050620 US Pre Open

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By :  ,  Financial Analyst

US Futures green ahead of jobs report, watch AVGO, GPS, WORK

The S&P 500 Futures are rising again after they lacked upward momentum yesterday, as seen in prior sessions.

Later today, the closely-watched U.S. official jobs report is expected to show a reduction of 7.500 million nonfarm payrolls in May with the jobless rate jumping to 19.4%. 

European indices remain on the upside after the European Central Bank announced yesterday that its pandemic emergency purchase program will be increased by 600 billion euros to 1,350 billion euros. Also, this morning, the German Federal Statistical Office has reported April factory orders at -25.8% (vs -19.9% on month expected).

Asian indices all closed on the upside. This morning, official data showed that Japan's household spending slid 11.1% on year in April (-12.8% expected).

WTI Crude Oil Futures are rebounding. OPEC+ would set to extend the oil cuts after breakthrough with Iraq, and the deal might be signed as soon as this weekend.

Gold continues to fade on economic recovery hopes, while the euro remains strong as ECB expanded stimulus. 

Gold fell 10.41 dollars (-0.61%) to 1703.6 dollars, while the EUR/USD is nearly flat at 1.1334 after bouncing yesterday.

US Equity Snapshot

Broadcom (AVGO), a developer of a range of semiconductors, reported second quarter adjusted EPS of 5.14 dollars, down from 5.21 dollars a year ago, on sales of 5.7 billion dollars up from 5.5 billion dollars a year earlier. Both figures were in-line with estimates.

Gap (GPS), a retailer of apparel, disclosed first quarter LPS of 2.51 dollars, significantly missing estimates, vs an EPS of 0.24 dollar a year ago, on sales of 2.1 billion dollars, below forecasts, down from 3.7 billion dollars a year earlier.

Slack Technologies (WORK), the collaboration hub, plunged in extended trading as the company withdrawn guidance for the full fiscal year 2021 Calculated Billings.

Source : TradingVIEW, Gain Capital

Related tags: Equities Indices

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