U.S. stock futures traded higher in early pre-market trade as the US and China agreed to continue with their Phase 1 trade agreement. Stocks gained sharply in the previous session after the FDA granted emergency use authorization for convalescent plasma.
Investors are awaiting earnings from Best Buy Co Inc (NYSE:BBY), Medtronic PLC (NYSE:MDT), salesforce.com, inc. (NYSE:CRM), J M Smucker Co (NYSE:SJM) and Hewlett Packard Enterprise Co (NYSE:HPE). The S&P Corelogic Case-Shiller home price index and the FHFA house price index for June will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index for August, the Richmond Fed manufacturing index for August and data on new home sales for July will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average rose 158 points to 28,397 while the Standard & Poor’s 500 index futures traded gained 13 points to 3,440.50. Futures for the Nasdaq 100 index climbed 26 points to 11,662.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,740,900 with around 177,270 deaths. Brazil confirmed over 3,622,860 cases, while India reported a total of at least 3,167,320 confirmed cases.
Oil prices traded mixed as Brent crude futures rose 0.4% to trade at $45.32 per barrel, while US WTI crude futures fell 0.1% to trade at $42.60 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 0.7% and STOXX Europe 600 Index gaining 0.4%. The UK's FTSE index was trading higher by 0.2%, while French CAC 40 Index gained 0.7% and German DAX 30 rose 0.6%.
In Asian markets, Japan’s Nikkei rose 1.35%, Hong Kong’s Hang Seng Index fell 0.26% China’s Shanghai Composite Index fell 0.36% and India’s BSE Sensex fell 0.1%.
Analysts at B. Riley FBR upgraded Crocs, Inc. (NASDAQ:CROX) from Neutral to Buy and raised the price target from $35 to $46.
Crocs shares fell 0.1% to $39.32 in pre-market trading.
- Palo Alto Networks Inc (NYSE:PANW) reported better-than-expected results for its fourth quarter and issued upbeat forecast for the first quarter. The company also announced plans to acquire The Crypsis Group For $265 million.
- Aveva Group Plc announced plans to buy OSIsoft for $5 billion.
- Portland General Electric Company (NYSE:POR) lowered its FY20 earnings guidance, now expecting EPS of $1.30-$1.60, versus previous forecast of $2.20-$2.50.
- British chipmaker Arm Ltd will not spin off two of its Internet of Things units to its parent company Softbank Group, the Wall Street Journal reported Monday.