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A Peek Into The Markets: U.S. Stock Futures Surge Ahead Of Consumer Spending Data

AVAV, NKE, T.CM | June 29, 2016

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. Data on consumer spending for May will be released at 8:30 a.m. ET, while the National Association of Realtors’ pending home sales index for May is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 88 points to 17,389.00, while the Standard & Poor’s 500 index futures rose 9.50 points to 2,038.25. Futures for the Nasdaq 100 index climbed 22.75 points to 4,304.75.

Oil prices traded higher as Brent crude futures gained 0.64 percent to trade at $48.90 per barrel, while US WTI crude futures also rose 0.71 percent to trade at $48.18 a barrel. The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 2.47 percent, STOXX Europe 600 Index surging 2.08 percent and German DAX 30 index gaining 1.49 percent. The UK's FTSE index was trading higher by 2.06 percent, while French CAC 40 Index gained 2.29 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.59 percent, Hong Kong’s Hang Seng Index climbed 1.31 percent, China’s Shanghai Composite Index rose 0.65 percent and India’s BSE Sensex gained 0.81 percent.

Broker Recommendation

Analysts at Barclays downgraded HeartWare International Inc (NASDAQ: HTWR) from Overweight to Equal-weight, while raising the price target from $35.00 to $58.00.

HeartWare shares fell 0.42 percent to close at $57.55 on Tuesday.

Breaking news

Nike Inc (NYSE: NKE) reported better-than-expected earnings for its fourth quarter, but the company missed analysts’ sales estimates. The company also issued weak outlook for future orders. To read the full news, click here.
Opus Bank (NASDAQ: OPB) revealed an additional commitment of $1 billion to provide capital funding to those qualified businesses, as well as, companies that want to expand their operations, revenues, and employees in California. To read the full news, click here.
AeroVironment, Inc. (NASDAQ: AVAV) posted upbeat earnings for its fourth quarter, but the company missed analysts’ sales expectations.
Canadian Imperial Bank of Commerce (USA) (NYSE: CM) revealed it struck a definitive agreement to buy PrivateBancorp Inc (NASDAQ: PVTB) and its subsidiary, The PrivateBank, for $47.00 a share. To read the full news, click here.