A Peek Into The Markets: US Stock Futures Up; Crude Oil Rises Over 2%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting a rise in the previous session. Investors are awaiting earnings reports from Dick's Sporting Goods Inc. DKS, Donaldson Inc. DCI and Zoom Video Communications, Inc. ZM.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,811,270 with around 105,140 deaths. Russia reported a total of at least 423,180 confirmed cases, while Brazil confirmed over 526,440 cases.

Futures for the Dow Jones Industrial Average climbed 133 points to 25,596 while the Standard & Poor’s 500 index futures traded rose 13.75 points to 3,067.75. Futures for the Nasdaq 100 index gained 49.75 points to 9,644.75.

Oil prices traded higher as Brent crude futures rose 2.6% to trade at $39.30 per barrel, while US WTI crude futures rose 2.3% to trade at $36.25 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 2.2% and STOXX Europe 600 Index gaining 1.5%. The UK's FTSE index was trading higher by 0.8%, while French CAC 40 Index rose 1.9% and German DAX 30 gained 3.5%.

In Asian markets, Japan’s Nikkei rose 1.19%, Hong Kong’s Hang Seng Index rose 1.11%, China’s Shanghai Composite Index rose 0.2% and India’s BSE Sensex rose 1.4%.

Broker Recommendation

Analysts at RBC Capital downgraded Iterum Therapeutics plc ITRM from Outperform to Sector Perform and lowered the price target from $7 to $2.

Iterum Therapeutics shares rose 10.6% to $1.88 in pre-market trading.

Breaking News

• The Western Union Company WU is looking to acquire Moneygram International Inc MGI, according to Bloomberg.
• Apple Inc. AAPL has reduces prices on the latest iPhone models in China.
• Stitch Fix, Inc. SFIX will lay off about 1,400 employees in California, the Wall Street Journal reported.
• OraSure Technologies, Inc. OSUR reported an 8 million share common stock offering.