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

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade.

Oracle Corporation ORCL, Adobe Inc. ADBE, Jabil Inc. JBL, Broadcom Inc. AVGO and Ulta Beauty, Inc. ULTA will release earnings after the closing bell. Data on initial jobless claims for the latest week and import prices for February will be released at 8:30 a.m. ET. New home sales report for January is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 24 points to 25,711, while the Standard & Poor’s 500 index futures declined 3.5 points to 2,810.75. Futures for the Nasdaq 100 index fell 1.75 points to 7,266.

Oil prices traded lower as Brent crude futures fell 0.1 percent to trade at $67.50 per barrel, while US WTI crude futures fell 0.3 percent to trade at $58.09 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.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.3 percent, STOXX Europe 600 Index climbing 0.3 percent and German DAX 30 index dropped 0.2 percent. The UK's FTSE index was trading higher by 0.4 percent, while French CAC 40 Index gained 0.4 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.02 percent, Hong Kong’s Hang Seng Index climbed 0.15 percent, China’s Shanghai Composite Index fell 1.2 percent and India’s BSE Sensex rose 0.01 percent.

Broker Recommendation

Analysts at B. Riley FBR downgraded Tailored Brands Inc TLRD from Buy to Neutral and lowered the price target from $20 to $11.

Tailored Brands shares fell 19.2 percent to $9.45 in pre-market trading.

Breaking News

  • Dollar General Corp. DG reported weaker-than-expected earnings for its fourth quarter and issued weak 2019 outlook. The company raised its quarterly dividend from $0.29 to $0.32 per share and reported a $1 billion buyback plan.
  • Tailored Brands Inc TLRD reported a narrower-than-expected loss for its fourth quarter, while sales missed estimates.
  • Genesco Inc. GCO reported downbeat earnings for its fourth quarter and issued weak FY20 earnings forecast.
  • Cloudera Inc CLDR reported a wider-than-expected loss for its fourth quarter, while sales exceeded estimates. The company issued weak first-quarter and full-year 2020 earnings guidance.
Posted In: A Peek Into The MarketsUS Stock FuturesNewsEurozoneFuturesGlobalPre-Market OutlookMarkets