The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City. Markets surged today as promising details of a potential COVID-19 vaccine were released and more European countries gradually re-opened after months of lockdown.
Spencer Platt | Getty Images
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7:45 am: Oil hits highest level in nearly three months
Oil moved higher on Tuesday, ahead of the meeting between OPEC and its oil-producing allies, where the current production cut policy will be discussed. West Texas Intermediate, the U.S. oil benchmark, rose 3% to hit $36.51 per barrel, its highest level since March 6. Meanwhile international benchmark Brent crude rose to $39.55, a level not seen since March 11. “OPEC+ cuts are clearly working with solid help from recovering crude oil demand, especially in Asia. An extension of the current cut levels will definitely be a further boost for the market. Not only will the market rebalance, but stock builds of oil will also feel some relief. Prices rise on this prospect and are set for higher levels if the cuts are indeed extended,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “Bottom line is that the market is on a recovery path. If OPEC+ extends the high-level oil production cuts, that recovery will speed up and prices won’t lag behind.” —Stevens
7:47 am: Slack jumps after Cowen rates stock as outperform
Shares of Slack rose 3.8% in premarket trading after Cowen initiated the stock with an outperform rating and a $45 price target. The price target is 21% above where trading closed on Monday. The firm said in a note that the shift to working from home during the pandemic has expanded the potential market for Slack and that Wall Street is overly worried about competition from Microsoft Teams. Slack is set to report its fiscal first quarter results after the bell on Thursday. —Pound
7:35 am: Zoom moving higher ahead of earnings
Shares of Zoom Video gained 3% during Tuesday’s premarket trading, ahead of the company’s first quarter earnings results, which will be released after the market closes. According to estimates from FactSet, analysts are expecting the company to earn 9 cents per share, on $202.3 million in revenue. The stock gained 13.75% on Monday, hitting a new all-time high, and breaking above $200 for the first time. The video-conferencing company has seen its user base jump amid the coronavirus pandemic, and shares have gained 200% this year. –Stevens
7:34 am: Dow futures gain more than 100 points as Wall Street focuses on economy reopening
Stock futures rose on Tuesday morning as traders focused on the economic reopening and looked past the civil unrest in the U.S. Stocks that would benefit from the economic restart — such as airlines, cruise lines, some retailers and banks — led the early gains. The market has largely ignored the unrest across the U.S. However, that could change if traders believe protest could continue through the summer, potentially hurting the reopening and dampening consumer confidence. —Imbert
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