Awaiting April CPI Results

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones dipped over 470 points in the previous session. The Consumer Price Index for April will be released at 8:30 a.m. ET. Analysts expect consumer prices rising a monthly 0.2% in April following a 0.6% increase in the previous month. Investors are awaiting earnings results from Wendys Co (WEN), Amdocs Limited (DOX) and ContextLogic Inc (WISH).

The U.S. Treasury budget report for April is scheduled for release at 2:00 p.m. ET. Federal Reserve Vice Chair Richard Clarida is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 1:00 p.m. ET. Philadelphia Fed President Patrick Harker is set to speak at 1:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 132 points to 34,051.00 while the Standard & Poor’s 500 index futures fell 16.25 points at 4,130.00. Futures for the Nasdaq 100 index fell 83 points to 13,263.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 32,779,150 with around 582,840 deaths. India reported a total of at least 23,340,930 confirmed cases, while Brazil confirmed over 15,282,700 cases.

Oil prices traded higher as Brent crude (BNO) futures rose 0.7% to trade at $69.01 per barrel, while US WTI crude futures rose 0.8% to trade at $65.77 a barrel. The American Petroleum Institute, late Tuesday, said crude oil inventories fell 2.533 million barrels for the week ending May 7. The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were slightly higher today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 gained 0.6% while German DAX 30 rose 0.1% (DAX). Manufacturing production in the UK surged 4.8% year-over-year in March, while industrial production rose 1.8% month-over-month. British gross domestic product contracted by 6.1% year-over-year during the first quarter, while trade deficit widened to GBP 2.0 billion in March from revised GBP 0.9 billion in the previous month. French annual inflation rate rose to a 14-month high of 1.2% for April, compared to 1.1% in March.

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