A Peek Into The Markets: US Stock Futures Gain Ahead Of Economic Reports; Crude Oil Down Over 2%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped around 175 points in the previous session. Investors are awaiting earnings results from Lululemon Athletica Inc. LULU and Ciena Corporation CIEN.

The Challenger job-cut report for May is scheduled for release at 7:30 a.m. ET, while the ADP national employment report for May will be released at 8:15 a.m. ET. Data on initial jobless claims for the latest week, nonfarm productivity and unit labor costs for the first quarter will be released at 8:30 a.m. ET. Data on factory orders for April will be released at 10:00 a.m. ET. The Federal Reserve Bank of Dallas President Lorie Logan is set to speak at 12:00 p.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 1:00 p.m. ET.

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Futures for the Dow Jones Industrial Average jumped 115 points to 32,913.00 while the Standard & Poor’s 500 index futures rose 18.50 points to 4,117.50. Futures for the Nasdaq index rose 74.50 points to 12,625.50.

Oil prices traded lower as Brent crude futures fell 2.5% to trade at $113.41 per barrel, while US WTI crude futures fell 2.5% to trade at $112.42 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.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 86,146,950 with around 1,032,410 deaths. India reported a total of at least 43,165,730 confirmed cases, while Brazil confirmed over 31,060,010 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.5%, while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index jumped 1%, while German DAX gained 0.8%. The annual producer inflation in the Eurozone rose to a new record high of 37.2% in April from a revised 36.9% in March.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.16%, Hong Kong’s Hang Seng Index fell 1% and China’s Shanghai Composite Index rose 0.42%. Australia’s S&P/ASX 200 fell 0.8% and India’s S&P BSE Sensex gained 0.8%. Retail sales in Australia increased by 0.9% month-over-month to another record level of AUD 33.9 billion in April, while trade surplus widened to AUD 10.50 billion in April 2022 from a revised AUD 9.74 billion in the prior month.

Broker Recommendation

Piper Sandler downgraded Pinterest, Inc. PINS from Overweight to Neutral and lowered the price target from $35 to $23.

Pinterest shares fell 2.2% to $18.51 in pre-market trading.

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Breaking News

• Hewlett Packard Enterprise Company HPE reported weaker-than-expected results for its second quarter and lowered its full-year profit forecast.
• Hormel Foods HRL reported better-than-expected results for its second quarter.
• UiPath Inc. PATH reported better-than-expected Q1 EPS and sales results. The company also issued Q3 and FY23 sales guidance abovemarket estimates.
• NetApp, Inc. NTAP reported better-than-expected earnings for its fourth quarter. The company said it sees Q1 adjusted earnings of $1.05 to $1.15 per share on sales of $1.475 billion to $1.625 billion.

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