Futures are rising as higher oil drives energy stocks
© Reuters. FILE PHOTO: The facade of the New York Stock Exchange (NYSE) can be seen in New York City, United States on May 4, 2021. REUTERS / Brendan McDermid / File Photo
From Medha Singh
(Reuters) – US stock index futures rose Monday as higher oil prices boosted energy levels, while hitting two-week highs ahead of major inflation readings later this week.
Chevron Corp (NYSE :), Occidental Petroleum Corp (NYSE 🙂 and Schlumberger (NYSE 🙂 rose 1% to 2% in premarket trading as oil prices firmed more than $ 1 a barrel. [O/R]
Risk sentiment also improved as cryptocurrencies pulled back after a series of weekend sales fueled by further signs of China’s increasing crackdown on the emerging sector.
Crypto exchange operator Coinbase Global was up 2.4%, while miners Riot Blockchain (NASDAQ 🙂 and Marathon Digital Holdings were mixed.
Equity markets have been shaken in recent weeks as investors juggled strong economic data and fears that supply-side pressures could lead to a prolonged period of higher prices, forcing the Federal Reserve to roll back its support from the time of crisis.
Thursday’s US personal consumption data, the Fed’s preferred inflationary measure, will be the centerpiece of the week.
After falling 4.3% from the May 7 record high, that figure is now only 2% below that level as investors picked up the hardest-hit technology stocks.
At 6:26 a.m. CET, the S&P 500 E-Minis rose 143 points or 0.42%, 21 points or 0.51%, and 87.5 points or 0.65%.
Building materials supplier Martin Marietta Materials Inc. (NYSE 🙂 said it would buy HeidelbergCement (DE 🙂 AG assets in California and Arizona for $ 2.3 billion. Martin Marietta’s shares were not traded before the bell.
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