US Stock Futures Higher Ahead Of Economic Data, Fed Speakers

Pre-open movers

U.S. stock futures traded higher in early pre-market trade as investors digested comments from Federal Reserve Chairman Jerome Powell. Markets closed lower again on Monday, with the Nasdaq Composite dropping around 1% in the previous session.

Investors are awaiting earnings results from Big Lots, Inc. BIG, Best Buy Co., Inc. BBY and HP Inc. HPQ.

The S&P Corelogic Case-Shiller home price index and FHFA House Price Index for June will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index and the Labor Department's JOLTS report for July 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 New York President John Williams will speak at 11:00 a.m. ET.

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Futures for the Dow Jones Industrial Average gained 219 points to 32,294.00 while the Standard & Poor’s 500 index futures rose 34.75 points to 4,066.00. Futures for the Nasdaq index rose 142.25 points to 12,635.00.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $102.48 per barrel, while US WTI crude futures fell 0.4% to trade at $96.58 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 96,091,120 with around 1,069,490 deaths. India reported a total of at least 44,419,670 confirmed cases, while France confirmed over 34,482,600 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index rose 0.8%, London’s FTSE 100 gained 0.4% while Spain’s IBEX 35 Index surged 1%. The French CAC 40 Index rose 1.1%, while German DAX gained 1.5%.

Retail sales in Spain fell 0.5% year-over-year in July, while annual inflation rate in the country eased to 10.4% in August from 10.8% in the prior month. Consumer credit in the UK rose by GBP 1.425 billion in July.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.14%, China’s Shanghai Composite fell 0.42%, while Hong Kong’s Hang Seng Index fell 0.37%. Australia’s S&P/ASX 200 rose 0.5%, while India’s S&P BSE SENSEX surged 2.3%.

Private house approvals in Australia climbed by 0.7% month-over-month to 9,937 units in July, while Japan’s unemployment rate remained at 2.6% in July.

Broker Recommendation

JP Morgan upgraded Sealed Air Corporation SEE from Underweight to Neutral and lowered the price target from $62 to $58.

Sealed Air shares rose 0.2% to close at $54.47 on Monday.

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Breaking News

• HEICO Corporation HEI reported better-than-expected sales results for its third quarter on Monday.
• Bitcoin BTC/USD, the world’s most valued cryptocurrency, showed some recovery signs this morning following a sharp sell-off over the weekend.
• The U.S Federal Bureau of Investigation issued a new warning to investors alerting them of the increasing number of thefts in exploits related to decentralized finance.
• Booster shots for Omicron variants of the novel coronavirus could officially be made available in the U.S. just after Labor Day, Politico reported on Monday. The Food and Drug Administration (FDA) will likely authorize the booster shots of Pfizer, Inc. PFE/ BioNTech SE BNTX and Moderna, Inc. MRNA as early as Wednesday, the report said, citing people with the knowledge of the matter.

Check out other breaking news here