Market Overview

A Peek Into The Markets: US Stock Futures Signal Lower Start On Wall Street

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Pre-open movers

U.S. stock futures traded lower in early pre-market trade.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 557,500 with around 22,100 deaths. Spain confirmed a total of over 166,800 cases, while Italy reported a total of at least 156,300 confirmed cases and 19,800 deaths.

Futures for the Dow Jones Industrial Average dropped 343 points to 23,275 while the Standard & Poor’s 500 index futures traded fell 40.8 points to 2,739.00. Futures for the Nasdaq 100 index fell 112.75 points to 8,114.75.

Oil prices traded mixed as Brent crude futures fell 1.4% to trade at $31.05 per barrel, while US WTI crude futures rose 0.4% to trade at $22.86 a barrel.

A Peek Into Global Markets

European markets were closed today for the Easter Monday holiday.

In Asian markets, Japan’s Nikkei fell 2.33%, China’s Shanghai Composite Index fell 0.49% and India’s BSE Sensex fell 1.8%.

Broker Recommendation

Analysts at Wells Fargo downgraded Halliburton Company (NYSE: HAL) from Overweight to Equal-Weight and announced an $8 price target.

Halliburton shares fell 1.7% to $8.07 in pre-market trading.

Breaking News

  • The Organization of the Petroleum Exporting Countries and allies agreed to long-awaited production cuts in a Sunday meeting.
  • Walt Disney Company's (NYSE: DIS) subsidiary Walt Disney World Resort will furlough 43,000 union workers starting April 19 following the coronavirus pandemic, according to CNBC.
  • Chembio Diagnostics Inc (NASDAQ: CEMI) disclosed a collaboration with Stony Brook Medicine to identify coronavirus survivors.
  • WD-40 Company (NASDAQ: WDFC) reported weaker-than-expected results for its second quarter.
 

Related Articles (DIS + CEMI)

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