A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones jumped more than 500 points in the previous session. Investors are awaiting earnings results from Big Lots, Inc. BIG and Hibbett, Inc. HIBB.

Data on personal income, outlays, international trade in goods and wholesale inventories will be released at 8:30 a.m. ET. The University of Michigan's consumer sentiment index for May is scheduled for release at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average rose 23 points to 32,623.00 while the Standard & Poor’s 500 index futures rose 8.50 points to 4,064.25. Futures for the Nasdaq index gained 38.75 points to 12,318.00.

Oil prices traded lower as Brent crude futures fell 0.2% to trade at $114.00 per barrel, while US WTI crude futures fell 0.2% to trade at $113.84 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.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 85,570,750 with around 1,030,770 deaths. India reported a total of at least 43,147,530 confirmed cases, while Brazil confirmed over 30,880,510 cases.

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A Peek Into Global Markets

European markets were mixed today. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index slipped 0.1%. The French CAC 40 Index rose 0.3%, while German DAX gained 0.2%. Retail sales in Spain rose by 1.5% year-over-year in April following a revised 4.1% decline in the prior month.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.66%, Hong Kong’s Hang Seng Index climbed 2.31% and China’s Shanghai Composite Index rose 0.23%. Australia’s S&P/ASX 200 rose 1.1% and India’s S&P BSE Sensex gained 0.9%. Profits earned by Chinese industrial firms climbed 3.5% year-over-year to CNY 26.58 trillion in January-April, while retail sales in Australia rose 0.9% from a month earlier to AUD 33.9 billion in April.

Broker Recommendation

Keybanc maintained Broadcom Inc. AVGO with an Overweight and raised the price target from $720 to $780.

Broadcom shares rose 0.1% to $551.00 in pre-market trading.

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Breaking News

• Dell Technologies Inc. DELL reported better-than-expected financial results for its first quarter.
• Ulta Beauty, Inc. ULTA reported better-than-expected Q1 results and raised its FY22 net sales forecast.
• The Gap, Inc. GPS reported weaker-than-expected earnings for its first quarter and lowered its annual profit guidance.
• Autodesk, Inc. ADSK posted upbeat earnings for its first quarter.

Check out other breaking news here