Market Overview

A Peek Into The Markets: US Stock Futures Rise Ahead Of Earnings, Fed Decision

A Peek Into The Markets: US Stock Futures Rise Ahead Of Earnings, Fed Decision

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from The Boeing Company (NYSE: BA), General Electric Company (NYSE: GE), Microsoft Corporation (NASDAQ: MSFT), Facebook, Inc. (NASDAQ: FB) and Tesla, Inc. (NASDAQ: TSLA). Gross Domestic Product report for the first quarter will be released at 8:30 a.m. ET, while the pending home sales index for March is scheduled for release at 10:00 a.m. ET. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chairman Jerome Powell will hold a press conference at 2:30 p.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 1,012,580 with around 58,350 deaths. Spain confirmed a total of over 232,120 cases, while Italy reported a total of at least 201,500 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 199 points to 24,244 while the Standard & Poor’s 500 index futures traded rose 28.05 points to 2,895.25. Futures for the Nasdaq 100 index rose 98.5 points to 8,818.25.

Oil prices traded higher as Brent crude futures rose 1.7% to trade at $23.12 per barrel, while US WTI crude futures rose 13.1% to trade at $13.96 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 mostly higher today, with the Spanish Ibex Index rising 0.5%, STOXX Europe 600 Index declining 0.1% and German DAX 30 index gaining 0.2%. The UK's FTSE index was trading higher by 0.7%, while French CAC 40 Index slipped 0.1%.

In Asian markets, Japan’s Nikkei slipped 0.06%, Hong Kong’s Hang Seng Index rose 0.28%, China’s Shanghai Composite Index rose 0.44% and India’s BSE Sensex rose 1.4%.

Broker Recommendation

Analysts at BMO Capital downgraded United Parcel Service, Inc. (NYSE: UPS) from Market Perform to Underperform and lowered the price target from $95 to $85.

United Parcel Service shares rose 0.2% to $96.65 in pre-market trading.

Breaking News

  • Alphabet Inc (NASDAQ: GOOGL) reported weaker-than-expected earnings for its first quarter, while sales surpassed expectations.
  • Blackstone Group Inc. (NYSE: BX) purchased a 10% stake in Australia based casino operator Crown Resorts.
  • Ford Motor Company (NYSE: F) reported a wider-than-expected loss for it first quarter on Tuesday.
  • Starbucks Corporation (NASDAQ: SBUX) reported downbeat earnings for its first quarter, while sales exceeded estimates.

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