A Peek Into The Markets: US Stock Futures Edge Higher Following Tech-Driven Rally

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Nasdaq surged 3% in the previous session. Investors are awaiting earnings results from United Natural Foods, Inc. UNFI, Campbell Soup Company CPB and Thor Industries, Inc. THO.

The Labor Department's JOLTS report for October will be released at 10:00 a.m. ET. Analysts expect job openings declining slightly to 10.400 million in October from September's 10.438 million.

Futures for the Dow Jones Industrial Average gained 41 points to 35,754.00 while the Standard & Poor’s 500 index futures rose 9.50 points to 4,694.50. Futures for the Nasdaq 100 index climbed 50.50 points to 16,368.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 50,270,130 with around 812,200 deaths. India reported a total of at least 34,656,820 confirmed cases, while Brazil confirmed over 22,157,720 cases.

Oil prices traded lower as Brent crude futures dropped 0.4% to trade at $75.14 per barrel, while US WTI crude futures fell 0.5% to trade at $71.72 a barrel. US crude inventories dropped 3.1 million barrels for the week ended Nov. 30, the API said Tuesday. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index slipped 0.2% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index climbed 0.4%, London’s FTSE 100 rose 0.4% while German DAX 30 slipped 0.1%. Payroll employment in the French private sector rose 0.5% to 19.93 million in the third quarter.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.42%, while Hong Kong’s Hang Seng Index gained 0.06% and China’s Shanghai Composite rose 1.18%. Australia’s S&P/ASX 200 rose 1.25%, while India’s BSE Sensex climbed 1.7%. The Reserve Bank of India kept its benchmark repo rate unchanged at 4% at its December meeting. Japanese current account surplus narrowe to JPY 1,018.7 billion in October from JPY 1,948.2 billion in the year-ago month, while the country’s economy shrank 0.9% quarter-over-quarter in the third quarter. The Reuters Tankan sentiment index for manufacturers in Japan surged to 22 in December from 13 a month ago.

Broker Recommendation

Keybanc downgraded Stitch Fix, Inc. SFIX from Overweight to Sector Weight.

Stitch Fix shares fell 22.7% to $19.30 in pre-market trading.

Check out other major ratings here

Breaking News

• Toll Brothers, Inc. TOL reported better-than-expected results for its fourth quarter. The company said it sees FY22 deliveries of 11,250 to 12,000 units.
• Ford Motor Co F said on Tuesday it has signed up China’s largest battery maker CATL as a supplier, months after revealing a multi-billion plan to build battery plants with South Korean battery partner SK Innovation.
• Casey's General Stores CASY reported Q2 earnings of $2.59 per share, down from $3.00 per share in the year-ago period. The company’ sales came in better than analysts’ estimates. The company also raised its FY22 guidance for stores added from 200 units to 225 units.
• Facebook Inc’s FB Messenger Vice President Stan Chudnovsky says he is leaving the company in the second quarter of 2022.

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