US Stock Futures Higher Following Thursday's Sell-Off

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dipped more than 700 in the previous session. The Federal Reserve raised interest rates by 0.75% on Wednesday.

Federal Reserve Chair Jerome Powell is set to speak at 8:45 a.m. ET. Data on industrial production for May will be released at 9:15 a.m. ET, while the index of leading economic indicators for May will be released at 10:00 a.m. ET.

Check out this: Fed Chair Powell Speech And Other Macro Issues For Friday

Futures for the Dow Jones Industrial Average jumped 273 points to 30,201.00 while the Standard & Poor’s 500 index futures rose 38.50 points to 3,706.75. Futures for the Nasdaq index gained 125.75 points to 11,250.50.

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $120.56 per barrel, while US WTI crude futures rose 0.7% to trade at $118.44 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release 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 87,861,130 with around 1,037,920 deaths. India reported a total of at least 43,270,570 confirmed cases, while Brazil confirmed over 31,644,700 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index climbed 1.3%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 0.9%. The French CAC 40 Index climbed 1.1%, while German DAX gained 1.1%.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.77%, China’s Shanghai Composite rose 0.96% and Hong Kong’s Hang Seng Index gained 1.1%. Australia’s S&P/ASX 200 fell 1.8%, while India’s S&P BSE Sensex fell 0.3%. The Bank of Japan held its key short-term interest rate unchanged at -0.1% during its latest meeting.

Broker Recommendation

B. Riley Securities downgraded American Eagle Outfitters Inc AEO from Buy to Neutral and lowered the price target from $22 to $13..

American Eagle shares rose 0.3% to $11.89 in pre-market trading.

Check out this: 3 Stocks Under $3 Insiders Are Aggressively Buying

Breaking News

• Adobe Inc. ADBE reported upbeat results for its second quarter, but issued weak sales guidance for the current quarter.
• Volkswagen Group’s VWAGY U.S. CEO Scott Keogh has warned America could face key challenges to ramp up battery production plans to meet the demand for electric vehicles, Reuters reported, citing the executive.
• Citi Trends, Inc. CTRN named Heather Plutino as Chief Financial Officer.
• Revlon, Inc. REV filed for Chapter 11 bankruptcy.

Check out other breaking news here