Janney Montgomery Scott chief investment strategist Mark Luschini says current state of the economy is ‘indicative’ of ‘very strong’ growth
U.S. stock futures were pointing to modest gains at the opening bell as traders returned to work following the Memorial Day holiday.
Dow Jones Industrial Average futures traded up 229 points, or 0.66%, while S&P 500 futures and Nasdaq 100 futures advanced 0.41% and 0.38%, respectively.
The early gains, if they hold, will have both the Dow and the S&P opening near all-time highs. The Nasdaq finished Friday’s session 2.8% below its own record peak.
HOT INFLATION SPARKS COOLDOWN DEBATE
In stocks, AMC Entertainment Holdings Inc. plans to sell 8.5 million shares to Mudrick Capital Management, raising $230.5 million, which will be used to acquire additional theater leases and to enhance existing locations. Shares of the movie chain rallied 116% last week.
Meat processor JBS S.A.’s units in Australia and North America were hit over the weekend by a cyber attack on its information systems. The incident, which knocked operations offline in several Australian states, will take an unknown amount of time to resolve.
Goodyear Tire & Rubber Co. is facing allegations of labor abuse in Malaysia, Reuters reports, citing court documents and complaints filed by workers. Accusations against the company include wrongful salary deductions and required excessive hours, among other things.
In earnings, cannabis producer Canopy Growth Corp. reported quarterly revenue jumped 46% year over year as demand picked up during the pandemic. The company reiterated its expectation to turn a profit in the current fiscal year.
Elsewhere, Boeing Co. shares received an upgrade to outperform at Cowen and Company, which raised its price target to $290 from $240.
In commodities, West Texas Intermediate crude oil spiked $1.86 to $68.18 per barrel and gold ticked up $2.50 to $1,907.80 an ounce.
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Overseas markets were mostly higher.
European bourses rallied across the board with France’s CAC 40 up 0.87%, Britain’s FTSE 100 rising 1.15% and Germany’s DAX 30 gaining 1.51%.
In Asia, Japan’s Nikkei 225 slipped 0.16% while China’s Shanghai Composite and Hong Kong’s Hang Seng added 0.26% and 1.08%, respectively.
