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A Peek Into The Markets: US Stock Futures Surge After Senate, White House Strike Deal On Coronavirus Stimulus Package

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A Peek Into The Markets: US Stock Futures Surge After Senate, White House Strike Deal On Coronavirus Stimulus Package

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after the senators and White House officials reached a deal on the $2 trillion coronavirus stimulus package. Data on durable goods orders for February will be released at 8:30 a.m. ET, while the FHFA house price index for January is scheduled for release at 9:00 a.m. ET. The State Street Investor Confidence Index for March will be released at 10:00 a.m. ET.

Total coronavirus cases in the US exceeded 55,200 with around 800 deaths. Spain confirmed a total of over 42,000 cases, while Italy reported a total of at least 69,100 confirmed cases and 6,800 deaths. China reported 47 new cases on Tuesday.

Futures for the Dow Jones Industrial Average climbed 771 points to 21,379 while the Standard & Poor’s 500 index futures traded rose 57.2 points to 2,495.25. Futures for the Nasdaq 100 index surged 186.5 points to 7,741.25.

Oil prices traded higher as Brent crude futures rose 1.3% to trade at $30.12 per barrel, while US WTI crude futures rose 3% to trade at $24.71 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 4.7%, STOXX Europe 600 Index gaining 4.5% and German DAX 30 index climbing 4.2%. The UK's FTSE index was trading higher by 3.9%, while French CAC 40 Index rose 4.7%.

In Asian markets, Japan’s Nikkei rose 8.04%, Hong Kong’s Hang Seng Index rose 3.8%, China’s Shanghai Composite Index rose 2.17% and India’s BSE Sensex rose 7.2%.

Broker Recommendation

Analysts at Deutsche Bank upgraded Apple Inc. (NASDAQ: AAPL) from Hold to Buy and announced a $270 price target.

Apple shares rose 5.3% to $259.90 in pre-market trading.

Breaking News

  • Nike Inc (NYSE: NKE) reported stronger-than-expected results for its third quarter on Tuesday.
  • AAR Corp. (NYSE: AIR) reported better-than-expected results for its third quarter.
  • PerkinElmer, Inc. (NYSE: PKI) disclosed that it has received the FDA emergency use authorization for its coronavirus RT-PCR test.
  • Boeing Co. (NYSE: BA) could restart manufacturing its 737 Max planes in May after production stalled last year due to two fatal accidents, reported Reuters citing sources.
 

Related Articles (AAPL + AIR)

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