Stock futures gain
U.S. stock futures were trading higher ahead of opening bell on Tuesday, as traders shrugged off protests and civil unrest that has rocked the country following the death of George Floyd, an unarmed African-American man who was killed last week in police custody in Minneapolis, Minnesota.
Yesterday, President Donald Trump suggested he would deploy military personnel if state governors and local officials are not able quell the unrest.
“If a city or state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them,” the president told reporters during a press briefing at the White House.
By 6:40 a.m. ET, the blue-chip Dow futures indicated a gain of 186 points, or 0.73% to 25,649. S&P 500 futures rose 20.88 points, or 0.68% to 3,074.88 while the tech-heavy Nasdaq 100 futures jumped 43.36 points, or 0.45% to 9,598.89.
Crude futures rise on hopes suppliers will extend cuts
Crude futures also advanced on Tuesday morning, supported by growing hopes in the market that the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia will extend or enhance production cuts at a meeting later this week.
The cartel was expected to hold the meeting next week in Austria after they agreed to cut oil output by a record 9.7 million barrels per day to boost prices hurt by dwindling demand due to coronavirus lockdowns across the globe.
However, Reuters is reporting that the meeting could be brought forward to later this week and that members are considering extending the cuts into July or August.
U.S. West Texas Intermediate (WTI) crude futures gained 2.93%, or $1.04, to $36.48 a barrel as of 5:40 a.m. ET. International Brent crude futures were up nearly 3.03%, or $1.16 to $39.48.
Zoom earnings on watch
Shares of Zoom Video Communications (NASDAQ: ZM) popped in Tuesday’s premarket trading session as the company prepares to report earnings after the closing bell.
Analysts expect Zoom to report earnings of $0.09 a share on revenue of $202.04 million. As of this writing, the stock was up $6.67, or 3.27% to $210.82 a share.
Other key earning to keep an eye on today include CrowdStrike (NASDAQ: CRWD) Dick’s Sporting Goods (NYSE: DKS), Lands’ End (NASDAQ: LE), Cracker Barrel (NASDAQ: CBRL), and HealthEquity (NASDAQ: HQY).