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A Peek Into The Markets: US Stock Futures Surge On Hopes Of Stimulus Package

A Peek Into The Markets: US Stock Futures Surge On Hopes Of Stimulus Package

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, as investors are expecting the lawmakers to pass a massive economic stimulus package. The flash composite Purchasing Managers' Index for March will be released at 9:45 a.m. ET. New home sales report for February and the Richmond Fed manufacturing index for March will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:45 a.m. ET.

Total coronavirus cases in the US exceeded 46,400 with around 590 deaths. Spain confirmed a total of over 35,200 cases, while Italy reported a total of at least 63,900 confirmed cases and 6,070 deaths. China reported 78 new cases on Monday.

Futures for the Dow Jones Industrial Average climbed 930 points to 19,427 while the Standard & Poor’s 500 index futures traded rose 113.1 points to 2,333.50. Futures for the Nasdaq 100 index surged 374.75 points to 7,359.25.

Oil prices traded higher as Brent crude futures rose 5.1% to trade at $30.78 per barrel, while US WTI crude futures rose 6.4% to trade at $24.86 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 4%, STOXX Europe 600 Index gaining 4.3% and German DAX 30 index climbing 5.3%. The UK's FTSE index was trading higher by 4%, while French CAC 40 Index rose 4.5%.

In Asian markets, Japan’s Nikkei rose 7.13%, Hong Kong’s Hang Seng Index rose 4.46%, China’s Shanghai Composite Index rose 2.34% and India’s BSE Sensex rose 3%.

Broker Recommendation

Analysts at Goldman Sachs downgraded Texas Instruments Incorporated (NASDAQ: TXN) from Neutral to Sell and lowered the price target from $123 to $88.

Texas Instruments shares rose 2.1% to $100.46 in pre-market trading.

Breaking News

  • The IHS Markit Eurozone services PMI tumbled to a low of 28.4 for March, compared to a reading of 52.6 in the earlier month.
  • Twitter Inc. (NYSE: TWTR) reported that it is withdrawing its earnings forecast for the first quarter as its business is significantly impacted by the novel coronavirus outbreak. The social media company expects a lower revenue year-over-year and is projected to post GAAP operating losses for the quarter.
  • Thor Industries, Inc. (NYSE: THO) announced plans to temporarily suspended production in North America.
  • IHS Markit Ltd (NYSE: INFO) reported better-than-expected results for its first quarter.

Related Articles (THO + INFO)

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

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