US Futures still on the upside, watch AMZN, BA, REGN, DIS, DPZ, KEYS

The S&P 500 futures remain well directed, boosted by the potential development of a coronavirus vaccine and further easing of lockdown measures.

FOREX 8

The S&P 500 futures remain well directed as they are boosted by the potential development of a coronavirus vaccine and further easing of lockdown measures in the U.S. and around the world. Biotechnology firm Novavax said on Monday it has started the Phase 1 clinical trial of a novel coronavirus vaccine candidate, making it one of at least 10 now being tested in people globally.

Later today, the U.S. Federal Reserve will release its Beige Book economic report. The Richmond Federal Reserve will post its Manufacturing Activity Index for May (-40 expected). 

European indices are accelerating to the upside as EU Commission has announced it will mobilize 750 billion euros for European recovery. France's INSEE has released May indicators on consumer confidence at 93 (vs 92 expected), business confidence at 70 (vs 69 expected) and manufacturing confidence at 70 (vs 85 expected).

Asian indices closed in the red except the Japanese Nikkei. Japan's government lifted the coronavirus-induced state of emergency that had been in place since April.

WTI Crude Oil Futures remain on the upside on expectations of rising demand amid reopening economies.

Gold fell 8.18$ (-0.48%) to 1702.41, near a two-week low on optimism about economic recovery. 

On the forex front, the US dollar lost ground against the euro after the announcement of the EU Commission stimulus package. EUR/USD rose 42pips to 1.1024.

US Equity Snapshot

 
Amazon (AMZN), the e-commerce giant, might be in advanced talks to buy self-driving vehicle startup Zoox, according to Bloomberg.

Boeing (BA), the aircraft maker, might announce this week deep job cuts, mainly in the Seattle area, according to different reports.

Regeneron (REGN): French pharma Sanofi "has agreed to sell 11.8 million shares of Regeneron, common stock through a registered offering at a price of 515.00 dollars per share."

Walt Disney (DIS), the entertainment and media giant, announced that "Walt Disney World Resort executives will submit today to the Orange County Economic Recovery Task Force in Florida for a phased reopening of the resort’s theme parks."

Domino's Pizza (DPZ), the world leader in pizza delivery, said that for the March, 23 to May, 17 period, or the first eight weeks of its second quarter, global retail sales growth was 2.9%. The company added that "U.S. sales results accelerated materially over weeks five through eight of the second quarter."

Keysight Technologies (KEYS), a provider of electronic measurement devices and software solutions, posted second quarter adjusted EPS of 0.78 dollar, missing estimates, down from 1.22 dollar a year ago, on sales of 895 million dollars, also below consensus, down from 1.1 billion dollars a year earlier.



Source : TradingVIEW, Gain Capital

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.