A look at the markets: US stock futures generally lower ahead of earnings and economic reports

Pre-open movers

U.S. stock futures traded mostly lower in early premarket trading after the Dow jumped around 575 points in the previous session. Investors await the results of HP Inc. HPQ, Salesforce, Inc. RCMP and Victoria’s Secret & Co. VSCO.

The S&P Corelogic Case-Shiller Home Price Index and FHFA Home Price Index for March will be released at 9:00 a.m. ET. The Chicago PMI for May is scheduled for release at 9:45 a.m. ET, while the Conference Board’s Consumer Confidence Index for May will be released at 10:00 a.m. ET. The Dallas Fed Manufacturing Index for May will be released at 10:00 a.m. ET.

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Dow Jones Industrial Average futures fell 77 points to 33,081.00 while Standard & Poor’s 500 Index futures fell 8 points to 4,147.75. Nasdaq index futures gained 10.25 points to 12,688.00.

Oil prices rose as Brent crude futures rose 2% to trade at $119.93 a barrel, while U.S. WTI crude futures rose 1.7% to trade at $119.15 a barrel.

The United States has the highest number of COVID-19 cases and deaths in the world, with the total number of infections in the country exceeding 85,730,590 with approximately 1,031,280 fatalities. India has reported a total of at least 43,158,580 confirmed cases, while Brazil has confirmed more than 30,977,660 cases.

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An overview of global markets

European markets were down today. The STOXX Europe 600 index fell 0.2%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 index fell 0.1%. The French CAC 40 index fell 0.6%, while the German DAX fell 0.4%. Italy’s gross domestic product rose 0.1% in the quarter in the three months to March. Household spending in France fell by 0.4% compared to a month ago in April. The annual inflation rate in France accelerated to 5.2% in May, while the country’s economy contracted by 0.2% quarter on quarter in the first three months of the year.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.33%, Hong Kong’s Hang Seng Index climbed 1.38% and China’s Shanghai Composite Index rose 1.19%. Australia’s S&P/ASX 200 fell 1% and India’s S&P BSE Sensex 0.2%. Japan’s consumer confidence index rose to 34.1 in May from 33.0 the previous month, while housing starts rose 2.2% year-on-year in April. Japan’s unemployment rate fell to 2.5% in April, while retail sales rose 2.9% year-on-year in April. China’s NBS composite PMI production index jumped to 48.4 in May, with the manufacturing PMI rising to 49.6. Australian business inventories rose 3.2% quarter on quarter in the March quarter, while the current account surplus narrowed to A$7.5 billion in the first quarter.

Broker Recommendation

Piper Sandler demoted NetScout Systems, Inc. NTCT from neutral to underweight and lowered the target price from $35 to $33.

NetScout shares fell 1.9% to $36.95 in premarket trading.

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