A Peek Into The Markets: US Stock Futures Mostly Lower Ahead Of Earnings, Economic Reports

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade after the Dow Jones jumped around 575 points in the previous session. Investors are awaiting earnings results from HP Inc. HPQ, Salesforce, Inc. CRM and Victoria's Secret & Co. VSCO.

The S&P Corelogic Case-Shiller home price index and FHFA house price index for March will be released at 9:00 a.m. ET. The Chicago PMI for May is scheduled for release at 9:45 a.m. ET, while the Conference Board's consumer confidence index for May will be released at 10:00 a.m. ET. The Dallas Fed manufacturing index for May will be released at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average fell 77 points to 33,081.00 while the Standard & Poor’s 500 index futures fell 8 points to 4,147.75. Futures for the Nasdaq index gained 10.25 points to 12,688.00.

Oil prices traded higher as Brent crude futures rose 2% to trade at $119.93 per barrel, while US WTI crude futures rose 1.7% to trade at $119.15 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 85,730,590 with around 1,031,280 deaths. India reported a total of at least 43,158,580 confirmed cases, while Brazil confirmed over 30,977,660 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index slipped 0.1%. The French CAC 40 Index fell 0.6%, while German DAX dropped 0.4%. Italy’s gross domestic product expanded by 0.1% on the quarter during the three months leading to March. Household spending in France declined by 0.4% from a month ago in April. The annual inflation rate in France accelerated to 5.2% in May, while the country’s economy shrank by 0.2% on quarter during the first three months of the year.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.33%, Hong Kong’s Hang Seng Index climbed 1.38% and China’s Shanghai Composite Index rose 1.19%. Australia’s S&P/ASX 200 fell 1% and India’s S&P BSE Sensex fell 0.2%. The consumer confidence index in Japan rose to 34.1 in May from 33.0 in the prior month, while housing starts increased by 2.2% year-over-year in April. Japan’s unemployment rate dropped to 2.5% in April, while retail sales climbed 2.9% year-over-year in April. The NBS Composite PMI Output Index in China surged to 48.4 in May, with manufacturing PMI increasing to 49.6. Australia's business inventories increased by 3.2% quarter-on-quarter in the March quarter, while current account surplus shrank to AUD 7.5 billion in the first quarter.

Broker Recommendation

Piper Sandler downgraded NetScout Systems, Inc. NTCT from Neutral to Underweight and lowered the price target from $35 to $33.

NetScout shares fell 1.9% to $36.95 in pre-market trading.

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Breaking News

• Bob Iger, the former CEO of Walt Disney Co DIS, has acquired a stake in Australian design company Canva, according to CNBC.
• Natuzzi S.p.A. NTZ reported an operating profit of €1.5 million for the first quarter, down from €3.3 Million in the year-ago period. Its consolidated revenue rose 16.8% to €118.5 million.
• Terraform Labs (TFL) founder Do Kwon is reportedly working on another decentralized stablecoin for its new blockchain Terra 2.0 LUNA/USD.
• “Top Gun: Maverick” obliterated the competition at the U.S. box office this weekend, bringing in $124 million from 4,735 theaters. The Paramount PARAA release also soared globally, bringing in $248 million in worldwide ticket sales – excluding the Chinese and Russian markets, where the film is not scheduled for release.