A Peek Into The Markets: US Stock Futures Climb Following Thursday's Selloff

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after closing sharply lower in the prior session. Data on import and export prices for May will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for June is scheduled for release at 10:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 2,023,340 with around 113,820 deaths. Russia reported a total of at least 501,800 confirmed cases, while Brazil confirmed over 802,820 cases.

Futures for the Dow Jones Industrial Average climbed 512 points to 25,543 while the Standard & Poor’s 500 index futures traded rose 52.35 points to 3,051.75. Futures for the Nasdaq 100 index rose 150.25 points to 9,753.75.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $38.39 per barrel, while US WTI crude futures fell 0.4% to trade at $36.18 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.9% and STOXX Europe 600 Index gaining 0.7%. The UK's FTSE index was trading higher by 0.7%, while French CAC 40 Index gained 0.8% and German DAX 30 gained 1.3%.

In Asian markets, Japan’s Nikkei fell 0.75%, Hong Kong’s Hang Seng Index fell 0.73%, China’s Shanghai Composite Index dropped 0.04% and India’s BSE Sensex rose 0.2%.

Broker Recommendation

Analysts at Credit Suisse downgraded Spirit Airlines, Inc. SAVE from Neutral to Underperform and raised the price target from $12 to $13.

Spirit Airlines shares rose 11.7% to $17.96 in pre-market trading.

Breaking News

• Adobe Inc ADBE reported upbeat earnings for its second quarter, while sales fell short of expectations. The company also issued downbeat guidance for the third quarter.
• Lululemon Athletica Inc LULU reported weaker-than-expected results for its first quarter on Thursday.
• Sony Corp SNE launched its first main event for the PlayStation 5. Sony revealed not one, but two versions of the PlayStation 5: The expected PS5 and the PlayStation 5 Digital Edition.
• Dave & Buster's Entertainment Inc PLAY reported a wider-than-expected loss for its first quarter, with sales also missing estimates. The company also suspended its quarterly dividend and share buyback program. Dave & Buster’s also disclosed that it has reopened 48 stores in 15 states.