Market Overview

A Peek Into The Markets: US Stock Futures Gain Ahead Of Morgan Stanley Earnings

A Peek Into The Markets: US Stock Futures Gain Ahead Of Morgan Stanley Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Morgan Stanley (NYSE: MS) and Abbott Laboratories (NYSE: ABT). Data on initial jobless claims for the latest week, housing starts for March and Philadelphia Fed manufacturing index for April will be released at 8:30 a.m. ET.

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 639,660 with around 30,980 deaths. Spain confirmed a total of over 180,650 cases, while Italy reported a total of at least 165,150 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 141 points to 23,532 while the Standard & Poor’s 500 index futures traded rose 18.9 points to 2,794.00. Futures for the Nasdaq 100 index surged 78.50 points to 8,672.50.

Oil prices traded higher as Brent crude futures rose 1.4% to trade at $28.09 per barrel, while US WTI crude futures rose 1.9% to trade at $20.25 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage 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 1.2%, STOXX Europe 600 Index climbing 1.2% and German DAX 30 index gaining 1.5%. The UK's FTSE index was trading higher by 0.1%, while French CAC 40 Index rose 1.4%.

In Asian markets, Japan’s Nikkei fell 1.33%, Hong Kong’s Hang Seng Index fell 0.56%, China’s Shanghai Composite Index rose 0.31% and India’s BSE Sensex rose 1.1%.

Broker Recommendation

Analysts at Goldman Sachs upgraded American Water Works Company Inc (NYSE: AWK) from Neutral to Buy and announced a $146 price target.

American Water Works shares rose 0.6% to $130.02 in pre-market trading.

Breaking News

  • Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported stronger-than-expected results for its fourth quarter.
  • The Bill & Melinda Gates Foundation announced it is dedicating another $150 million in funding for the global efforts against novel coronavirus pandemic.
  • GoPro Inc (NASDAQ: GPRO) announced plans to cut more than 20% of its workforce. GoPro reported preliminary Q1 sales of $119 million, versus analysts’ estimates of $148 million.
  • Athersys Inc (NASDAQ: ATHX) reported a $50 million common stock offering.

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