U.S. stock futures traded higher in early pre-market trade, after falling sharply in the previous week. President Donald Trump signed an executive order that aims to lower prescription drug prices in the US for certain drugs by linking them to those paid by other developed countries.
Futures for the Dow Jones Industrial Average gained 215 points to 27,827 while the Standard & Poor’s 500 index futures traded rose 33 points to 3,366.75. Futures for the Nasdaq 100 index climbed 125.25 points to 11,186.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,519,970 with around 194,070 deaths. India reported a total of at least 4,846,420 confirmed cases, while Brazil confirmed over 4,330,450 cases.
Oil prices traded lower as Brent crude futures fell 0.3% to trade at $39.73 per barrel, while US WTI crude futures fell 0.3% to trade at $37.23 a barrel. The total number of active U.S. oil rigs slipped by 1 to 180 rigs this week, Baker Hughes Inc reported.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 0.1% and STOXX Europe 600 Index gaining 0.2%. The French CAC 40 Index climbed 0.3%, while German DAX 30 rose 0.1% and London’s FTSE 100 rose 0.1%. Eurozone reported that its industrial production climbed better-than-expected by 4.1% in July, versus analysts’ estimates of a 4% increase.
In Asian markets, Japan’s Nikkei rose 0.65%, Hong Kong’s Hang Seng Index rose 0.56% China’s Shanghai Composite Index climbed 0.57% and India’s BSE Sensex fell 0.3%. Industrial production in Japan climbed at a record pace, rising 8.7% in July versus a 1.9% increase in the earlier month.
Analysts at Jefferies upgraded GameStop Corp. (NYSE: GME) from Hold to Buy