Market Overview

US Stock Futures Surge Ahead Of GM Earnings, Jobless Claims Data

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US Stock Futures Surge Ahead Of GM Earnings, Jobless Claims Data
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Pre-open movers

US stock futures gained in early pre-market trade, ahead of earnings from General Motors Company (NYSE: GM) and Kellogg Company (NYSE: K). The Challenger job-cut for January will be released at 7:30 a.m. ET. Data on international trade for December, weekly jobless claims and nonfarm business productivity for the fourth quarter will be released at 8:30 a.m. ET. Futures for the Dow Jones Industrial Average surged 73 points to 15,440.00, while the Standard & Poor's 500 index futures rose 8.70 points to 1,752.70. Futures for the Nasdaq 100 index gained 17.75 points to 3,463.25.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.20%, London's FTSE 100 index gaining 0.72% and STOXX Europe 600 Index climbing 0.97%. German DAX 30 index rose 1.09% and French CAC 40 Index climbed 1.23%.

Asian markets ended mostly higher today. Japan's Nikkei Stock Average fell 0.18%, Hong Kong's Hang Seng Index gained 0.72% and India's BSE Sensex surged 0.25%. The HSBC Hong Kong's PMI surged to 52.7 in January versus 51.2 in December. Australia's trade surplus widened to 468 million Australian dollars (US$420 million) in December from A$83 million in November, while the country's retail sales increased 0.5% y/y in December.

Broker Recommendation

Analysts at Bank of America upgraded Fifth Third Bancorp (NASDAQ: FITB) from “neutral” to “buy.” The price target for Fifth Third Bancorp has been raised from $23 to $24.

Fifth Third's shares closed at $20.65 yesterday.

Breaking news

  • Dunkin' Brands Group (NASDAQ: DNKN) reported a 23% gain in its fourth-quarter profit. Dunkin' Brands' quarterly net income surged to $42.1 million, or $0.39 per share, versus $34.3 million, or $0.32 per share, in the year-ago period. To read the full news, click here.
  • Repros Therapeutics (NASDAQ: RPRX) today announced the outcome of its previously announced meeting with the FDA regarding the Androxal® Phase 3 data requirements for an NDA in the treatment of secondary hypogonadism. To read the full news, click here.
  • Sony (NYSE: SNE) posted a profit in the October-December quarter and lowered its forecast for the fiscal-year ended March. The company announced its plans to sell its Vaio personal-computer business to Japan Industrial Partners. To read the full news, click here.
  • Costco Wholesale (NASDAQ: COST) reported upbeat same-store sales for January. Costco's sales at stores open at least a year climbed 4% in January. To read the full news, click here.

Posted-In: Bank of America US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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