Benzinga | Aug 17, 2020 06:04AM EDT

A Peek Into The Markets: US Stock Futures Rise Following Prior Week's Gains

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after recording gains in the previous week. The Empire State manufacturing index for August is scheduled for release at 8:30 a.m. ET, while the NAHB's housing market index for August will be released at 10:00 a.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 5,403,360 with around 170,270 deaths. Brazil confirmed over 3,340,190 cases, while India reported a total of at least 2,647,660 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 107 points to 27,899 while the Standard & Poor's 500 index futures traded rose 11.75 points to 3,373.25. Futures for the Nasdaq 100 index climbed 67 points to 11,200.75.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $44.61 per barrel, while US WTI crude futures fell 0.3% to trade at $41.88 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.2% and STOXX Europe 600 Index declining 0.5%. The UK's FTSE index was trading lower by 0.5%, while French CAC 40 Index slipped 0.5% and German DAX 30 fell 0.4%.

In Asian markets, Japan's Nikkei fell 0.83%, Hong Kong's Hang Seng Index rose 0.89% China's Shanghai Composite Index rose 2.34% and India's BSE Sensex rose 0.1%.

Broker Recommendation

Analysts at Credit Suisse upgraded Teladoc Health Inc (NYSE:TDOC) from Neutral to Outperform and raised the price target from $225 to $249.

Teladoc Health shares rose 2.4% to $192.00 in pre-market trading.

Breaking News

* Baxter International Inc (NYSE:BAX) disclosed that it has obtained the US FDA emergency use authorization for Regiocit replacement solution used in continuous renal replacement therapy.

* Sanofi SA (NASDAQ:SNY) announced plans to acquire Principia Biopharma Inc (NASDAQ:PRNB) for $100 per share in cash.

* Novavax, Inc. (NASDAQ:NVAX) reported that it has initiated Phase 2b efficacy trial of COVID-19 Vaccine in South Africa.

* CanSino Biologics Inc (OTC:CASBF) has become the first company to secure a patent for its COVID-19 vaccine in China, Reuters reported Sunday.