Stock futures surge higher
U.S. stocks are expected to open in the green on Monday as traders brace for what may be the worst earnings season since the depths of the 2008 global financial crisis.
As of 5:45 a.m. ET, Dow Jones Industrial Average futures jumped 119 points to 26,096. S&P 500 futures climbed 10.38 points to 3,188.88 while the Nasdaq 100 futures rose 48.75 points to 10,886.
Beverage maker PepsiCo (NYSE: PEP) unveils its quarterly earnings before the opening bell today. Analysts expect the company to earn $1.25 per share on $15.42 billion in revenues.
Analog Devices acquires Maxim Integrated Products in an all-stock transaction
According to a Monday press release, Maxim stockholders will receive 0.630 of a share of ADI common stock for each share of Maxim common stock they hold at the closing of the deal. ADI stockholders will own 69% of the new entity, while Maxim stockholders will own the remaining 31%.
Maxim stock rose 17.02% to $75 a share in Monday’s premarket trading session, while Analog Devices was little changed.
Crude dips amid rising virus fears; OPEC meeting eyed
In commodities, crude futures tumbled early Monday amid worries over growing coronavirus cases around the globe.
By 5:45 a.m. ET, U.S. West Texas Intermediate crude futures were down 65 cents, or 1.6% to $39.9 a barrel. International Brent crude futures were at $42.7 a barrel, down 54 centers, or 1.25%.
Traders will be watching closely as the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia meet on Wednesday by video conference to discuss their approach to the market.
In April, the cartel agreed the single largest production cut in history in response to slumping oil prices that followed in the wake of the COVID-19 pandemic. Analysts expect the group to modestly ease the record cuts and recommend easing the cuts in August.