A Peek Into The Markets: US Stock Futures Tumble; All Eyes On Jobs Report

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. South Korea confirmed 518 new coronavirus cases, while mainland China reported 143 new confirmed cases. Data on nonfarm payrolls for February and international trade for January will be released at 8:30 a.m. ET. Data on wholesale trade for January the recent week will be released at 10:00 a.m. ET. Chicago Federal Reserve chief Charles Evans is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 9:20 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 11:20 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 2:00 p.m. ET, while Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:00 p.m. ET. Federal Reserve Bank of Kansas City President Esther George is set to speak at 3:30 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 382 points to 25,678 while the Standard & Poor’s 500 index futures traded fell 48 points to 2,967.50. Futures for the Nasdaq 100 index declined 146.5 points to 8,502.25.

Oil prices traded lower as Brent crude futures fell 2.6% to trade at $48.69 per barrel, while US WTI crude futures fell 2.2% to trade at $44.87 a barrel. The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 2.9%, STOXX Europe 600 Index slipping 2.9% and German DAX 30 index dropping 2.7%. The UK's FTSE index was trading lower by 2.6%, while French CAC 40 Index fell 3.1%.

In Asian markets, Japan’s Nikkei Stock Average fell 2.72%, Hong Kong’s Hang Seng Index dropped 2.32%, China’s Shanghai Composite Index fell 1.21% and India’s BSE Sensex fell 2.46%.

Broker Recommendation

Analysts at Credit Suisse downgraded The Kroger Co. KR from Outperform to Neutral and raised the price target from $30 to $33.

Kroger shares fell 2.6% to $32.61 in pre-market trading.

Breaking News

• Costco Wholesale Corporation COST reported better-than-expected results for its second quarter.
• H & R Block Inc HRB reported a wider-than-expected loss for its third quarter, while sales exceeded views.
• LyondellBasell Industries N.V. LYB announced plans to expand in China through a joint venture with the Liaoning Bora Enterprise Group.
• Cooper Companies Inc COO reported downbeat results for its first quarter and issued weak outlook for FY20.