Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade after the S&P 500 index surged to another record close in the previous session. Investors are awaiting earnings results from Motorcar Parts of America, Inc. (NASDAQ: MPAA) and Concrete Pumping Holdings Inc (NASDAQ: BBCP).
Futures for the Dow Jones Industrial Average gained 16 points to 34,478.00 while the Standard & Poor’s 500 index futures rose 3.75 points at 4,249.50. Futures for the Nasdaq 100 index rose 32 points to 14,026.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,462,030 with around 599,760 deaths. India reported a total of at least 29,510,410 confirmed cases, while Brazil confirmed over 17,412,760 cases.
Oil prices traded higher as Brent crude futures rose 1.2% to trade at $73.59 per barrel, while US WTI crude futures rose 1% to trade at $71.65 a barrel. The total number of active U.S. oil rigs rose by 6 to 365 rigs this week, Baker Hughes Inc reported Friday.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.5%, London’s FTSE 100 rose 0.3% while German DAX 30 gained 0.3%.
Asian markets traded higher today. Japan’s Nikkei 225 gained 0.74%, while India’s BSE Sensex climbed 0.1%. Wholesale prices in India surged 12.94% year-over-year in May versus a 10.49% rise a month ago. Industrial production in Japan increased 2.9% in April, while Foreign direct investment into China surged 35.4% year-over-year to CNY 481 billion in January-May 2021.
Broker Recommendation
Keybanc initiated coverage on Procore Technologies, Inc. (NYSE: PCOR) with an Overweight rating and announced a price target of $105.
Procore Technologies shares fell 3% to close at $83.99 on Friday.
Check out other major ratings here
Breaking News
- Thrasio, a start-up company, is in talks to go public through a merger with the blank check company Churchill Capital V Corp (NYSE: CCV), Bloomberg reported, citing people with knowledge of the matter.
- Washington Prime Group Inc (NYSE: WPG) filed for chapter 11 bankruptcy protection after the COVID-19 pandemic resulted in temporary closure of around 100 shopping centers.
- BYD Co Ltd (OTC: BYDDF) is in talks with smartphone maker Xiaomi Corp (OTC: XIACF) on a number of projects to build cars, cnEVpost reported on Sunday, citing the Chinese automaker’s Chairman and President Wang Chuanfu.
- Quidel Corporation (NASDAQ: QDEL) disclosed that it has received an amended Emergency Use Authorization from the FDA for its new Sofia Q Rapid Antigen Test device.
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