A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings report from several companies.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for January is schedule for release at 9:45 a.m. ET. The index of leading economic indicators for December will be released at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for January will be released at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 19 points to 24,570, while the Standard & Poor’s 500 index futures rose 3 points to 2,641.25. Futures for the Nasdaq 100 index surged 29 points to 6,694.25.

Oil prices traded lower as Brent crude futures fell 0.46 percent to trade at $60.86 per barrel, while US WTI crude futures declined 0.17 percent to trade at $52.53 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.82 percent, STOXX Europe 600 Index climbing 0.45 percent and German DAX 30 index gained 0.68 percent. The UK's FTSE index was trading lower by 0.14 percent, while French CAC 40 Index rose 0.81 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.09 percent, Hong Kong’s Hang Seng Index gained 0.42 percent, China’s Shanghai Composite Index rose 0.41 percent and India’s BSE Sensex rose 0.24 percent.

Broker Recommendation

Analysts at Berenberg upgraded Procter & Gamble Co PG from Sell to Hold and raised the price target from $86 to $92.

Procter & Gamble shares fell 0.02 percent to $94.82 in pre-market trading.

Breaking News

• Southwest Airlines Co LUV reported better-than-expected results for its fourth quarter.
• McCormick & Company, Incorporated MKC reported downbeat results for its fourth quarter and issued weak FY19 earnings forecast.
• Xilinx, Inc. XLNX reported better-than-expected results for its third quarter and issued strong fourth-quarter sales guidance.
• Ford Motor Company F reported downbeat earnings for its fourth quarter, while sales exceeded views.