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Market: Stocks to open higher as oil rallies above $70

US futures are pointing to a higher open today after ending higher on Friday, as investors are carrying on the jobs report-inspired gains. As oil prices rose above $70 a barrel, traders will keep a close eye on the comments linked to the Iran nuclear deal. President Donald Trump is scheduled to decide by May 12 whether to pull out of the Iran deal.

The S&P futures rose 0.26% to 2,670, Dow futures gained 0.29% to 24,298, and Nasdaq advanced 0.49% to 6,808.25 at 8:27 am ET. Elsewhere, shares at Asian markets closed mostly higher on Monday and European stocks are trading broadly in green.

On the European economic front, data from the Croatian Bureau of Statistics showed that retail sales volume rose 2.3% on month in March after falling 3.2% in February. Federal Statistical Office report revealed that Switzerland’s consumer price index rose 0.8% on year in April, the same rate of growth seen in March. Statistics Austria data showed that Austria’s wholesale price inflation accelerated to 2.9% in April from 2.4% in March.

IHS Markit data revealed that Germany’s construction activity rose to 50.9 in April from 47.0 in March. Statistics Denmark report showed that Denmark’s industrial production fell 0.4% on month in March after declining 0.3% in February. Destatis data revealed that Germany’s factory orders declined 0.9% on month in March after decreasing 0.2% in February.

On the Asian economic front, data from the Ministry of Finance showed that Taiwan’s foreign trade surplus grew to $4.15 billion from $2.8 billion last year. Statistics Bureau report revealed that Indonesia’s GDP rose 5.06% on year in the first quarter after increasing 5.19% in the fourth quarter. The Australian and New Zealand Banking Group data showed that job advertisements in Australia fell 0.2% on month in April after declining 0.1% in March. Australian Industry Group report revealed that construction sector in Australia declined to 55.4 in April from 57.2 in March.

U.S. stock market snapshot
U.S. stock market snapshot

On May 4, US ended higher, with Dow up 1.39% to 24,262.51. Nasdaq advanced 1.71% to 7,209.62, and the S&P 500 gained 1.28% to 2,663.42. Traders remained positive to the Labor Department’s monthly employment report. The report showed that non-farm payroll employment rose by 164,000 jobs in April and the unemployment rate fell to 3.9% in April from 4.1% in March.

Meanwhile, key economic events scheduled for today include TD Ameritrade’s investor movement index and the Fed’s consumer credit report for March. Richmond Fed President Thomas Barkin will appear at George Mason University in Virginia. Atlanta Fed President Raphael Bostic, Dallas Fed President Robert Kaplan, Chicago Fed President Charles Evans, and Philadelphia Fed President Patrick Harker will be attending the event in Amelia Island, Florida.

Key companies reporting earnings today include Amedisys (AMED), PetMed Express (PETS), General Cable Corp. (BGC), MTS Systems (MTSC), Rambus (RMBS), Manitowoc Co. (MTW), Sempra Energy (SRE), Mosaic Co. (MOS), Gannett (GCI), Regal-Beloit (RBC), j2 Global (JCOM), Albany International (AIN), Veeco Instruments (VECO), Cabot Corp. (CBT), and Monster Beverage (MNST).

On the corporate front, Tyson Foods (TSN) stock fell 4.96% in the premarket after its second-quarter earnings and sales missed Street’s expectations. Sysco Corp. (SYY) stock grew 2.75% in the premarket after better-than-expected third-quarter results. International Flavors & Fragrances (IFF) stock decreased 6.44% in the premarket despite upbeat first-quarter earnings and a deal to buy Frutarom for $7.1 billion.

Mondelez International (MDLZ) stock rose 1.54% in premarket trading after agreeing to buy Tate’s Bake Shop for $500 million. Dentsply Sirona (XRAY) stock dropped 5.98% before the opening bell as it cut down its fiscal 2018 adjusted earnings outlook. Gramercy Property Trust (GPT) stock climbed 15.79% in the premarket after agreeing to be acquired by Blackstone Group (BX) in a cash deal valued at $7.6 billion.

Crude oil futures are up 1.18% to $70.54. Gold is trading down 0.27% to $1,311.10, and silver is down 0.48% to $16.44. On the currency front, the US dollar is trading up 0.15% at 109.269 yen. Against the euro, the dollar down 0.36% to $1.1916. Against the pound, the dollar is up 0.11% to $1.3541.

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