In early pre-market trading, U.S. stock futures showed a slight uptick after the S&P 500 index reached a new high in the previous session, buoyed by favorable data on consumer price inflation and jobless claims. Investors are eagerly anticipating earnings reports from Cheetah Mobile (NYSE:CMCM) and Azure Power Global (NYSE:AZRE).
The University of Michigan is set to release its consumer sentiment index for June at 10:00 a.m. ET. While the sentiment index dropped over 5 points to 82.9 in May due to rising inflation expectations, analysts forecast a slight increase to 84 in June’s preliminary reading.
Futures for the Dow Jones Industrial Average rose 37 points to 34,498.00, while Standard & Poor’s 500 index futures edged up 2.75 points to 4,240.75. Futures for the Nasdaq 100 index climbed 6.75 points to 13,966.50.
COVID-19 Update:
The U.S. continues to grapple with the highest number of COVID-19 cases and deaths globally, surpassing 33,426,420 infections and approximately 598,740 deaths. India reported over 29,274,820 confirmed cases, while Brazil confirmed more than 17,210,960 cases.
Commodity Market:
Oil prices saw a slight increase, with Brent crude futures up 0.1% to $72.60 per barrel and US WTI crude futures rising 0.1% to $70.36 a barrel. Additionally, US natural gas supplies gained 98 billion cubic feet last week, according to the Energy Information Administration. The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.
Global Market Highlights:
European markets exhibited gains, with the Spanish Ibex Index rising 0.5% and the STOXX Europe 600 Index gaining 0.3%. However, Asian markets experienced mixed trading, with Japan’s Nikkei 225 slipping 0.03% and China’s Shanghai Composite dropping 0.58%. Notably, China’s auto sales recorded a 3.1% year-over-year decline to 2.13 million units in May, marking the first monthly drop in 14 months.
Broker Recommendation:
Needham initiated coverage on Tenable Holdings, Inc. (NASDAQ:TENB) with a Buy rating and set a price target of $51. Tenable shares rose 0.1% to $43.01 in pre-market trading.
Breaking News:
- SIGNA Sports United will go public through a merger with SPAC Yucaipa Acquisition Corp (NYSE:YAC), valuing the company at an enterprise value of $3.2 billion.
- Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) reported better-than-expected results for its first quarter and issued strong sales guidance for the current quarter.
- Nio Inc (NYSE:NIO) secured a key European Whole Vehicle Type Approval (EWVTA) for its electric seven-seater sports utility vehicle ES8, facilitating its official launch in Norway and the broader European market.
- MP3 Ringtones 888 Plus Inc (NYSE:MRD) posted upbeat results for its third quarter and raised its FY21 sales growth guidance.
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