Benzinga | Jul 13, 2020 06:00AM EDT

A Peek Into The Markets: US Stock Futures Gain; PepsiCo Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting gains in the prior session. PepsiCo, Inc. (NASDAQ:PEP) is expected to release quarterly earnings before the opening bell. Federal Reserve Bank of New York President John Williams is set to speak at 11:30 a.m. ET, while Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:00 p.m. ET. The U.S. Treasury budget report for June is scheduled for release at 2:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 3,304,940 with around 135,200 deaths. Brazil confirmed over 1,864,680 cases, while India reported a total of at least 878,250 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 122 points to 26,099 while the Standard & Poor's 500 index futures traded rose 10.50 points to 3,189.00. Futures for the Nasdaq 100 index climbed 48.75 points to 10,886.00.

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $42.73 per barrel, while US WTI crude futures fell 1.4% to trade at $39.98 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.7% and STOXX Europe 600 Index rising 0.5%. The UK's FTSE index was trading higher by 0.9%, while French CAC 40 Index rose 0.5% and German DAX 30 gained 0.8%.

In Asian markets, Japan's Nikkei rose 2.22%, Hong Kong's Hang Seng Index rose 0.17%, China's Shanghai Composite Index climbed 1.77% and India's BSE Sensex rose 0.4%.

Broker Recommendation

Analysts at KeyBanc upgraded Sunrun Inc. (NASDAQ:RUN) from Sector Weight to Overweight and announced a $32 price target..

Sunrun shares rose 1.1% to $29.20 in pre-market trading.

Breaking News

* Analog Devices, Inc. (NASDAQ:ADI) is in talks to acquire Maxim Integrated Products Inc. (NASDAQ:MXIM) for over $17 billion, the Wall Street Journal reported..

* Multiplan disclosed that it has reached a merger deal with special purpose acquisition company Churchill Capital III Corp (NYSE:CCXX), valuing the company at $11 billion.

* Tesla Inc. (NASDAQ:TSLA) has canceled its plans to make low range Model Y vehicles, Chief Executive Officer Elon Musk said on Twitter late Sunday.

* BeiGene, Ltd. (NASDAQ:BGNE) priced its 145.8 million share registered direct offering at $14.23 per share.