US STOCKS-Futures Rise As Oil Rise Boosts Energy Stocks
By Medha Singh
May 24 (Reuters) – U.S. stock index futures rose on Monday as higher oil prices lifted energy stocks, while S&P 500 futures hit two-week highs ahead of major inflation readings later this week.
Chevron Corp CVX.N, Occidental Petroleum Corp OXY.N and Schlumberger SLB.N increased 1% to 2% in pre-market trading, as oil prices firmed by more than $ 1 a barrel. OR
Risk sentiment also improved as cryptocurrencies gained ground after a weekend selling period fueled by new signs of a growing Chinese crackdown on the emerging sector.
Crypto-exchange operator Coinbase Global COIN.O added 2.4%, while Riot Blockchain miners RIOT.O and Marathon Digital Holdings MARA.O were mixed.
Stock markets have been rocked in recent weeks as investors juggle strong economic data and fears that supply-side constraints will cause a prolonged period of price hikes and force the Federal Reserve to reduce its support in crisis period.
Thursday’s US personal consumption data, the Fed’s preferred measure of inflation, will be the centerpiece of the week.
After falling 4.3% from its record on May 7, the S&P 500 is only 2% from that level as investors have picked up the worst-beaten tech stocks.
At 6:26 a.m. ET, Dow e-minis 1YMcv1 were up 143 points, or 0.42%, S&P 500 e-minis EScv1 were up 21 points, or 0.51%, and Nasdaq 100 e-minis NQcv1 were up 87.5 points, or 0.65%.
Building materials supplier Martin Marietta Materials Inc MLM.N said he would buy HeidelbergCement AG HEIG.DE assets in California and Arizona for $ 2.3 billion. Martin Marietta’s shares weren’t traded until the bell.
(Reporting by Medha Singh and Shashank Nayar in Bengaluru; Editing by Maju Samuel)
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