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 (NYSE:SNX), Progress Software Corporation (NASDAQ:PRGS) and AeroVironment, Inc. (NASDAQ: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. (NASDAQ: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 (NYSE:NKE) reported better-than-expected results for its fourth quarter, but issued weak revenue forecast for the first quarter.
- Morgan Stanley (NYSE: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. (NASDAQ:AVNW) proposed to acquire Ceragon Networks Ltd. (NASDAQ:CRNT) for $2.80 per share in cash.
- Tesla Inc (NASDAQ: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.
