A Peek Into The Markets: US Stock Futures Edge Lower Following Friday's Surge

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Nasdaq jumped 200 points in the previous session following the release of May’s jobs report. Investors are awaiting earnings results from G-III Apparel Group, Ltd. GIII, Vail Resorts, Inc. MTN and Marvell Technology Inc MRVL.

Data on consumer credit for April will be released at 3:00 p.m. ET. Analysts expect consumer rising $20.0 billion in April following March's $25.8 billion increase.

Futures for the Dow Jones Industrial Average fell 2 points to 34,740.00 while the Standard & Poor’s 500 index futures fell 8.25 points at 4,220.00. Futures for the Nasdaq 100 index dropped 59.75 points to 13,707.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,362,620 with around 597,620 deaths. India reported a total of at least 28,909,970 confirmed cases, while Brazil confirmed over 16,947,060 cases.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $71.54 per barrel, while US WTI crude futures fell 0.5% to trade at $69.26 a barrel. The total number of active U.S. oil rigs came in unchanged at 359 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index fell 0.1%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 rose 0.3% while German DAX 30 dropped 0.1%. UK’s Halifax house price index increased 9.5% year-over-year in May. Spain's industrial production surged 48.2% year-over-year in April. Factory orders in Germany declined 0.2% in April.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.27%, while China’s Shanghai Composite rose 0.21%. Hong Kong’s Hang Seng Index fell 0.45%, Australia’s S&P/ASX 200 fell 0.2% and India’s BSE Sensex rose 0.4%. Japan’s index of leading economic indicators increased to 103.0 in April from revised 102.4 in the earlier month, while index of coincident economic indicators increased to 95.5 from 92.9. Imports to China climbed 51.1% year-over-year to $218.38 billion in May, while exports rose 27.9% to $263.92 billion.

Broker Recommendation

HC Wainwright & Co. initiated coverage on LogicBio Therapeutics, Inc. LOGC with a Buy rating and announced a price target of $15.

LogicBio Therapeutics shares fell 3.1% to close at $4.68 on Friday.

Breaking News

• Tesla Inc. TSLA officially canceled the Model S Plaid+, the most expensive variant of the electric vehicle maker’s flagship Model S sedan.
• Mercurity Fintech Holding Inc- ADR MFH reported a Q1 non-GAAP net loss of $721 thousand, versus year-ago net income of $1,068 thousand. Its revenue fell to $81 thousand from $1,392 thousand.
• Apple Inc AAPL supplier Foxconn reported a 9% fall in May revenue on a month-on-month basis and the slowest monthly sales growth in six months on a year-on-year basis.
• A consortium of private equity firms bought a majority stake in medical supplier Medline Industries Inc, which according to sources familiar with the matter, is a deal valued at more than $30 billion. Private equity firms comprising of Blackstone Group Inc BX, Carlyle Group Inc CG, and Hellman & Friedman, have signed an agreement to buy a majority stake in medical supplier Medline Industries Inc.

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