U.S. stock futures traded rose in early pre-market trade, ahead of earnings from Cisco Systems, Inc. (NASDAQ: CSCO) and Flowers Foods, Inc. (NYSE: FLO). The Producer Price Index for April will be released at 8:30 a.m. ET. Federal Reserve Chairman Jerome Powell is set to speak at 9:00 a.m. ET.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 1,369,960 with around 82,380 deaths. Russia reported a total of at least 232,240 confirmed cases, while Spain confirmed over 228,030 cases.
Futures for the Dow Jones Industrial Average climbed 70 points to 23,644 while the Standard & Poor’s 500 index futures traded rose 7 points to 2,859.50. Futures for the Nasdaq 100 index rose 38.50 points to 9,116.75.
Oil prices traded lower as Brent crude futures fell 2.7% to trade at $29.17 per barrel, while US WTI crude futures fell 1.6% to trade at $25.38 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 1.1%, STOXX Europe 600 Index declining 1.4% and German DAX 30 index dropping 1.7%. The UK's FTSE index was trading lower by 0.9%, while French CAC 40 Index fell 1.8%.
In Asian markets, Japan’s Nikkei fell 0.49%, Hong Kong’s Hang Seng Index fell 0.27%, China’s Shanghai Composite Index rose 0.22% and India’s BSE Sensex rose 2.4%.
Analysts at Piper Sandler upgraded B&G Foods, Inc. (NYSE: BGS) from Neutral to Overweight and raised the price target from $21 to $28.
B&G Foods shares rose 9% to close at $23.50 on Tuesday.
- Infinera Corporation (NASDAQ: INFN) reported weaker-than-expected Q1 earnings. The company also issued Q1 sales guidance on the low-end of analyst estimates.
- 8x8, Inc. (NASDAQ: EGHT) reported better-than-expected results for its fourth quarter. The company said it expects Q1 sales of $120 million to $121 million, versus analysts’ estimates of $121.03 million.
- Pfizer Inc. (NYSE: PFE) is planning to significantly expand clinical trials of its novel coronavirus vaccine candidate by September, the company's CEO Albert Bourla told CNBC on Tuesday.
- Facebook Inc. (NASDAQ: FB) has agreed to settle a class action filed on behalf of content moderators who said their mental health suffered on the job, the law firms involved in the case announced Tuesday.