A Peek Into The Markets: US Stock Futures Mixed, Crude Oil Down

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Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from Thor Industries, Inc. (NYSE: THO), Navistar International Corp (NYSE: NAV) and Casey’s General Stores Inc (NASDAQ: CASY).

The NFIB small business optimism index for May is scheduled for release at 6:00 a.m. ET, while international trade report for April will be released at 8:30 a.m. ET. The Labor Department’s JOLTS report for April will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 17 points to 34,599.00 while the Standard & Poor’s 500 index futures rose 4.75 points at 4,230.25. Futures for the Nasdaq 100 index gained 43.25 points to 13,847.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,378,140 with around 597,950 deaths. India reported a total of at least 28,996,470 confirmed cases, while Brazil confirmed over 16,984,210 cases.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $71.03 per barrel, while US WTI crude futures fell 0.6% to trade at $68.84 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index rose 0.1%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 rose 0.1% while German DAX 30 dropped 0.1%. French current account deficit shrank to EUR 1.4 billion in April versus a revised EUR 2.7 billion a month ago, while trade deficit increased to EUR 6.24 billion from a revised EUR 6.14 billion. Industrial production in Germany fell 1% in April.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.19%, while China’s Shanghai Composite fell 0.54%. Hong Kong’s Hang Seng Index fell 0.02%, Australia’s S&P/ASX 200 rose 0.2% and India’s BSE Sensex slipped 0.1%. The NAB business confidence index for Australia declined to 20 in May compared to 23 in April. Japanese current account surplus surged to JPY 1,321.8 billion in April compared to JPY 206.47 billion in the same month of the prior year, while the country’s economy shrank at an annualized pace of 3.9% in the first quarter.

Broker Recommendation

Keybanc maintained Acadia Realty Trust (NYSE: AKR) with an Overweight and raised the price target from $20 to $25..

Acadia Realty Trust shares rose 1.5% to close at $22.06 on Monday.

Breaking News

  • Marvell Technology Inc (NASDAQ: MRVL) reported better-than-expected results for its first quarter.
  • Chinese company BYD Co Ltd’s (OTC: BYDDF) all-electric vehicle sales more than doubled in May and the company sold nearly thrice as many electric vehicles as its closest rival Nio Inc (NYSE: NIO) during the month amid chip supply chain constraints that have roiled global auto production.
  • Stitch Fix Inc (NASDAQ: SFIX) reported upbeat results for its third quarter and issued strong sales guidance for FY21.
  • Keurig Dr Pepper Inc. (NASDAQ: KDP) reported a secondary offering of 28 million shares of common stock on behalf of Mondelēz International.

Check out other breaking news here

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