Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped around 150 points in the previous session. The Federal Reserve is set to announce its policy decision at 2:00 p.m. ET, with the country’s central bank projected to increase its fed funds target range by 50 basis points. The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
Data on retail sales for May, Empire State manufacturing index for June, and import and export prices for May will be released at 8:30 a.m. ET. Data on business inventories for April and housing market index for June will be released at 10:00 a.m. ET. Analysts expect business inventories rising 1.3% in April following a 2.0% build in the previous month.
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Futures for the Dow Jones Industrial Average gained 166 points to 30,541.00 while the Standard & Poor’s 500 index futures rose 26.50 points to 3,763.25. Futures for the Nasdaq index climbed 85.25 points to 11,399.50.
Oil prices traded lower as Brent crude futures fell 0.2% to trade at $120.96 per barrel, while US WTI crude futures fell 0.2% to trade at $118.70 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release 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 87,549,560 with around 1,036,480 deaths. India reported a total of at least 43,245,510 confirmed cases, while Brazil confirmed over 31,543,000 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index climbed 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 Index rose 1.3%. The French CAC 40 Index rose 1.2%, while German DAX gained 1.2%. The European Central Bank announced plans to hold an unscheduled meeting today in order to discuss current market conditions. Annual inflation rate in France accelerated to 5.2% in May from 4.8% in April.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.14%, China’s Shanghai Composite climbed 0.5% and Hong Kong’s Hang Seng Index rose 1.14%. Australi’s S&P/ASX 200 fell 1.3%, while India’s S&P BSE Sensex rose 0.1%. The People's Bank of China held interest rates unchanged for a fifth consecutive month. Chinese retail trade fell by 6.7% year-over-year in May, while industrial production unexpectedly climbed by 0.7% from a year ago in May. Private-sector machinery orders in Japan surged 10.8% in April from a month ago. Indian trade deficit widened to a record high of $24.29 billion in May from a $6.53 billion gap in the year-earlier period.
Broker Recommendation
Stifel downgraded Continental Resources, Inc. (NYSE:CLR) from Buy to Hold and lowered the price target from $107 to $70.
Continental Resources shares fell 0.3% to $74.00 in pre-market trading.
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Breaking News
- RF Industries, Ltd. (NASDAQ:RFIL) reported better-than-expected results for its second quarter and raised its FY22 sales forecast.
- Planet Labs PBC (NYSE:PL) reported mixed financial results for its first quarter. The company’s revenue increased 26% year-over-year to $40.1 million, beating market estimates of $39.5 million. The company, meanwhile, reported a quarterly earnings loss of 17 cents per share.
- One of Apple Inc's (NASDAQ:AAPL) oldest and largest suppliers, Foxconn, has forayed into the electric vehicle segment. The key iPhone assembler, whose official name is Hon Hai Precision Industry Co., Ltd (OTC:HNHPF), broke ground on its first battery cell plant on Wednesday, the latest move by the company to make inroads into the booming EV industry.
- Western Asset Mortgage Capital Corporation (NYSE:WMC) named Robert W. Lehman as Chief Financial Officer.
