U.S. Stock Futures Higher Ahead Of Economic Reports, Crude Oil Rises Over 1%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq Composite dropped more than 80 points in the previous session. Investors are awaiting earnings results from TD SYNNEX Corporation SNX, Progress Software Corporation PRGS and AeroVironment, Inc. AVAV.

Data on wholesale inventories and U.S. international trade in goods for May will be released at 8:30 a.m. ET. The S&P Corelogic Case-Shiller home price index and FHFA house price index for April will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index for June and Richmond Fed's manufacturing index for June will be released at 10:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 8:00 a.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 12:30 p.m. ET.

Check out this: U.S. Consumer Confidence And Other Macro Issues For Tuesday

Futures for the Dow Jones Industrial Average jumped 155 points to 31,576.00 while the Standard & Poor’s 500 index futures rose 18.25 points to 3,922.00. Futures for the Nasdaq index rose 55.25 points to 12,095.75.

Oil prices traded higher as Brent crude futures rose 1.4% to trade at $112.54 per barrel, while US WTI crude futures rose 1.2% to trade at $112.54 a barrel. The API’s report on crude oil stocks will be released today.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 88,910,140 with around 1,041,020 deaths. India reported a total of at least 43,420,600 confirmed cases, while Brazil confirmed over 32,136,910 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.6%, London’s FTSE 100 gained 1% while Spain’s IBEX 35 Index rose 1.1%. The French CAC 40 Index rose 1.2%, while German DAX gained 0.8%. The consumer confidence index in France dropped for a sixth straight month to 82 in June, recording the lowest level since July 2013, while GfK Consumer Climate Indicator in Germany fell to a new record low of -27.4 for July from revised reading of -26.2 in June. Italy’s industrial sales rose by 2.7% over a month during April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.66%, China’s Shanghai Composite gained 0.89% and Hong Kong’s Hang Seng Index gained 0.85%. Australia’s S&P/ASX 200 rose 0.9%, while India’s S&P BSE Sensex slipped 0.4%.

Broker Recommendation

Keybanc maintained Bed Bath & Beyond Inc. BBBY with an Underweight and lowered the price target from $6 to $5.

Bed Bath & Beyond shares fell 3.6% to close at $6.75 on Monday.

Check out this: TD SYNNEX, Ceragon + 3 Stocks To Watch Heading Into Tuesday

Breaking News

• Nike Inc NKE reported better-than-expected results for its fourth quarter, but issued weak revenue forecast for the first quarter.
• Morgan Stanley MS announced Monday that it will raise its quarterly common stock dividend to $0.775 per share from the current $0.70 per share beginning with the common dividend expected to be declared in the third quarter of 2022.
• Aviat Networks, Inc. AVNW proposed to acquire Ceragon Networks Ltd. CRNT for $2.80 per share in cash.
• Tesla Inc TSLA will face a new trial related to the damages that it owes to a Black former factory worker after he turned down a $15 million award in a race discrimination lawsuit, Reuters reported on Monday.

Check out other breaking news here