U.S. stock futures traded higher in early pre-market trade, following a decline in the stock markets on Tuesday. Investors are awaiting earnings results from McKesson Corporation (NYSE: MCK) and Expedia Group, Inc. (NASDAQ:EXPE). Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 12:00 p.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.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 1,528,660 with around 91,930 deaths. Russia reported a total of at least 308,700 confirmed cases, while Brazil confirmed over 271,880 cases.
Futures for the Dow Jones Industrial Average climbed 214 points to 24,372 while the Standard & Poor’s 500 index futures traded rose 23.95 points to 2,942.75. Futures for the Nasdaq 100 index rose 78.50 points to 9,379.25.
Oil prices traded higher as Brent crude futures rose 0.9% to trade at $34.95 per barrel, while US WTI crude futures rose 0.4% to trade at $32.08 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 mostly lower today, with the Spanish Ibex Index falling 0.2%, STOXX Europe 600 Index gaining 0.1% and German DAX 30 index dropping 0.1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index fell 0.6%.
In Asian markets, Japan’s Nikkei rose 0.79%, Hong Kong’s Hang Seng Index rose 0.05%, China’s Shanghai Composite Index dropped 0.51% and India’s BSE Sensex rose 2.1%.
Analysts at JP Morgan upgraded Cree, Inc. (NASDAQ: CREE) from Underweight to Neutral and raised the price target from $40 to $60.
Cree shares rose 0.5% to close at $49.65 on Tuesday.
- Urban Outfitters, Inc. (NASDAQ: URBN) reported weaker-than-expected results for its first quarter on Tuesday. Its comparable retail segment sales plunged 28% during the quarter.
- Apple Inc. (NASDAQ: AAPL) is looking to shift the manufacturing of its over-ear AirPods Studio headphones away from China. The company will now make its new Studio range of headphones in Vietnam. This is the first time ever that the Cupertino-based tech giant has produced an entirely new product in Vietnam, according to 9to5Mac, an Apple news website.
- Lowe's Companies, Inc. (NYSE: LOW) reported better-than-expected results for its first quarter.
- Target Corporation (NYSE: TGT) reported weaker-than-expected earnings for its first quarter, while sales exceeded views.