U.S. markets jumped in premarket trading Monday as its appeared more likely the United Kingdom will remain part of the European Union, averting fears of a so-called Brexit.
Markets were also supported by a rebound in crude oil prices, which climbed about 1.6% to $48.75 a barrel, based on U.S. benchmark West Texas Intermediate. The S&P 500 and Nasdaq were trading up about 1.4% and 1.3% before the opening bell, respectively, as the Dow Jones industrials were up roughly 1.2%.
Chesapeake Energy (CHK) Freeport-McMoRan (FCX), both members of Real Money's Stressed Out watch list, were among the biggest premarket gainers. Chesapeake shares, which had been trading evenly on the year, were up about 6.5% before the opening bell on climbing crude prices, while shares mining giant Freeport were up more than 3%.
Meanwhile, cruise liner Carnival (CCL) traded up about 4% as the company expects to post its quarterly earnings Thursday. Carnival shares are so far down 13% on the year, despite adjusted earnings in the first quarter doubling the year prior.
For the second quarter, analyst consensus forecasts are for earnings per share of $0.39, up from $0.25 year over year. CEO Arnold Donald has pointed to improved North America ticket prices for its strong first quarter, especially on the company's Caribbean cruise lines.
Disney (DIS) shares were also up more than 1% in premarket trading, after the opening of its latest animated film, Finding Dory, broke U.S. box office records for animated films, topping the all-time list with $136 million gross sales for the opening weekend.
The film is a sequel to the Pixar's 2003 smash hit Finding Nemo, and Disney now looks to capture much the renewed success of the franchise following its $7.4 billion purchase of Pixar in 2006.
Valeant Pharmaceuticals (VRX) was also trading higher Monday, up 2% as new management at the helm continues to mull selling brands of the troubled Canadian drugmaker to cope with a precarious $31 billion debt stack, as Real Money reported.
-- Written by James Passeri
