Markets at a Glance: US Stock Futures Signal Rising Start on Wall Street; Crude oil rises 1%

Pre-open movers

U.S. stock futures traded higher in early premarket trading after closing virtually flat in the previous session. Investors await the results of Advance Auto Parts, Inc. AAP, Zoom Video Communications, Inc. ZM and XPeng Inc. XPEV.

The Chicago Fed National Activity Index for April is scheduled for release at 8:30 a.m. ET. The index is expected to slow to 0.13 in April from 0.44 in March. Atlanta Federal Reserve Chairman Raphael Bostic will speak at 12:00 p.m. ET.

Dow Jones Industrial Average futures jumped 127 points to 31,340.00 while Standard & Poor’s 500 Index futures rose 17 points to 3,916.50. Nasdaq index futures jumped 47.25 points to 11,888.00.

Oil prices rose as Brent crude futures rose 1.2% to trade at $113.92 a barrel, while U.S. WTI crude futures rose 1. 1% to trade at $111.45 a barrel. The total number of active U.S. oil rigs increased by 13 to 576 rigs this week, Baker Hughes Inc. reported.

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 85,004,430 with approximately 1,028,920 fatalities. India has reported a total of at least 43,138,390 confirmed cases, while Brazil has confirmed more than 30,791,220 cases.

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An overview of global markets

European markets were up today. The STOXX Europe 600 index gained 1%, London’s FTSE 100 rose 0.9% while Spain’s IBEX 35 index rose 1%. The French CAC 40 index rose 0.6%, while the German DAX climbed 1.2%. The Ifo business climate indicator for Germany hit a three-month high of 93 in May from a revised reading of 91.9 in April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.98%, Hong Kong’s Hang Seng Index fell 1.18% and China’s Shanghai Composite Index rose 0.01%. Australia’s S&P/ASX 200 rose 0.05% and India’s S&P BSE Sensex jumped 0.8%. Hong Kong’s annual inflation rate fell to a three-month low of 1.3% in March, from 1.7% the previous month.

Broker Recommendation

Piper Sandler demoted Dow Inc. DOW from overweight to neutral and lowered the price target from $84 to $78.

Dow shares fell 1.8% to $66.87 in premarket trading.

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latest news

  • Broadcom Inc. AVGO looking to buy a cloud computing company VMware, Inc. vmwreported Bloomberg, citing people familiar with the matter.
  • Tesla Inc. TSLA SpaceX, owned by CEO Elon Musk, is seeking to raise $1.725 billion in new capital that could take the private space company’s valuation to $127 billion, CNBC reported Sunday, citing an email to the ‘company wide.
  • Earth LUNA/USD Founder Do Kwon refuted allegations that he failed to meet his tax obligations in Korea and said the winding up of operations in the country days before the TerraUSD USD/USD The unanchoring event was “purely fortuitous”.
  • Apple Inc. AAPL reportedly told some of its manufacturers that due to the persistence of strict COVID standards across China, it now wants to increase production outside the country, the Wall Street Journal reported.

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