A Peek Into The Markets: US Stock Futures Higher Ahead Of Walmart Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq jumped more than 400 points in the previous session. Investors are awaiting earnings results from Walmart Inc. WMT and Keysight Technologies, Inc. KEYS.

Data on retail sales for April will be released at 8:30 a.m. ET, while data on industrial production for April will be released at 9:15 a.m. ET. Data on business inventories for March and housing market index for May will be released at 10:00 a.m. ET. Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 9:15 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 2:00 p.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 2:30 p.m. ET, while Federal Reserve Bank of Chicago President Charles Evans will speak at 6:45 p.m. ET.

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Futures for the Dow Jones Industrial Average jumped 492 points to 32,652.00 while the Standard & Poor’s 500 index futures rose 70.50 points to 4,075.25. Futures for the Nasdaq index jumped 259.75 points to 12,504.50.

Oil prices traded mixed as Brent crude futures rose 0.1% to trade at $114.26 per barrel, while US WTI crude futures fell 0.2% to trade at $114.00 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 84,357,600 with around 1,026,890 deaths. India reported a total of at least 43,125,370 confirmed cases, while Brazil confirmed over 30,701,900 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index rose 1.1%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 1.1%. The French CAC 40 Index climbed 1.1%, while German DAX gained 1.2%. The number of people in work in the UK climbed by 83,000 on quarter to 32,569 during the three months to March, while labor productivity fell by 0.7% on quarter during the same period. The unemployment rate in the UK fell to 3.7% in the first quarter. The unemployment rate in France declined to 7.3% in the first quarter from the prior figure of 7.4%.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.42%, Hong Kong’s Hang Seng Index climbed 3.13% and China’s Shanghai Composite Index rose 0.65%. Australia’s S&P/ASX 200 rose 0.3% and India’s S&P BSE Sensex rose 1.9%. The annual wholesale price inflation rate in India accelerated to 15.08% in April from 14.55% a month ago.

Broker Recommendation

Keybanc maintained Palo Alto Networks, Inc. PANW with an Overweight and lowered the price target from $729 to $610.

Palo Alto shares rose 2.8% to $481.29 in pre-market trading.

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Breaking News

• Stratasys Ltd. SSYS reported upbeat results for its first quarter on Monday. The company said it sees FY22 revenue of $685 million - $695 million and non-GAAP EPS of $0.14 - $0.19.
• Coinbase Global Inc COIN has enabled direct access to Ethereum-based decentralized applications (dapp) from its platform for a small set of users.
• Take-Two Interactive Software, Inc. TTWO is posted better-than-expected earnings for its fourth quarter on Monday.
• Hedge fund Tiger Global dissolved its stake in Rivian Automotive Inc RIVN and Netflix Inc NFLX in the first quarter and significantly lowered its exposure to Uber Technologies Inc UBER. It more than doubled its positions in Chinese EV makers Xpeng Inc XPEV and Li Auto Inc LI, according to regulatory filings.

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