Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped around 175 points in the previous session. Investors are awaiting earnings results from Lululemon Athletica Inc. (NASDAQ:LULU) and Ciena Corporation (NYSE:CIEN).
The Challenger job-cut report for May is scheduled for release at 7:30 a.m. ET, while the ADP national employment report for May will be released at 8:15 a.m. ET. Data on initial jobless claims for the latest week, nonfarm productivity and unit labor costs for the first quarter will be released at 8:30 a.m. ET. Data on factory orders for April will be released at 10:00 a.m. ET. The Federal Reserve Bank of Dallas President Lorie Logan is set to speak at 12:00 p.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 1:00 p.m. ET.
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Futures for the Dow Jones Industrial Average jumped 115 points to 32,913.00 while the Standard & Poor’s 500 index futures rose 18.50 points to 4,117.50. Futures for the Nasdaq index rose 74.50 points to 12,625.50.
Oil prices traded lower as Brent crude futures fell 2.5% to trade at $113.41 per barrel, while US WTI crude futures fell 2.5% to trade at $112.42 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 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 86,146,950 with around 1,032,410 deaths. India reported a total of at least 43,165,730 confirmed cases, while Brazil confirmed over 31,060,010 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 0.5%, while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index jumped 1%, while German DAX gained 0.8%. The annual producer inflation in the Eurozone rose to a new record high of 37.2% in April from a revised 36.9% in March.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.16%, Hong Kong’s Hang Seng Index fell 1% and China’s Shanghai Composite Index rose 0.42%. Australia’s S&P/ASX 200 fell 0.8% and India’s S&P BSE Sensex gained 0.8%. Retail sales in Australia increased by 0.9% month-over-month to another record level of AUD 33.9 billion in April, while trade surplus widened to AUD 10.50 billion in April 2022 from a revised AUD 9.74 billion in the prior month.
Broker Recommendation
Piper Sandler downgraded Pinterest, Inc. (NYSE:PINS) from Overweight to Neutral and lowered the price target from $35 to $23.
Pinterest shares fell 2.2% to $18.51 in pre-market trading.
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Breaking News
- Hewlett Packard Enterprise Company (NYSE:HPE) reported weaker-than-expected results for its second quarter and lowered its full-year profit forecast.
- Hormel Foods (NYSE:HRL) reported better-than-expected results for its second quarter.
- UiPath Inc. (NYSE:PATH) reported better-than-expected Q1 EPS and sales results. The company also issued Q3 and FY23 sales guidance abovemarket estimates.
- NetApp, Inc. (NASDAQ:NTAP) reported better-than-expected earnings for its fourth quarter. The company said it sees Q1 adjusted earnings of $1.05 to $1.15 per share on sales of $1.475 billion to $1.625 billion.
