U.S. stock futures traded higher in early pre-market trade after recording losses in the previous week. Investors are awaiting earnings results from Oracle Corporation (NYSE:ORCL), Matrix Service Company (NASDAQ:MTRX) and Napco Security Technologies, Inc. (NASDAQ:NSSC)
The Producer Price Index for August is scheduled for release at 8:30 a.m. ET. Following a 1.0% monthly rise in July, analysts expect producer prices increasing 0.6% in August. Data on wholesale inventories for July will be released at 10:00 a.m. ET. Federal Reserve Bank of Cleveland President Loretta Master is set to speak at 9:00 a.m. ET.
Futures for the Dow Jones Industrial Average climbed 149 points to 34,756.00 while the Standard & Poor’s 500 index futures rose 19.75 points to 4,478.00. Futures for the Nasdaq 100 index gained 58.50 points to 15,500.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 40,955,260 with around 659,970 deaths. India reported a total of at least 33,264,170 confirmed cases, while Brazil confirmed over 20,999,770 cases.
Oil prices traded higher as Brent crude futures rose 1.1% to trade at $73.75 per barrel, while US WTI crude futures rose 1.3% to trade at $70.60 a barrel. The total number of active U.S. oil rigs rose by 7 to 401 rigs this week, Baker Hughes Inc reported Friday.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.5% and STOXX Europe 600 Index surged 0.5%. The French CAC 40 Index climbed 0.6%, London’s FTSE 100 gained 0.5% while German DAX 30 gained 0.8%. Wholesale prices in Germany surged 12.3% year-over-year in August, recording the highest rate since October 1974.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.22%, Hong Kong’s Hang Seng Index fell 1.5%, while China’s Shanghai Composite Index gained 0.33%. Australia’s S&P/ASX 200 rose 0.3% and India’s BSE Sensex slipped 0.1%. Total passenger vehicles sales in India declined 12.2% percent from the prior month to 232,224 units during August. Producer prices in Japan increased 5.5% year-over-year in August.
Goldman Sachs downgraded Veeco Instruments Inc. (NASDAQ:VECO) from Buy to Neutral and lowered the price target from $29 to $26.
Veeco Instruments shares fell 1.5% to close at $22.80 on Friday.
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- Tesla Inc (NASDAQ:TSLA) announced that it is going to increase the price of its Model Y Performance car in China by $1,552. According to the report announced on the Chinese microblogging website Weibo, the new price of Model Y will be RMB 387,900.
- Apple Inc’s (NASDAQ:AAPL) chip supplier Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) is planning to build an advanced semiconductor manufacturing facility in South Taiwan, Nikkei Asia reported on Monday, citing people familiar with the matter..
- IN8BIO, Inc. (NASDAQ:INAB) reported a net loss of $1.00 per share for the second quarter, versus a year-ago loss of $0.92 per share.
- Epic Games, the maker of “Fortnite,” plans to appeal a court ruling in its antitrust case against Apple, Reuters reported on Sunday, citing a legal filing.
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