Futures rise as higher oil drives energy stocks

FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) – U.S. stock index futures rose on Monday as higher oil prices lifted energy stocks, while S&P 500 futures scaled two-week highs ahead of key inflation readings later this week.

Chevron Corp, Occidental Petroleum Corp and Schlumberger rose between 1% and 2% in premarket trading as oil prices firmed more than $1 a barrel. [O/R]

Risk sentiment also improved as cryptocurrencies clawed back ground after a bout of weekend selling fueled by further signs of a gathering Chinese crackdown on the emerging sector.

Crypto-exchange operator Coinbase Global added 2.4%, while miners Riot Blockchain and Marathon Digital Holdings were mixed.

Equity markets have been rocked in recent weeks as investors juggled between strong economic data and fears that supply side constraints could prompt a prolonged period of higher prices and force the Federal Reserve to pare back its crisis era support.

The U.S. personal consumption data on Thursday, the Fed’s preferred inflation measure, will be the centerpiece of the week.

After falling as much as 4.3% from its May 7 record high, the S&P 500 is now only 2% off that level as investors picked up technology stocks that were beaten down the most.

At 6:26 a.m. ET, Dow e-minis were up 143 points, or 0.42%, S&P 500 e-minis were up 21 points, or 0.51%, and Nasdaq 100 e-minis were up 87.5 points, or 0.65%.

Construction materials supplier Martin Marietta Materials Inc said it would buy HeidelbergCement AG’s assets in California and Arizona for $2.3 billion. Martin Marietta’s shares were untraded before the bell.

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