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* Futures up: Dow 0.54%, S&P 0.44%, Nasdaq 0.37%
June 1 (Reuters) - U.S. stock index futures rose on Tuesday
as investors prepared for a week packed with major economic data
releases to gauge whether inflationary pressure was transient,
while oil heavyweights gained on stronger crude prices.
Dow futures were at record highs, with the industrial
average set to extend last week's strong gains as
investors bet on economically sensitive stocks benefiting the
most from a post-COVID-19 recovery.
Inflation readings surged in April, with a measure of
underlying inflation blowing past the Federal Reserve's 2%
target on pent-up demand and a bounce-back in spending.
Investors are now awaiting key manufacturing and services
sector PMIs later in the week to judge the pace of an economic
reopening, with the main event of U.S. payrolls due on Friday.
Oil heavyweights Chevron and Exxon Mobil Corp
were among the top gainers in pre-market trade, up
between 1.5% and 2% on a promising outlook for fuel demand.
Shares of Exxon Mobil led gains among their peers after the
oil and gas producer entered an agreement with Equinor
and Petrogal Brasil to develop an $8 billion oil field in
A Reuters poll also showed that oil prices will see a
gradual uptick this year as economies shake off pandemic blues
and weather headwinds from the coronavirus crisis in India and a
potential return of Iranian supply.
At 6:49 a.m. ET, Dow e-minis were up 187 points, or
0.54%, S&P 500 e-minis were up 18.5 points, or 0.44%,
and Nasdaq 100 e-minis were up 50 points, or 0.37%.
Data analytics firm Cloudera Inc jumped 25.7% in
pre-market trade after private-equity firms KKR & Co and
Clayton Dubilier & Rice LLC agreed to take the firm private in a
$5.3 billion dollar deal.
A group of "meme stocks" extended gains from the previous
week with AMC Entertainment Holdings Inc, software
provider BlackBerry and video game retailer GameStop
up between 3.5% and 7.4%.
(Reporting by Shashank Nayar in Bengaluru; Editing by