A Peek Into The Markets: US Stock Futures Down Following Friday's Rally

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq jumped more than 400 points in the previous session. Investors are awaiting earnings results from Tencent Music Entertainment Group TME, monday.com Ltd. MNDY and Take-Two Interactive Software, Inc. TTWO.

The Empire State manufacturing index for May is scheduled for release at 8:30 a.m. ET.
New York Fed President John Williams is set to speak at 8:55 a.m. ET.

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Futures for the Dow Jones Industrial Average fell 56 points to 32,064.00 while the Standard & Poor’s 500 index futures fell 15.75 points to 4,004.00. Futures for the Nasdaq index dipped 76.50 points to 12,306.25.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $110.87 per barrel, while US WTI crude futures fell 0.4% to trade at $110.01 a barrel.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 84,230,820 with around 1,026,670 deaths. India reported a total of at least 43,123,800 confirmed cases, while Brazil confirmed over 30,688,390 cases.

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A Peek Into Global Markets

European markets were mixed today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index fell 0.4%, while German DAX dropped 0.4%. The Eurozone reported a trade gap of €16.4 billion for March, versus a year-ago surplus of €22.5 billion.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.45%, Hong Kong’s Hang Seng Index climbed 0.26% and China’s Shanghai Composite Index fell 0.34%. Australia’s S&P/ASX 200 rose 0.3% and India’s S&P BSE Sensex rose 0.3%. China's surveyed urban unemployment increased to 6.1% in April from 5.8% in the prior month, while industrial production dropped by 2.9% year-over-year in April. Producer prices in Japan jumped 10% year-over-year in April.

Broker Recommendation

Berenberg upgraded Hyatt Hotels Corporation H from Sell to Hold and raised the price target from $80 to $85.

Hyatt shares fell 0.1% to $83.55 in pre-market trading.

Check out this: Executives Buy Around $85M Of 4 Stocks

Breaking News

• Ryanair Holdings plc RYAAY reported a narrower underlying losses of 355 million euros (£302 million) for the year to March 31, compared to a year-ago loss of 1.02 billion euros (£867 million).
• Tesla, Inc.'s TSLA Giga Shanghai plan to ramp output to levels before the latest COVID-19 lockdown may be delayed by at least a week, Reuters reported on Monday, citing an internal company memo.
• ManTech International Corporation MANT is in advanced talks to be bought by private equity firm Carlyle Group Inc, according to a Bloomberg report.
• North Atlantic Treaty Organization (NATO) and the United States expressed confidence that Turkey would not hold Finland and Sweden from joining the Western military alliance.

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