US Stock Futures Gain; Goldman Sachs, Bank of America Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Monday after recording gains in the previous session. Investors are awaiting earnings results from Bank of America Corporation BAC, The Goldman Sachs Group, Inc. GS and International Business Machines Corporation IBM.

The NAHB housing market index for July will be released at 10:00 a.m. ET, while the Treasury International Capital report for May is scheduled for release at 4:00 p.m. ET.

U.S. Housing Market Index Might Drop To This Level In July, Here's The Major Macro Issues For Monday

Futures for the Dow Jones Industrial Average gained 284 points to 31,531.00 while the Standard & Poor’s 500 index futures rose 39 points to 3,904.00. Futures for the Nasdaq index rose 145.50 points to 12,153.00.

Oil prices traded higher as Brent crude futures rose 2.1% to trade at $103.26 per barrel, while US WTI crude futures rose 1.8% to trade at $103.26 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 91,275,140 with around 1,048,840 deaths. India reported a total of at least 43,767,530 confirmed cases, while Brazil confirmed over 33,301,110 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index rose 1.3%, London’s FTSE 100 rose 1.3% while Spain’s IBEX 35 Index rose 0.5%. The French CAC 40 Index climbed 1.4%, while German DAX rose 1.3%. Spain recorded a trade deficit of EUR 4.76 billion in May versus a year-ago surplus of EUR 0.14 billion. Italy reported a trade deficit of EUR 12 million in May compared to a surplus of EUR 5.6 billion in the year-ago month.

Asian markets traded higher today. China’s Shanghai Composite rose 1.55% and Hong Kong’s Hang Seng Index rose 2.7%. Australia’s S&P/ASX 200 rose 1.2%, while India’s S&P BSE Sensex rose 1.4%.

Broker Recommendation

Berenberg upgraded JPMorgan Chase & Co. JPM from Sell to Hold and announced a $120 price target.

JPMorgan shares rose 0.8% to $113.90 in pre-market trading.

Check out this: Goldman Sachs, Bank of America And 3 Stocks To Watch Heading Into Monday

Breaking News

• Boeing Co BA is reportedly nearing the end of regulatory hurdles for resuming deliveries of its 787 Dreamliner after a nearly two-year pause over some production defects.
• Tesla, Inc.'s TSLA battery supplier Contemporary Ameprex Technology Co. Ltd. (CATL) has set its sights on constructing a manufacturing plant in Mexico at a project cost of $5 billion, Bloomberg reported on Monday.
• The number of daily transactions on the Dogecoin DOGE/USD blockchain surged to a one-year high of 74,986 on Sunday.
• So-Young International Inc. SY announced the receipt of $1.00 minimum bid price notice from Nasdaq.

Check out other breaking news here