U.S. stock futures traded higher in early pre-market trade, ahead of earnings from V.F. Corporation (NYSE: VFC) and JD.com, Inc. (NASDAQ: JD). Data on retail sales for April and the Empire State manufacturing index for May will be released at 8:30 a.m. ET. Data on industrial production for April will be released at 9:15 a.m. ET, while data on business inventories for March, the University of Michigan's consumer sentiment index for May and the Labor Department's JOLTS report for March will be released at 10:00 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 1,417,880 with around 85,900 deaths. Russia reported a total of at least 252,240 confirmed cases, while Britain confirmed over 234,440 cases.
Futures for the Dow Jones Industrial Average climbed 71 points to 23,605 while the Standard & Poor’s 500 index futures traded rose 7.6 points to 2,854.50. Futures for the Nasdaq 100 index rose 41.5 points to 9,121.00.
Oil prices traded higher as Brent crude futures rose 2.5% to trade at $31.91 per barrel, while US WTI crude futures rose 2.4% to trade at $28.21 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 0.1%, STOXX Europe 600 Index climbing 1% and German DAX 30 index gaining 1.4%. The UK's FTSE index was trading higher by 1.3%, while French CAC 40 Index rose 0.8%.
In Asian markets, Japan’s Nikkei rose 0.62%, Hong Kong’s Hang Seng Index fell 0.14%, China’s Shanghai Composite Index slipped 0.07% and India’s BSE Sensex fell 0.2%.
Analysts at B. Riley FBR upgraded Applied Materials, Inc. (NASDAQ: AMAT) from Neutral to Buy and raised the price target from $56 to $72.
Applied Materials shares rose 4% to $56.62 in pre-market trading.
- Applied Materials, Inc. (NASDAQ: AMAT) reported weaker-than-expected results for its second quarter on Thursday.
- Amazon Inc. (NASDAQ: AMZN) announced plans to sell reusable face shields at cost, first to medical professionals and later to all customers.
- Applied DNA Sciences Inc (NASDAQ: APDN) reported weaker-than-expected results for its second quarter. The company’s shares jumped 71% on Thursday after the company announced it has received FDA emergency use authorization for its coronavirus diagnostic assay kit.
- Apple Inc. (NASDAQ: AAPL) confirmed to Bloomberg that it had acquired virtual reality startup NextVR.