Market Overview

A Peek Into The Markets: US Stock Futures Flat Ahead Of Earnings, Economic Reports

A Peek Into The Markets: US Stock Futures Flat Ahead Of Earnings, Economic Reports

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade, ahead of earnings from Eli Lilly and Company (NYSE: LLY), Union Pacific Corporation (NYSE: UNP), The Hershey Company (NYSE: HSY) and Domino's Pizza, Inc. (NYSE: DPZ). Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for April is scheduled for release at 9:45 a.m. ET. Data on new home sales for March will be released at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for April is scheduled for release at 11:00 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 842,620 with around 46,780 deaths. Spain confirmed a total of over 208,380 cases, while Italy reported a total of at least 187,320 confirmed cases.

Futures for the Dow Jones Industrial Average rose 10 points to 23,366 while the Standard & Poor’s 500 index futures traded rose 5.10 points to 2,793.50. Futures for the Nasdaq 100 index rose 9 points to 8,647.00.

Oil prices traded higher as Brent crude futures rose 7.1% to trade at $21.82 per barrel, while US WTI crude futures rose 11.1% to trade at $15.31 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 mostly lower today, with the Spanish Ibex Index rising 0.1%, STOXX Europe 600 Index slipping 0.3% and German DAX 30 index dropping 0.6%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index slipped 0.1%.

In Asian markets, Japan’s Nikkei rose 1.52%, Hong Kong’s Hang Seng Index rose 0.35%, China’s Shanghai Composite Index fell 0.19% and India’s BSE Sensex rose 1.3%.

Broker Recommendation

Analysts at Citigroup downgraded Biogen Inc (NASDAQ: BIIB) from Neutral to Sell.

Biogen shares fell 1.5% to $293.70 in pre-market trading.

Breaking News

  • Xilinx, Inc. (NASDAQ: XLNX) reported upbeat results for its first quarter, but issued weak sales forecast for the first quarter.
  • Seagate Technology PLC (NASDAQ: STX) reported upbeat earnings for its third quarter.
  • Air Products & Chemicals, Inc. (NYSE: APD) reported downbeat earnings for its second quarter, while sales surpassed views.
  • Dynavax Technologies Corporation (NASDAQ: DVAX) shares climbed over 10% in pre-market trading after the company reported collaboration with Valneva to advance vaccine development for coronavirus.

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