020720 US Pre Open

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By :  ,  Financial Analyst

US Futures green, watch FB, BA, AMZN, TSLA

The S&P 500 Futures  are gaining some ground ahead of a long Independence Day weekend.

Due later today the U.S. Labor Department will release June nonfarm payrolls report and initial jobless claims in the week ended June 27. U.S. unemployment rate is expected to decrease from 13.3% to 12.3%. The Commerce Department will report May trade balance, factory orders and final readings of durable goods orders. 

European indices are on the upside. On the statistical front, in the euro area, the unemployment rate edged up to 7.4% in May compared to 7.3% in April and 7.7% expected. On the other hand, producer prices fell by 0.6% in May after a fall of 2.0% in April. Economists expected a 0.4% decline.

Asian indices ended significantly higher except the Japanese Nikkei which only added 0.11% while China Mainland CSI 300 bounced 2.07%, Australian ASX 200 added 1.66% and Hong Kong HSI soared 2.85%

WTI Crude Oil futures are slightly up as U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2M barrels from the previous week to 533.5M barrels for week ended June 26. U.S Crude Oil production remains unchanged at 11.0M b/d.

Gold consolidates below eight-year high while the US dollar lost ground as risk appetite grows on positive coronavirus vaccine news.  

Gold rose 3.05 dollars (+0.17%) to 1773.14 dollars.

EUR/USD rose 34pips to 1.1285 while GBP/USD gained 33pips to 1.2508.

US Equity Snapshot

Facebook (FB): according to The Information, Mark Zuckerberg, company's CEO, expects advertisers that currently boycott the social network to be back on the platform "soon enough".

Boeing (BA), the aircraft maker, and the FAA "completed the certification flight tests on the Boeing 737 MAX." The FAA "will lift the grounding order only after its safety experts are satisfied that the aircraft meets certification standards."

Amazon.com's (AMZN), the e-commerce giant, price target was increased to 3,400 dollars from 2,900 dollars at Independent Research.

Tesla's (TSLA), the electric-vehicle maker, price target was raised to 1,250 dollars from 1,000 dollars at Wedbush.

Source : TradingVIEW, Gain Capital

Related tags: Equities Indices

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