Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Stocks - US Futures Higher, Helped by Chinese Exports Data

Stock MarketsMay 07, 2020 12:17
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - U.S. stocks are set to open higher Thursday, helped by gains in the energy sector after better than expected Chinese export data raised hopes of a prompt recovery for the global economy.

At 7 AM ET (1100 GMT), S&P 500 futures traded 38 points, or 1.4%, higher, Nasdaq futures up 127 points, or 1.4%. The Dow futures contract rose 278 points, or 1.2%.

Dollar-denominated exports from China, the world’s second-largest economy, unexpectedly rose in April for the first time this year, climbing 3.5% from a year ago.

The surprise stoked speculation the Asian giant could recover from its coronavirus lockdown quicker than first thought and support global growth in the process. The dire import data, which fell by 14.2% on the year, has tended to be overlooked.

Adding to the positive tone are sharp gains in oil futures Thursday, fueled by news that Saudi Arabia, the world’s largest exporter of oil, had increased its official selling prices.

Extremely low oil prices have been weighing on the energy sector, with many oil producers having to cut spending and reduce dividends to reduce cash breakevens.

At 7 AM ET, U.S. crude June futures traded 8.4% higher at $26.00 a barrel, while the international benchmark Brent contract rose 5.7% to $31.31.

On the earnings front, Uber Technologies (NYSE:UBER) will report earnings after the bell, having already said it is cutting 3,700 jobs in customer support and recruitment as it looks to cut costs as ride volumes crater. 

Lyft (NASDAQ:LYFT) stock climbed 14% premarket after the ride-sharing company stated that its ridership had been improving since mid-April.

Ahead of trading, drugmaker Bristol-Myers Squibb (NYSE:BMY) stock rose 2.9% premarket after weighing in with better than expected quarterly results. 

Elsewhere, Peloton (NASDAQ:PTON) stock climbed 15% premarket after the fitness company posted strong fiscal third quarter sales and issued encouraging guidance for the following quarter.

The day’s key economic release will be weekly U.S. jobless claims at 8:30 AM ET (12:30 GMT), a precursor to Friday’s key monthly official employment.

Economists expect claims for first-time unemployment benefits totaled another 3 million last week. That would continue the downward trend of initial claims, from 3.8 million the week before.

This follows the U.S. private sector shedding a record 20.23 million jobs in April, according to Wednesday’s report by payrolls processor ADP (NASDAQ:ADP).

Elsewhere, gold futures rose 0.5% to $1,696.70/oz, while EUR/USD traded at 1.0791, largely flat.


Stocks - US Futures Higher, Helped by Chinese Exports Data

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
ashok motiani
ashok motiani May 07, 2020 12:35
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China's export data seems bogus. where did they export. most of the world was closed. can they give detail of export country wise ?
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email