from The Walt Disney Company DIS, Performance Food Group Company PFGC and The Wendy's Company WEN.

The Consumer Price Index for April will be released at 8:30 a.m. ET. Consumer prices are projected to increase a modest 0.2% on the month in April compared to March's 1.2% growth. Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.

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Futures for the Dow Jones Industrial Average jumped 237 points to 32,324.00 while the Standard & Poor’s 500 index futures rose 36.25 points to 4,033.00. Futures for the Nasdaq index rose 134.75 points to 12,483.75.

Oil prices traded higher as Brent crude futures rose 3% to trade at $105.54 per barrel, while US WTI crude futures rose 3.2% to trade at $102.93 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.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 83,778,760 with around 1,025,100 deaths. India reported a total of at least 43,110,580 confirmed cases, while Brazil confirmed over 30,594,380 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 1.2%. The French CAC 40 Index jumped 1.7%, while German DAX climbed 0.9%. The annual inflation rate in Germany increased to 7.4% in April from 7.3% in the prior month..

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.18%, Hong Kong’s Hang Seng Index rose 0.97% and China’s Shanghai Composite Index gained 0.75%. Australia’s S&P/ASX 200 rose 0.2% and India’s S&P BSE Sensex fell 0.5%. The index of coincident economic indicators in Japan rose to 97.0 in March from a final reading of 96.8 in the previous month, while index of leading economic rose to 101.0 from 100.1. Foreign exchange reserves in Japan narrowed to $1,322,193 million in April 2022 from $1,356,100 million a month ago. Chinese auto sales dipped 47.6% year-over-year in April. Chinese annual inflation rate increased to 2.1% in April from 1.5% in March, while producer price inflation eased to 8.0% year-over-year in April.

Broker Recommendation

Stifel downgraded Carvana Co. CVNA from Buy to Hold and lowered the price target from $115 to $40.

Carvana shares fell 2.4% to $35.80 in pre-market trading.

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Breaking News

• Electronic Arts Inc EA reported upbeat adjusted earnings for the fourth quarter ended March 31, while sales came in slightly below estimates. The company also issued weak Q1 adjusted sales forecast.
• Nio, Inc. NIO confirmed Wednesday its secondary listing in Singapore is expected to happen later this month.
• Wynn Resorts, Limited WYNN posted downbeat results for its first quarter on Tuesday.
• YETI Holdings, Inc. YETI posted better-than-expected earnings for its first quarter and sees FY22 sales increasing 18% to 20%.

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