U.S. stock futures traded higher in early pre-market trade on Tuesday after recording sharp gains in the previous session. The Dow Jones jumped by more than 750 points, while the Nasdaq Composite surged around 240 points on Monday. The Dow Jones recorded the best session since June 24, while it was the best day since July 27 for the S&P 500.
Data on factory orders for August will be released at 10:00 a.m. ET. Factory orders are expected to increase 0.2% in August compared to a 1.0% drop in July. The Labor Department’s JOLTS report for August will be released at 10:00 a.m. ET. Job openings are likely to decline to 11.150 million in August from 11.239 million in the previous month.
Federal Reserve Bank of New York President John Williams and Federal Reserve Bank of Dallas President Lorie Logan will speak at 9:00 a.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 9:15 a.m. ET, while Fed Governor Philip N. Jefferson will speak at 11:45 a.m. ET. San Francisco Fed President Mary Daly will speak at 1:00 p.m. ET.
Investors are also awaiting earnings results from Acuity Brands, Inc. AYI and SMART Global Holdings, Inc. SGH.
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Futures for the Dow Jones Industrial Average gained 301 points to 29,839.00 while the Standard & Poor’s 500 index futures rose 45.75 points to 3,736.00. Futures for the Nasdaq index rose 185.50 points to 11,471.25.
Oil prices traded higher as Brent crude futures rose 0.5% to trade at $89.26 per barrel, while US WTI crude futures rose 0.3% to trade at $83.91 a barrel. The API’s data on crude oil stocks will be released today.
Gold futures rose 0.8% to trade at $1,714.80 an ounce, while silver traded up 1.3% at $20.865 an ounce on Tuesday.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index rose 2.2%, London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index jumped 2%. The French CAC 40 Index jumped 2.9%, while German DAX surged 2.5%.
The producer price inflation in the Eurozone surged to a new record high of 43.3% year-over-year in August following a revised 38.0% in the previous month. The number of people registered as unemployed in Spain increased by 17,679 from a month ago to 2.94 million in September.
Asian markets traded higher today. Japan’s Nikkei 225 rose 2.96%, Australia’s S&P/ASX 200 surged 3.8%, while India’s S&P BSE SENSEX rose 2.1%.
The Reserve Bank of Australia increased the cash rate by 25bps to 2.6% at its October meeting. Job advertisements in Australia fell by 0.5% month-over-month in September, while building permits jumped 28.1% month-over-month to 17,497 units in August.
Baird initiated coverage on Mister Car Wash, Inc. MCW with a Neutral rating and announced a price target of $10.
Mister Car Wash shares rose 1.5% to close at $8.71 on Monday.
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- Poshmark, Inc. POSH surged in pre-market trading after the company agreed to be bought by Korea’s largest internet company, Naver Corp, for $17.90 per share in cash.
- As Elon Musk faces Twitter Inc. TWTR in court over his $44-billion acquisition bid, a report about a second whistleblower is coming into the picture.
- Rivian Automotive, Inc. RIVN issued an update on production and deliveries for the third quarter and said it remains on track to reach its previously provided production guidance. The company said it produced 7,363 vehicles and delivered 6,584 vehicles during the third quarter, its highest quarterly totals ever.
- Russian energy giant Gazprom PJSC OGZPY will reportedly permit Hungary to delay payments for natural gas if necessary, as surging imports threaten to derail the country’s strained budget.
Image and article originally from www.benzinga.com. Read the original article here.