Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones dipped more than 700 in the previous session. The Federal Reserve raised interest rates by 0.75% on Wednesday.
Federal Reserve Chair Jerome Powell is set to speak at 8:45 a.m. ET. Data on industrial production for May will be released at 9:15 a.m. ET, while the index of leading economic indicators for May will be released at 10:00 a.m. ET.
Check out this: Fed Chair Powell Speech And Other Macro Issues For Friday
Futures for the Dow Jones Industrial Average jumped 273 points to 30,201.00 while the Standard & Poor’s 500 index futures rose 38.50 points to 3,706.75. Futures for the Nasdaq index gained 125.75 points to 11,250.50.
Oil prices traded higher as Brent crude futures rose 0.6% to trade at $120.56 per barrel, while US WTI crude futures rose 0.7% to trade at $118.44 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.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 87,861,130 with around 1,037,920 deaths. India reported a total of at least 43,270,570 confirmed cases, while Brazil confirmed over 31,644,700 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index climbed 1.3%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 0.9%. The French CAC 40 Index climbed 1.1%, while German DAX gained 1.1%.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.77%, China’s Shanghai Composite rose 0.96% and Hong Kong’s Hang Seng Index gained 1.1%. Australia’s S&P/ASX 200 fell 1.8%, while India’s S&P BSE Sensex fell 0.3%. The Bank of Japan held its key short-term interest rate unchanged at -0.1% during its latest meeting.
Broker Recommendation
B. Riley Securities downgraded American Eagle Outfitters Inc (NYSE:AEO) from Buy to Neutral and lowered the price target from $22 to $13..
American Eagle shares rose 0.3% to $11.89 in pre-market trading.
Check out this: 3 Stocks Under $3 Insiders Are Aggressively Buying
Breaking News
- Adobe Inc. (NASDAQ:ADBE) reported upbeat results for its second quarter, but issued weak sales guidance for the current quarter.
- Volkswagen Group’s (OTC:VWAGY) U.S. CEO Scott Keogh has warned America could face key challenges to ramp up battery production plans to meet the demand for electric vehicles, Reuters reported, citing the executive.
- Citi Trends, Inc. (NASDAQ:CTRN) named Heather Plutino as Chief Financial Officer.
- Revlon, Inc. (NYSE:REV) filed for Chapter 11 bankruptcy.
