News

World Stocks Hit Record As US Futures Jump, Oil Spikes Above $70

It turns out that Monday’s dip in futures was a low-volume headfake, and on Tuesday global markets hit a new record high as U.S. equity futures jumped, with spoos also approaching all time highs after markets shrugged off concerns about rising inflation and looked ahead to U.S. employment data later in the week. Brent rose above $70 to the highest since October 2018 as OPEC+ forecast a tightening global market before members meet to discuss production output today. At 715am, Emini futs were 4,226 up 24 points ot 0.58%; Dow futs were up 212 to 0.61% while Nasdaq futs rose 52 pts, up 0.38%.

MSCI’s broadest gauge of global stock markets rose 0.3% to a record high, led by broad gains across Europe’s leading indexes with the US looking at a solid green open. Here are some of the biggest U.S. movers today:

  • AMC Entertainment Holdings climbs 6.3% in premarket trading. The company issued 8.5m shares to Mudrick Capital Management for $230.5m to pursue acquisitions. The shares gained 116% last week amid the continuation of a retail-trading frenzy that has boosted the stock this year.
  • Cloudera rises 23% in premarket trading. Affiliates of KKR and Clayton Dubilier & Rice agreed to take Cloudera private in an all-cash transation that valued the company about about $5.3b.
  • Vertex Energy jumps about 30% in premarket trading, building on a rally after agreeing to buy an Alabama refinery from Shell for $75 million.

“Although global stocks are now around 20% above pre-pandemic highs, a combination of strong earnings growth and reasonable valuations relative to still-low bond yields points to further upside for stocks,” said Mark Haefele, chief investment officer, UBS Global Wealth Management.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s