BYD (OTC:BYDDF), BYD (OTC:BYDDY) – US Stock Futures Signal Higher Start On Wall Street; Crude Oil Rises

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Monday after recording gains on Friday. The Dow Jones surged around 1.2%, while the Nasdaq Composite jumped 250 points in the previous session. The major indices on the Wall Street also notched their first weekly rise in four weeks. For the week, the Dow gained 2.7%, while the S&P 500 surged 3.6%.

Markets are now awaiting August’s consumer prices data, due on Tuesday, to look out for any signs of easing in inflation level. Annual inflation is seen declining to an 8.1% rate in August, compared to 8.5% in July.

Investors are also awaiting earnings results from Oracle Corporation ORCL and Matrix Service Company MTRX, due to be released today.

Data on consumer inflation expectations will be released at 11:00 a.m. ET. US consumer inflation expectations for the year ahead, which declined to 6.2% in July, are likely to fell further to 6.1% in August.

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Futures for the Dow Jones Industrial Average jumped 175 points to 32,339.00 while the Standard & Poor’s 500 index futures rose 27 points to 4,094.25. Futures for the Nasdaq index climbed 92.75 points to 12,685.25.

Oil prices traded higher as Brent crude futures rose 1% to trade at $93.75 per barrel, while US WTI crude futures rose 0.8% to trade at $87.48 a barrel. The total number of active U.S. oil rigs fell by 5 to 591 rigs this week, Baker Hughes Inc reported Friday.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 97,095,090 with around 1,075,660 deaths. India reported a total of at least 44,500,580 confirmed cases, while France confirmed over 34,718,130 cases.

 

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.8%, London’s FTSE 100 rose 1.2% while Spain’s IBEX 35 Index jumped 1.2%. The French CAC 40 Index surged 1.2%, while German DAX climbed 1.6%.

Industrial production in the UK dropped by 0.3% from a month ago in July versus a 0.9% drop in the previous month. The country’s trade deficit also shrank to GBP 7.8 billion in July from GBP 11.4 billion a month ago. The British economy grew by 0.2% in July from the previous month, compared to a 0.6% decline in the prior month. Industrial production in Italy rose 0.4% from a month ago in July following a revised 2% decline in the prior month.

 

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.16%, Australia’s S&P/ASX 200 rose 1%, while India’s S&P BSE SENSEX rose 0.7%.

Total passenger vehicles sales in India fell by 4.3% month-over-month to 281,210 units in August, compared to a 13.1% surge in July.

 



Broker Recommendation

Piper Sandler upgraded Carvana Co. CVNA from Neutral to Overweight and lowered the price target from $98 to $73.

Carvana shares rose 4.3% to $38.18 in pre-market trading.

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Breaking News

  • JPMorgan Chase & Co. JPM agreed to acquire California-based Renovite Technologies to solidify its presence in the payment processing arena.
  • Japanese and South Korean consumers will have to shell out relatively more for the latest iPhones this year compared to last year’s model as currencies of both these countries have depreciated significantly against the dollar.
  • IDEAYA Biosciences, Inc. IDYA disclosed interim Phase 2 clinical results for darovasertib and crizotinib synthetic lethal combination in metastatic uveal melanoma.
  • Chinese battery maker CALB Co., which is a rival to companies like Contemporary Amperex Technology Co Ltd. (CATL) and Warren Buffett-backed BYD Co. BYDDF BYDDY, has started gauging investor demand for its $2 billion Hong Kong initial public offering, reported Bloomberg.



Check out other breaking news here

 



Image and article originally from www.benzinga.com. Read the original article here.