Pre-open movers
U.S. stock futures traded higher in early pre-market trade, after closing mostly lower in the prior session. Investors are awaiting jobs report for May. Analysts expect contraction of 7.725 million in nonfarm payrolls for May, following a loss of 20.5 million jobs in April. The country’s unemployment rate is projected to surge to 19.8% from 14.7% in April.
The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,872,660 with around 108,210 deaths. Russia reported a total of at least 449,250 confirmed cases, while Brazil confirmed over 614,940 cases.
Futures for the Dow Jones Industrial Average climbed 358 points to 26,611 while the Standard & Poor’s 500 index futures traded rose 29 points to 3,139.50. Futures for the Nasdaq 100 index gained 49.75 points to 9,676.00.
Oil prices traded higher as Brent crude futures rose 2.9% to trade at $41.13 per barrel, while US WTI crude futures rose 2.3% to trade at $38.25 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 2.7% and STOXX Europe 600 Index gaining 1.4%. The UK's FTSE index was trading higher by 1.2%, while French CAC 40 Index rose 2.3% and German DAX 30 climbed 2.1%.
In Asian markets, Japan’s Nikkei rose 0.74%, Hong Kong’s Hang Seng Index rose 1.66%, China’s Shanghai Composite Index gained 0.4% and India’s BSE Sensex rose 0.7%.
Broker Recommendation
Analysts at JP Morgan upgraded Novavax, Inc. NVAX from Underweight to Neutral and announced a $46 price target.
Novavax shares rose 13.1% to $50.50 in pre-market trading.
Breaking News
- Slack Technologies Inc WORK reported better-than-expected results for its first quarter, but withdrew its annual billings guidance. Amazon and Slack also announced a strategic partnership in a bid to compete with Microsoft’s Teams.
- Broadcom Inc AVGO reported in-line earnings for its second quarter, while sales exceeded views by a slight margin.
- Gap Inc. GPS reported first-quarter losses of around $1 billion due to store closures forced by the current COVID-19 pandemic.
- Zumiez Inc. ZUMZ reported weaker-than-expected results for its first quarter on Thursday.
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