U.S. stock futures traded higher in early pre-market trade, ahead of earnings from International Game Technology PLC (NYSE: IGT) and Baidu, Inc. (NASDAQ: BIDU). The NAHB housing market index for May is scheduled for release 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 1,486,740 with around 89,560 deaths. Russia reported a total of at least 290,670 confirmed cases, while Britain confirmed over 244,990 cases.
Futures for the Dow Jones Industrial Average climbed 363 points to 23,880 while the Standard & Poor’s 500 index futures traded rose 43.6 points to 2,890.00. Futures for the Nasdaq 100 index rose 124.5 points to 9,221.00.
Oil prices traded higher as Brent crude futures rose 3.8% to trade at $33.72 per barrel, while US WTI crude futures rose 5.4% to trade at $31.03 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 2%, STOXX Europe 600 Index climbing 2% and German DAX 30 index gaining 2.2%. The UK's FTSE index was trading higher by 2.2%, while French CAC 40 Index rose 2.1%.
In Asian markets, Japan’s Nikkei rose 0.48%, Hong Kong’s Hang Seng Index rose 0.45%, China’s Shanghai Composite Index gained 0.24% and India’s BSE Sensex fell 2.95%.
Analysts at Telsey Advisory Group upgraded Best Buy Co Inc (NYSE: BBY) from Market Perform to Outperform.
Best Buy shares rose 1.8% to close at $78.61 on Friday.
- Facebook Inc (NASDAQ: FB) late Friday announced it has acquired popular graphics interchange format, or GIF, files platform Giphy.
- SoftBank Group Corporation (OTC: SFTBY) reported an operating loss of $12.7 billion for the entire financial year between April 2019 to March 2020. This compares with the $19.3 billion operating profit it posted in the similar period a year ago
- New York-based private equity firm General Atlantic announced plans to invest $871 million in Indian behemoth Reliance Industries Ltd.'s digital arm Jio Platforms.
- Tesla Inc. (NASDAQ: TSLA) has received approval from Alameda County officials to restart production at its Fremont factory this week, the San Francisco Chronicle reported Sunday.