Market Overview

A Peek Into The Markets: US Stock Futures Jump; Crude Oil Falls Over 3%

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A Peek Into The Markets: US Stock Futures Jump; Crude Oil Falls Over 3%

Pre-open movers

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%.

Broker Recommendation

Analysts at Jefferies upgraded Tesla Inc (NASDAQ: 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.

Breaking News

  • 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 (NYSE: BA) announced an indefinite suspension of production operations at its Seattle area sites following the coronavirus pandemic.
  • XBiotech Inc (NASDAQ: XBIT) and BioBridge Global disclosed collaboration on FDA program to develop potential coronavirus treatment based on natural antibodies from recovered patients.
  • Scorpio Bulkers Inc (NYSE: SALT) reported a 1-for-10 reverse stock split to be effective April 7, 2020.
 

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