A Peek Into The Markets: US Stock Futures Gain; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from The Walt Disney Company NYSE:DIS, Performance Food Group Company NYSE:PFGC and The Wendy's Company NASDAQ:WEN.

The Consumer Price Index for April will be released at 8:30 a.m. ET. Consumer prices are projected to increase a modest 0.2% on the month in April compared to March's 1.2% growth. Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.

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Futures for the Dow Jones Industrial Average jumped 237 points to 32,324.00 while the Standard & Poor's 500 index futures rose 36.25 points to 4,033.00. Futures for the Nasdaq index rose 134.75 points to 12,483.75.

Oil prices traded higher as Brent crude futures rose 3% to trade at $105.54 per barrel, while US WTI crude futures rose 3.2% to trade at $102.93 a barrel. The Energy Information Administration's weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 83,778,760 with around 1,025,100 deaths. India reported a total of at least 43,110,580 confirmed cases, while Brazil confirmed over 30,594,380 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1%, London's FTSE 100 rose 1% while Spain's IBEX 35 Index rose 1.2%. The French CAC 40 Index jumped 1.7%, while German DAX climbed 0.9%. The annual inflation rate in Germany increased to 7.4% in April from 7.3% in the prior month..

Asian markets traded mostly higher today. Japan's Nikkei 225 rose 0.18%, Hong Kong's Hang Seng Index rose 0.97% and China's Shanghai Composite Index gained 0.75%. Australia's S&P/ASX 200 rose 0.2% and India's S&P BSE Sensex fell 0.5%. The index of coincident economic indicators in Japan rose to 97.0 in March from a final reading of 96.8 in the previous month, while index of leading economic rose to 101.0 from 100.1. Foreign exchange reserves in Japan narrowed to $1,322,193 million in April 2022 from $1,356,100 million a month ago. Chinese auto sales dipped 47.6% year-over-year in April. Chinese annual inflation rate increased to 2.1% in April from 1.5% in March, while producer price inflation eased to 8.0% year-over-year in April.

Broker Recommendation

Stifel downgraded Carvana Co. NYSE:CVNA from Buy to Hold and lowered the price target from $115 to $40.

Carvana shares fell 2.4% to $35.80 in pre-market trading.

Check out this: Executives Buy Around $85M Of 4 Stocks

Breaking News

• Electronic Arts Inc NASDAQ:EA reported upbeat adjusted earnings for the fourth quarter ended March 31, while sales came in slightly below estimates. The company also issued weak Q1 adjusted sales forecast.
• Nio, Inc. NASDAQ:NIO confirmed Wednesday its secondary listing in Singapore is expected to happen later this month.
• Wynn Resorts, Limited NASDAQ:WYNN posted downbeat results for its first quarter on Tuesday.
• YETI Holdings, Inc. NYSE:YETI posted better-than-expected earnings for its first quarter and sees FY22 sales increasing 18% to 20%.

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