A Peek Into The Markets: US Stock Futures Surge Ahead Of Fed Speakers

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. San Francisco Federal Reserve Bank President Mary Daly and New York Federal Reserve Bank President John Williams will speak in New York, NY at 10:15 a.m. ET. St. Louis Federal Reserve Bank President James Bullard, US Federal Reserve Bank Vice Chairman Richard Clarida, Philadelphia Federal Reserve Bank Chairman Patrick Harker and New York Federal Reserve Bank President John Williams will speak in New York at 5:30 p.m. ET.

Futures for the Dow Jones Industrial Average surged 119 points to 25,952, while the Standard & Poor’s 500 index futures rose 11.5 points to 2,785.75. Futures for the Nasdaq 100 index climbed 38.5 points to 7,073.00.

Oil prices traded higher as Brent crude futures rose 0.5 percent to trade at $67.41 per barrel, while US WTI crude futures gained 0.8 percent to trade at $57.42 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.21 percent, STOXX Europe 600 Index gaining 0.27 percent and German DAX 30 index climbed 0.6 percent. The UK's FTSE index was trading higher by 0.6 percent, while French CAC 40 Index gained 0.3 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.18 percent, Hong Kong’s Hang Seng Index climbed 0.65 percent, China’s Shanghai Composite Index climbed 1.91 percent and India’s BSE Sensex fell 0.08 percent.

Broker Recommendation

Analysts at JP Morgan downgraded Kraft Heinz Co KHC from Overweight to Neutral and lowered the price target from $52 to $37.

Kraft Heinz shares fell 20.2 percent to $38.44 in pre-market trading.

Breaking News

ITT Inc ITT reported upbeat earnings for its fourth quarter, while sales missed views.

Hewlett Packard Enterprise Co HPE reported upbeat earnings for its first quarter and raised FY19 earnings guidance. However, the company’s sales missed estimates.

Cabot Oil & Gas Corporation COG reported weaker-than-expected earnings for its fourth quarter.

Kraft Heinz Co KHC shares dipped more than 20 percent in pre-market trading after the company reported downbeat results for its fourth quarter and lowered its annual dividend from $2.50 to $1.60. The company also disclosed that it received an SEC subpoena in October 2018.