A Peek Into The Markets: US Stock Futures Gain Ahead Of Economic Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. The S&P Corelogic Case-Shiller home price index for January will be released at 9:00 a.m. ET, while the Chicago PMI for March is scheduled for release at 9:45 a.m. ET. The Conference Board’s consumer confidence index for March will be released at 10:00 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 164,600 with around 3,100 deaths. Spain confirmed a total of over 87,900 cases, while Italy reported a total of at least 101,700 confirmed cases and 11,500 deaths. China reported 48 new cases on Monday.

Futures for the Dow Jones Industrial Average gained 176 points to 22,343 while the Standard & Poor’s 500 index futures traded rose 20.80 points to 2,632.00. Futures for the Nasdaq 100 index rose 92 points to 7,946.75.

Oil prices traded higher as Brent crude futures rose 3% to trade at $27.21 per barrel, while US WTI crude futures rose 5.8% to trade at $21.26 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.9%, STOXX Europe 600 Index gaining 2% and German DAX 30 index gaining 2.4%. The UK's FTSE index was trading higher by 2.1%, while French CAC 40 Index rose 1.5%.

In Asian markets, Japan’s Nikkei fell 0.88%, Hong Kong’s Hang Seng Index rose 1.85%, China’s Shanghai Composite Index rose 0.11% and India’s BSE Sensex gained 4.24%.

Broker Recommendation

Analysts at UBS upgraded Honda Motor Co., Ltd. HMC from Neutral to Buy.

Honda shares fell 0.5% to $23.30 in pre-market trading.

Breaking News

• Restoration Hardware Holdings, Inc RH reported upbeat earnings for its fourth quarter, while sales missed estimates.
• Ford Motor Company F announced plans to collaborate with GE Healthcare to manufacture 50,000 ventilators in Michigan over the next 100 days to help fight the COVID-19 pandemic.
• Domino's Pizza, Inc. DPZ reported a 3.9% rise in its Q1 same store sales for company-owned stores, while international sales rose 1.5%. The company also disclosed that it is withdrawing its FY20 guidance.
• Amarin Corporation plc AMRN shares dipped over 60% in pre-market trading after the court ruled against its patent for heart treatment drug Vascepa.