May’s ISM Manufacturing PMI data on tap
Wall Street looks set to kick off the sixth month of the year on a positive note as traders looked ahead to U.S. manufacturing data that could offer fresh insights into the state of the economic recovery.
Prior to the release of May jobs report on Friday, we get the ISM manufacturing report in the session this morning (10:00 a.m. ET), which is expected to show U.S. factory activity expanded at a solid clip last month.
By 5:20a.m. ET, futures tied to the blue-chip Dow advanced 178 points, or 0.52% to 34,691. S&P 500 futures jumped 18.12 points, or 0.43% to 4,220.62 while the tech-heavy Nasdaq 100 futures moved up 55.25 points, or 0.40% to 13,741.75.
Crude jumps ahead OPEC+ meeting
On the commodities front, crude futures were also soaring early Monday amid expectations that the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, will stick to the existing pace of gradually easing oil production restrictions.
The group is scheduled to meet on Tuesday, led by Saudi Arabia and Russia, to discuss oil production hikes, in the wake of a strict production quota earlier this year, and the potential effect of an Iran nuclear deal on output levels.
As of 5:20 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures rose $1.93 points, or 2.91% to $68.25 a barrel. Global Brent crude futures were up $1.52 points, or 2.19% to $70.84 a barrel.
AMC gains 10% premarket after selling 8.5 million shares to Mudrick Capital
Shares of AMC Entertainment (NYSE: AMC) were soaring ahead of the opening bell on Monday after the company disclosed that it had sold 8.5 million Class A common stock to Mudrick Capital Management for $230.5 million.
The theater chain said it plans to use the funds to upgrade its theaters, deleveraging its balance sheet, and for potential acquisitions.
At the time of writing, the stock was indicated $2.63, or 10.07% higher to $28.75 a share in the pre-market trading session. Shares of GameStop (NYSE: GME), AMC’s fellow meme stock, were up $9.00, 4.05% to $231.
