A Peek Into The Markets: US Stock Futures Down Following Thursday's Plunge

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones tumbled more than 500 points in the previous session. Investors are awaiting earnings results from The Goodyear Tire & Rubber Company GT, Under Armour, Inc. UAA and Genpact Limited G.

The University of Michigan's consumer sentiment index for February is scheduled for release at 10:00 a.m. ET. Analysts expect consumer sentiment improving slightly to 67.5 in February from 67.2 in January.

Futures for the Dow Jones Industrial Average dipped 146 points to 34,993.00 while the Standard & Poor’s 500 index futures fell 21.50 points to 4,476.00. Futures for the Nasdaq index fell 83 points to 14,618.00.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $91.65 per barrel, while US WTI crude futures rose 0.4% to trade at $90.23 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 79,052,680 with around 939,420 deaths. India reported a total of at least 42,536,130 confirmed cases, while Brazil confirmed over 27,125,510 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index dropped 1%, while Spain’s IBEX 35 Index fell 1.1% and London’s FTSE 100 fell 0.9%. The French CAC 40 Index fell 1.2%, while German DAX dipped 0.9%. The British economy grew 1% during the three months to December, while construction output rose by 7.4% year-over-year in December. Industrial production in the UK climbed 0.3% from a month ago in December. The UK trade deficit shrank to GBP 2.337 billion in December from GBP 2.586 billion in the prior month. Annual inflation rate in Germany was confirmed at 4.9% for January, while wholesale price inflation in the country increased by 16.2% year-over-year in January.

Asian markets traded lower today. Hong Kong’s Hang Seng Index fell 0.07% and China’s Shanghai Composite Index fell 0.66%. Australia’s S&P/ASX 200 fell 1%, while India’s BSE SENSEX dipped 1.4%.

Broker Recommendation

Needham maintained Zebra Technologies Corporation ZBRA with a Buy and lowered the price target from $620 to $580.

Zebra Technologies shares fell 0.4% to $465.00 in after-hours trading.

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Breaking News

• Expedia Group, Inc. EXPE reported better-than-expected earnings for its fourth quarter on Thursday.
• The Centers for Disease Control and Prevention proposed new guidelines for prescribing opioid painkillers that encourage doctors to use their best judgment, removing its previous recommended ceilings on doses for chronic pain patients.
• Illumina, Inc ILMN reported better-than-expected results for its fourth quarter. The company, however, said it sees FY22 adjusted EPS of $4 to $4.20 per share, versus analysts’ estimates of $4.20.
• XPeng, Inc. XPEV is pushing ahead with its international expansion and announced its proposed expansion into more European countries.

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