A Peek Into The Markets: US Stock Futures Edge Higher; Crude Oil Up 0.5%

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the three major averages recorded losses last week. Investors are awaiting earnings results from Commercial Metals Company CMC, AZZ Inc. AZZ and Tilray, Inc. TLRY.

Data on wholesale inventories for November will be released at 10:00 a.m. ET. Analysts expect wholesale inventories rising 1.2% in November. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 29 points to 36,136.00 while the Standard & Poor’s 500 index futures gained 5.25 points to 4,673.00. Futures for the Nasdaq index surged 13.75 points to 15,594.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 61,263,030 with around 859,350 deaths. India reported a total of at least 35,708,440 confirmed cases, while Brazil confirmed over 22,523,900 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $82.13 per barrel, while US WTI crude futures gained 0.5% to trade at $79.29 a barrel. The total number of active U.S. oil rigs rose by 1 to 481 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly lower today. The STOXX Europe 600 Index fell 0.1%, while Spain’s IBEX 35 Index rose 0.1% and London’s FTSE 100 fell 0.1%. The French CAC 40 Index dropped 0.1%, while German DAX fell 0.1%. The unemployment rate in Italy dropped to 9.2% in November from 9.4% in the prior month.

Asian markets traded mostly higher today. Hong Kong’s Hang Seng Index climbed 1.08%, while China’s Shanghai Composite rose 0.39%. Australia’s S&P/ASX 200 slipped 0.08% and India’s BSE Sensex jumped 1.1%. Private house approvals in Australia rose 1.4% to 10,892 units in November versus a 3.5% growth in the previous month. Australia’s seasonally adjusted estimate for total dwellings approved grew 3.6% to 16,448 units in November.

Broker Recommendation

Goldman Sachs initiated coverage on Accenture plc ACN with a Neutral rating and announced a price target of $446.

Accenture shares fell 1.9% to close at $370.75 on Friday.

Check out other major ratings here

Breaking News

• Hologic, Inc. HOLX raised its Q1 revenue guidance to $1.4711 billion versus prior guidance of $1.1 billion to $1.15 billion.
• Takung Art Co., Ltd TKAT named Mr. Kuangtao Wang as Co-Chief Executive Officer. The company also said Zhirong Li tendered her resignation as CFO effective immediately.
• Tesla Inc TSLA CEO Elon Musk-led SpaceX is planning a second orbital launch of the year aboard the reusable Falcon 9 rocket later this week to transport dozens of small satellites for rideshare customers.
• Exelixis, Inc. EXEL said it sees Q4 revenue of $300 million versus analysts’ estimates of $348.72 million. The company also expects FY 2022 revenue of $1.325 billion, versus expectations of $1.425 billion.

Check out other breaking news here