US Stock Futures Higher; Dow Futures Surge 500 Points

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq Composite gained around 150 in the previous session. The Federal Reserve raised interest rates by 0.75% last week.

The Chicago Fed National Activity Index for May is scheduled for release at 8:30 a.m. ET, while data on existing home sales for May will be released at 10:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:00 a.m. ET.

Check out this: 5 Stocks To Watch For June 21, 2022

Futures for the Dow Jones Industrial Average jumped 514 points to 30,383.00 while the Standard & Poor’s 500 index futures rose 72 points to 3,747.75. Futures for the Nasdaq index gained 248.75 points to 11,545.50.

Oil prices traded higher as Brent crude futures rose 1.3% to trade at $115.64 per barrel, while US WTI crude futures rose 2.1% to trade at $111.85 a barrel.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 88,054,080 with around 1,038,380 deaths. India reported a total of at least 43,320,840 confirmed cases, while Brazil confirmed over 31,756,110 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index climbed 1.1%, London’s FTSE 100 rose 0.6% while Spain’s IBEX 35 Index rose 0.5%. The French CAC 40 Index climbed 1.6%, while German DAX gained 1.3%. The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 1.84%, China’s Shanghai Composite fell 0.26% and Hong Kong’s Hang Seng Index gained 1.87%. Australia’s S&P/ASX 200 rose 1.4%, while India’s S&P BSE Sensex jumped 2.1%.

Broker Recommendation

Keybanc maintained EMCOR Group, Inc. EME with an Overweight and lowered the price target from $146 to $125.

EMCOR shares fell 0.2% to close at $96.26 on Friday.

Check out this: US Existing Home Sales And Other Macro Issues For Tuesday

Breaking News

• Mondelez International, Inc. MDLZ agreed to acquire Clif Bar & Company for $2.9 billion plus additional contingent earnout consideration.
• Indonesian President Joko Widodo has been in talks with Tesla Inc TSLA, Ford Motor Co F and other carmakers to set up manufacturing facilities in the Southeast Asian country, CNBC reported, citing Widodo.
• Two former Tesla Inc TSLA employees have sued the electric vehicle company over not providing the required advance notice to lay off about 10% of its workforce, Bloomberg News reported on Monday, citing a lawsuit.
• Northfield Bancorp, Inc. NFBK reported a new $45 million stock buyback program.

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