Market Overview

A Peek Into The Markets: Dow Futures Slump Over 700 Points As COVID-19 Spreads Globally

A Peek Into The Markets: Dow Futures Slump Over 700 Points As COVID-19 Spreads Globally

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, as worries over the spread of the coronavirus outside China continued to rise. Italy confirmed over 150 coronavirus cases, while the South Korean government disclosed that the number of infected persons has surged to 760. The Chicago Fed National Activity Index for January is scheduled for release at 8:30 a.m. ET, while the Dallas Fed manufacturing index for February will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 765 points to 28,216 while the Standard & Poor’s 500 index futures traded fell 91.3 points to 3,248.00. Futures for the Nasdaq 100 index declined 320.25 points to 9,137.75.

Oil prices traded lower as Brent crude futures fell 4.6% to trade at $55.79 per barrel, while US WTI crude futures fell 3.8% to trade at $51.38 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 3.4%, STOXX Europe 600 Index dropping 3.5% and German DAX 30 index declining 3.8%. The UK's FTSE index was trading lower by 3.1%, while French CAC 40 Index slipped 3.7%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.39%, Hong Kong’s Hang Seng Index fell 1.79%, China’s Shanghai Composite Index fell 0.28% and India’s BSE Sensex fell 2.07%.

Broker Recommendation

Analysts at Baird downgraded L Brands Inc (NYSE: LB) from Outperform to Neutral.

L Brands shares rose 2.8% to close at $24.07 on Friday.

Breaking News

  • Xperi Corp (NASDAQ: XPER) reported the receipt of unsolicited non-binding proposal for $23.50 per share in cash.
  • PepsiCo, Inc. (NASDAQ: PEP) announced plans to acquire Be & Cherry, a large Chinese snackmaker from Haoxiangni Health Food Co., Ltd. for $705 million.
  • Armstrong World Industries Inc (NYSE: AWI) reported upbeat earnings for its fourth quarter, while sales missed views.
  • Esperion Therapeutics Inc (NASDAQ: ESPR) reported the FDA approval of NEXLETOL.

Related Articles (AWI + ESPR)

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Posted-In: A Peek Into The MarketsNews Eurozone Futures Global Pre-Market Outlook Markets

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