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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 Brazil.
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 Subhranshu Sahu)