Pre-open movers
U.S. stock futures traded higher in early pre-market trade after recording gains on Thursday. The Dow Jones jumped around 193 points, while the Nasdaq Composite climbed 0.6% in the previous session.
Investors are awaiting earnings results from The Kroger Co. (NYSE:KR) and ABM Industries Incorporated (NYSE:ABM).
Federal Reserve Bank of Chicago President Charles Evans is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Kansas City President Esther George will speak at 12:00 p.m. ET. Federal Reserve Governor Christopher Waller will also speak at 12:00 p.m. ET.
Data on wholesale inventories for July will be released at 10:00 a.m. ET. The second estimate of wholesale inventories is a gain of 0.8%, unchanged compared to the first estimate.
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Futures for the Dow Jones Industrial Average jumped 242 points to 32,008.00 while the Standard & Poor’s 500 index futures rose 33.25 points to 4,038.75. Futures for the Nasdaq index climbed 128.75 points to 12,450.50.
Oil prices traded higher as Brent crude futures rose 1.9% to trade at $90.84 per barrel, while US WTI crude futures rose 1.8% to trade at $85.05 a barrel. The Baker Hughes North American rig count report for the recent 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 96,959,160 with around 1,074,780 deaths. India reported a total of at least 44,484,720 confirmed cases, while France confirmed over 34,663,100 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1.6%, London’s FTSE 100 rose 1.6% while Spain’s IBEX 35 Index jumped 1.7%. The French CAC 40 Index surged 1.8%, while German DAX climbed 1.6%.
Industrial production in France dropped by 1.6% from a month ago in July versus a revised 1.2% increase in June, while industrial production in Spain gained by 5.3% year-over-year in July.
Asian markets traded higher today. Japan’s Nikkei 225 rose 0.53%, China’s Shanghai Composite rose 0.82%, while Hong Kong’s Hang Seng Index rose 2.69%. Australia’s S&P/ASX 200 rose 0.7%, while India’s S&P BSE SENSEX rose 0.3%.
Auto sales in China surged 32.1% year-over-year to 2.38 million units in August, following a 29.7% growth a month ago. Chinese producer price inflation fell to an 18-month low of 2.3% year-over-year in August from 4.2% a month ago, while annual inflation dropped to 2.5% in August from July's 2.7%.
Broker Recommendation
Jefferies upgraded Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) from Underperform to Hold and raised the price target from $536 to $675.
Regeneron Pharmaceuticals shares rose 0.7% to $714.01 in pre-market trading.
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Breaking News
- RH (NYSE:RH) reported weaker-than-expected earnings for its second quarter, while sales exceeded estimates.
- Queen Elizabeth II, who served as the head of the British monarchy and royal family for 70 years, died peacefully Thursday at Balmoral in Scotland.
- Smith & Wesson Brands, Inc. (NASDAQ:SWBI) reported downbeat results for its first quarter on Thursday.
- Zumiez Inc. (NASDAQ:ZUMZ) reported weaker-than-expected sales for its second quarter and also issued Q3 sales guidance below analyst estimates.
