A Peek Into The Markets: US Stock Futures Edge Higher; Crude Oil Tumbles Over 5%

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade. The pending sales index for February is scheduled for release at 10:00 a.m. ET, while the Dallas Fed manufacturing index for March will be released at 10:30 a.m. ET.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. Total coronavirus cases in the U.S. exceeded 143,000 with around 2,500 deaths. Spain confirmed a total of over 80,100 cases, while Italy reported a total of at least 97,600 confirmed cases and 10,700 deaths. China reported 31 new cases on Sunday.

Futures for the Dow Jones Industrial Average gained 11 points to 21,448 while the Standard & Poor’s 500 index futures traded rose 7.40 points to 2,531.50. Futures for the Nasdaq 100 index rose 29.25 points to 7,597.75.

Oil prices traded lower as Brent crude futures fell 6.1% to trade at $26.26 per barrel, while US WTI crude futures fell 5.4% to trade at $20.35 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 1.9%, STOXX Europe 600 Index declining 0.8% and German DAX 30 index dropping 0.1%. The UK's FTSE index was trading lower by 1.5%, while French CAC 40 Index fell 1.2%.

In Asian markets, Japan’s Nikkei fell 1.57%, Hong Kong’s Hang Seng Index fell 1.33%, China’s Shanghai Composite Index fell 0.90% and India’s BSE Sensex dropped 3.42%.

Broker Recommendation

Analysts at RBC Capital upgraded Phillips 66 PSX from Sector Perform to Outperform and lowered the price target from $73 to $67.

Phillips 66 shares fell 0.6% to $52.01 in pre-market trading.

Breaking News

• President Donald Trump extended coronavirus (COVID-19) social distancing guidelines to April 30 and sees the highest rate of coronavirus-related deaths occurring in two weeks.
• Abbott Laboratories ABT reported that the U.S. FDA has issued Emergency Use Authorization for a diagnostic test for the COVID-19 that can deliver results within minutes.
• Luminex Corporation LMNX disclosed that the FDA has issued Emergency Use Authorization for its NxTAG®CoV Extended Panel to detect coronavirus.
• The Western Union Company WU reported that it is withdrawing FY20 guidance.