U.S. stock futures traded higher in early pre-market trade.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. Total COVID-19 cases in the U.S. exceeded 337,600 with around 9,600 deaths. Spain confirmed a total of over 131,600 cases, while Italy reported a total of at least 128,900 confirmed cases and 15,800 deaths.
Futures for the Dow Jones Industrial Average climbed 723 points to 21,680 while the Standard & Poor’s 500 index futures traded rose 85.80 points to 2,568.50. Futures for the Nasdaq 100 index jumped 279.25 points to 7,802.00.
Oil prices traded lower as Brent crude futures fell 3.7% to trade at $32.84 per barrel, while US WTI crude futures fell 3.2% to trade at $27.44 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 2.6%, STOXX Europe 600 Index climbing 2.7% and German DAX 30 index gaining 3.8%. The UK's FTSE index was trading higher by 1.6%, while French CAC 40 Index rose 3.1%.
In Asian markets, Japan’s Nikkei rose 4.2% and Hong Kong’s Hang Seng Index rose 2.2%.
Analysts at Jefferies upgraded Tesla Inc TSLA from Hold to Buy and lowered the price target from $800 to $650.
Tesla shares rose 6% to $508.99 in pre-market trading.
- United Kingdom’s Prime Minister Boris Johnson was admitted to hospital on Sunday, after running a fever and showing other symptoms of COVID-19.
- Boeing Co BA announced an indefinite suspension of production operations at its Seattle area sites following the coronavirus pandemic.
- XBiotech Inc XBIT and BioBridge Global disclosed collaboration on FDA program to develop potential coronavirus treatment based on natural antibodies from recovered patients.
- Scorpio Bulkers Inc SALT reported a 1-for-10 reverse stock split to be effective April 7, 2020.
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