Market Overview

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

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

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Caterpillar Inc. (NYSE: CAT), Pfizer Inc. (NYSE: PFE), PepsiCo, Inc. (NASDAQ: PEP) Alphabet Inc. (NASDAQ: GOOGL) and Ford Motor Company (NYSE: F). The Federal Open Market Committee will begin its two-day policy meeting today. An advance report on U.S. international trade in goods and data on wholesale inventories for March will be released at 8:30 a.m. ET. The S&P Corelogic Case-Shiller home price index for February will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index and the Richmond Fed manufacturing index for April will be released 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 988,460 with around 56,250 deaths. Spain confirmed a total of over 229,420 cases, while Italy reported a total of at least 199,410 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 268 points to 24,267 while the Standard & Poor’s 500 index futures traded rose 27.85 points to 2,896.75. Futures for the Nasdaq 100 index rose 90 points to 8,914.25.

Oil prices traded lower as Brent crude futures fell 3% to trade at $22.37 per barrel, while US WTI crude futures fell 19.3% to trade at $10.32 a barrel.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.1%, STOXX Europe 600 Index rising 0.6% and German DAX 30 index gaining 0.6%. The UK's FTSE index was trading higher by 0.4%, while French CAC 40 Index rose 0.2%.

In Asian markets, Japan’s Nikkei slipped 0.06%, Hong Kong’s Hang Seng Index rose 1.22%, China’s Shanghai Composite Index fell 0.19% and India’s BSE Sensex rose 0.73%.

Broker Recommendation

Analysts at Piper Sandler downgraded Intuitive Surgical, Inc. (NASDAQ: ISRG) from Overweight to Neutral and lowered the price target from $570 to $510.

Intuitive Surgical shares fell 0.4% to $514.98 in pre-market trading.

Breaking News

  • F5 Networks, Inc. (NASDAQ: FFIV) reported upbeat results for its second quarter and issued strong outlook for the current quarter.
  • Tesla Inc. (NASDAQ: TSLA) canceled its plans to restart production at its Fremont, California plant this week after asking workers last Friday to return to work..
  • Sanmina Corp (NASDAQ: SANM) reported weaker-than-expected results for its second quarter and issued downbeat earnings forecast for the third quarter.
  • Keurig Dr Pepper Inc (NYSE: KDP) reported stronger-than-expected results for its first quarter on Monday.

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

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