Market Overview

A Peek Into The Markets: US Stock Futures Up Ahead Of Verizon, American Express Earnings

A Peek Into The Markets: US Stock Futures Up Ahead Of Verizon, American Express Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Verizon Communications Inc. (NYSE: VZ) and American Express Company (NYSE: AXP). Data on durable goods orders for March will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for April is scheduled for release at 10:00 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 869,170 with around 49,960 deaths. Spain confirmed a total of over 213,020 cases, while Italy reported a total of at least 189,970 confirmed cases.

Futures for the Dow Jones Industrial Average rose 76 points to 23,413 while the Standard & Poor’s 500 index futures traded rose 10.20 points to 2,791. Futures for the Nasdaq 100 index rose 22.75 points to 8,621.5.

Oil prices traded lower as Brent crude futures fell 2.9% to trade at $24.06 per barrel, while US WTI crude futures fell 5% to trade at $15.67 a barrel. The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 2.3%, STOXX Europe 600 Index slipping 1.3% and German DAX 30 index dropping 1.9%. The UK's FTSE index was trading lower by 1.4%, while French CAC 40 Index slipped 1.8%.

In Asian markets, Japan’s Nikkei fell 0.86%, Hong Kong’s Hang Seng Index fell 0.61%, China’s Shanghai Composite Index fell 1.06% and India’s BSE Sensex fell 1.3%.

Broker Recommendation

Analysts at Stifel upgraded eBay Inc (NASDAQ: EBAY) from Hold to Buy and raised the price target from $40 to $45.

eBay shares rose 0.8% to $38.20 in pre-market trading.

Breaking News

  • Intel Corporation (NASDAQ: INTC) reported stronger-than-expected results for its first quarter, but issued weak earnings forecast for the second quarter.
  • World Wrestling Entertainment, Inc. (NYSE: WWE) reported better-than-expected results for its first quarter.
  • The United States House of Representatives voted in favor of a $484 billion novel coronavirus relief package for small businesses and hospitals.
  • Sanofi SA (NASDAQ: SNY) reported a rise in its profit and sales for the first quarter.

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