A Peek Into The Markets: US Stock Futures Signal Higher Start On Wall Street

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped more than 200 points in the previous session. Investors are awaiting earnings results from Deere & Company DE, Booz Allen Hamilton Holding Corporation BAH and Foot Locker, Inc. FL.

Futures for the Dow Jones Industrial Average jumped 289 points to 31,491.00 while the Standard & Poor’s 500 index futures rose 45.25 points to 3,943.00. Futures for the Nasdaq index surged 199 points to 12,077.25.

Oil prices traded slightly lower as Brent crude futures fell 0.1% to trade at $112.02 per barrel, while US WTI crude futures fell 0.5% to trade at $111.65 a barrel. The Baker Hughes North American rig count report for the latest quarter will be released at 1:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 84,799,040 with around 1,028,330 deaths. India reported a total of at least 43,131,820 confirmed cases, while Brazil confirmed over 30,752,220 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1.2%, London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index rose 1%. The French CAC 40 Index rose 0.9%, while German DAX climbed 1.6%. Construction output in Italy climbed 19.4% year-over-year in March following a revised 22.1% surge in the prior month. Annual producer inflation in Germany accelerated to 33.5% in April from 30.9% in March. Retail sales in the UK climbed 1.4% month-over-month in April.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.27%, Hong Kong’s Hang Seng Index jumped 2.96% and China’s Shanghai Composite Index rose 1.6%. Australia’s S&P/ASX 200 rose 1.15% and India’s S&P BSE Sensex jumped 2.5%. Japanese consumer prices increased by 2.5% from a year ago in April. The People's Bank of China kept its key rates unchanged for corporate and household loans.

Broker Recommendation

Telsey Advisory Group downgraded Ross Stores, Inc. ROST from Outperform to Market Perform and lowered the price target from $145 to $80.

Ross Stores shares fell 28.4% to $66.42 in pre-market trading.

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Breaking News

• Ross Stores, Inc. ROST reported downbeat results for its first quarter and issued weak guidance.
• LumiraDx Limited LMDX said it received WHO emergency use listing for SARS-CoV-2 Ag test.
• Applied Materials, Inc. AMAT reported weaker-than-expected results for its second quarter and issued downbeat Q3 guidance.
• Ford Motor Co F said on Thursday it is recalling 39,013 Expedition and Navigator sports utility vehicles in the U.S. that were built between Dec. 1, 2020 and April 30, 2021 over potential fire risks under the hood.

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