A Peek Into The Markets: US Stock Futures Down; All Eyes On Jobs Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 400 points in the previous session. Investors are awaiting the release of jobs report for May.

A 325,000 increase is expected for nonfarm payroll growth in May compared with 428,000 April. Analysts expect unemployment rate declining to 3.5% in May from 3.6% in April. US Services Purchasing Managers' Index for May will be released at 9:45 a.m. ET, while the ISM services index for May is scheduled for release at 10:00 a.m. ET. Federal Reserve Governor Lael Brainard is set to speak at 10:30 a.m. ET.

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Futures for the Dow Jones Industrial Average dropped 77 points to 33,146.00 while the Standard & Poor’s 500 index futures fell 14 points to 4,161.25. Futures for the Nasdaq index fell 75 points to 12,818.75.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $116.94 per barrel, while US WTI crude futures fell 0.7% to trade at $116.11 a barrel. The Baker Hughes North American rig count report for the latest week 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 86,271,280 with around 1,032,860 deaths. India reported a total of at least 43,169,590 confirmed cases, while Brazil confirmed over 31,101,290 cases.

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A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index gained 0.1%, while Spain’s IBEX 35 Index rose 0.1%. The French CAC 40 Index jumped 0.2%, while German DAX gained 0.3%. Retail sales in the Eurozone dropped 1.3% month-over-month in April, recording the first decline so far this year. The S&P Global Eurozone services PMI was revised lower to 56.1 in May versus a preliminary reading of 56.3. The S&P Global Germany Services PMI was revised lower to 55 in May versus a preliminary reading of 56.3, while Italy services PMI declined to 53.7 in May from 55.7 in the prior period. French services PMI declined to 58.3 in May from 58.9 in April, while Spain services PMI fell to 56.5 in May from 57.1 in April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 1.27%, Australia’s S&P/ASX 200 rose 0.9% and India’s S&P BSE Sensex slipped 0.1%. The au Jibun Bank Japan services PMI was revised higher to 52.6 in May from a preliminary level of 51.7, while Australia’s services PMI declined to 53.2 in May from a final reading of 56.1 in April.

Broker Recommendation

Credit Suisse upgraded Ecolab Inc. ECL from Neutral to Outperform and raised the price target from $180 to $195.

Ecolab shares rose 0.4% to $173.80 in pre-market trading.

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Breaking News

• Lululemon Athletica Inc. LULU reported better-than-expected results for its second quarter and boosted its full-year guidance.
• The Cooper Companies, Inc. COO reported downbeat earnings for its second quarter on Thursday.
• RH RH reported better-than-expected results for its first quarter, but said it expects second-quarter net revenue to be down 1% to 3%. The company’s board also added $2 billion to its buyback program.
• Palantir Technologies, Inc. PLTR has pledged support to help war-torn Ukraine as it continues to fight the ongoing Russian invasion.

Check out other breaking news here