Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade, ahead of earnings from Macy’s, Inc. M. Data on housing starts and permits for April will be released at 8:30 a.m. ET, while data on industrial production for April will be released at 9:15 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 8:30 a.m. ET, while St. Louis Fed President James Bullard will speak at 6:30 p.m. ET.

Futures for the Dow Jones Industrial Average rose 17 points to 24,677.00, while the Standard & Poor’s 500 index futures gained 2 points to 2,711.25. Futures for the Nasdaq 100 index climbed 8.25 points to 6,899.50.

Oil prices traded lower as Brent crude futures fell 0.69 percent to trade at $77.89 per barrel, while US WTI crude futures declined 0.22 percent to trade at $71.14 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.85 percent, STOXX Europe 600 Index gaining 0.15 percent and German DAX 30 index gaining 0.41 percent. The UK’s FTSE index was trading higher by 0.17 percent, while French CAC 40 Index rose 0.06 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.44 percent, Hong Kong’s Hang Seng Index slipped 0.13 percent, China’s Shanghai Composite Index dropped 0.71 percent and India’s BSE Sensex slipped 0.44 percent.

Broker Recommendation

Analysts at Jefferies downgraded 3M Company MMM from Buy to Hold.

3M shares fell 0.45 percent to $201.50 in pre-market trading.

Breaking news

  • Zoetis Inc.ZTS announced plans to acquire Abaxis, Inc. ABAX for $83 per share in cash.
  • Boot Barn Holdings IncBOOT reported upbeat results for its fourth quarter and issued strong first-quarter earnings guidance.
  • CELYAD SA/ADRCYAD reported launch of 1.8 million share offering.
  • Verastem Inc VSTMshares dropped 12 percent in pre-market trading after announcing a $35 million common stock offering.