Pre-open movers
U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped by more than 250 points in the previous session. Investors are awaiting earnings results from Campbell Soup Company (NYSE:CPB), ABM Industries Incorporated (NYSE:ABM) and Thor Industries, Inc. (NYSE:THO).
Data on wholesale inventories for April will be released at 10:00 a.m. ET. Analysts expect wholesale inventories rising 2.1% in April.
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Futures for the Dow Jones Industrial Average dipped 127 points to 33,038.00 while the Standard & Poor’s 500 index futures fell 15.50 points to 4,143.25. Futures for the Nasdaq index fell 42 points to 12,669.50.
Oil prices traded higher as Brent crude futures rose 0.2% to trade at $120.78 per barrel, while US WTI crude futures rose 0.4% to trade at $120.78 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.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 86,782,400 with around 1,034,280 deaths. India reported a total of at least 43,190,280 confirmed cases, while Brazil confirmed over 31,266,160 cases.
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A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index fell 0.4%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index fell 0.4%, while German DAX fell 0.4%. The trade gap in France shrank to €12.2 billion in April from a record high gap of €12.7 billion in the previous month, and reported a current account gap of EUR 3.4 billion. Industrial production in Germany rose 0.7% in April, while Halifax house price index in the UK rose 10.5% year-over-year in May.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 1.04%, China’s Shanghai Composite gained 0.68% and Hong Kong’s Hang Seng Index jumped 2.24%. Australia’s S&P/ASX 200 rose 0.4% and India’s S&P BSE Sensex fell 0.4%. The Japanese economy shrank 0.5% on an annualized basis in Q1, while current account surplus shrank to 501.1 billion yen in April. The value of loans in Japan rose 0.7% year-over-year in May, while gauge for service sector sentiment rose 3.6 points from a month ago to 54 in May. The Reserve Bank of India increased its key repo rate by 50 bps to 4.9% at its June meeting.
Broker Recommendation
Telsey Advisory Group maintained Target (NYSE:TGT) with an Outperform and lowered the price target from $200 to $185.
Target shares fell 2.3% to close at $155.98 on Tuesday.
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Breaking News
- Novavax, Inc. (NASDAQ:NVAX) said the U.S. FDA Vaccines and Related Biological Products Advisory Committee voted to recommend that the FDA grant Emergency Use Authorization (EUA) for the Novavax COVID-19 vaccine (NVX-CoV2373) for individuals aged 18 years and over.
- Tesla Inc (NASDAQ:TSLA) CEO Elon Musk on Tuesday advised an electric vehicle owner to avoid using the cabin recirculation mode as the range advantage is small.
- Verint Systems Inc. (NASDAQ:VRNT) reported better-than-expected results for its first quarter on Tuesday.
- Payments company PayPal Holdings Inc (NASDAQ:PYPL) has converted its conditional virtual currency license into a full-fledged “BitLicense.”
