U.S. stock futures traded slightly higher in early pre-market trade after the three major averages recorded losses last week. Investors are awaiting earnings results from Commercial Metals Company (NYSE: CMC), AZZ Inc. (NYSE: AZZ) and Tilray, Inc. (NASDAQ: TLRY).
Data on wholesale inventories for November will be released at 10:00 a.m. ET. Analysts expect wholesale inventories rising 1.2% in November. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.
Futures for the Dow Jones Industrial Average climbed 29 points to 36,136.00 while the Standard & Poor’s 500 index futures gained 5.25 points to 4,673.00. Futures for the Nasdaq index surged 13.75 points to 15,594.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 61,263,030 with around 859,350 deaths. India reported a total of at least 35,708,440 confirmed cases, while Brazil confirmed over 22,523,900 cases.
Oil prices traded higher as Brent crude futures rose 0.5% to trade at $82.13 per barrel, while US WTI crude futures gained 0.5% to trade at $79.29 a barrel. The total number of active U.S. oil rigs rose by 1 to 481 rigs this week, Baker Hughes Inc reported Friday.
A Peek Into Global Markets
European markets were mostly lower today. The STOXX Europe 600 Index fell 0.1%, while Spain’s IBEX 35 Index rose 0.1% and London’s FTSE 100 fell 0.1%. The French CAC 40 Index dropped 0.1%, while German DAX fell 0.1%. The unemployment rate in Italy dropped to 9.2% in November from 9.4% in the prior month.
Asian markets traded mostly higher today. Hong Kong’s Hang Seng Index climbed 1.08%, while China’s Shanghai Composite rose 0.39%. Australia’s S&P/ASX 200 slipped 0.08% and India’s BSE Sensex jumped 1.1%. Private house approvals in Australia rose 1.4% to 10,892 units in November versus a 3.5% growth in the previous month. Australia’s seasonally adjusted estimate for total dwellings approved grew 3.6% to 16,448 units in November.
Goldman Sachs initiated coverage on Accenture plc (NYSE: ACN) with a Neutral rating and announced a price target of $446.
Accenture shares fell 1.9% to close at $370.75 on Friday.
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- Hologic, Inc. (NASDAQ: HOLX) raised its Q1 revenue guidance to $1.4711 billion versus prior guidance of $1.1 billion to $1.15 billion.
- Takung Art Co., Ltd (NYSE: TKAT) named Mr. Kuangtao Wang as Co-Chief Executive Officer. The company also said Zhirong Li tendered her resignation as CFO effective immediately.
- Tesla Inc (NASDAQ: TSLA) CEO Elon Musk-led SpaceX is planning a second orbital launch of the year aboard the reusable Falcon 9 rocket later this week to transport dozens of small satellites for rideshare customers.
- Exelixis, Inc. (NASDAQ: EXEL) said it sees Q4 revenue of $300 million versus analysts’ estimates of $348.72 million. The company also expects FY 2022 revenue of $1.325 billion, versus expectations of $1.425 billion.
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