Pre-open movers
U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Honeywell International Inc. HON, PG&E Corporation PCG, Phillips 66 PSX, Exxon Mobil Corporation XOM and Colgate-Palmolive Company CL. The manufacturing PMI for April is scheduled for release at 9:45 a.m. ET. Data on construction spending for March and the ISM 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 1,070,030 with around 63,010 deaths. Spain confirmed a total of over 213,430 cases, while Italy reported a total of at least 205,460 confirmed cases.
Futures for the Dow Jones Industrial Average dipped 455 points to 23,775 while the Standard & Poor’s 500 index futures traded fell 58.90 points to 2,843.50. Futures for the Nasdaq 100 index fell 231 points to 8,757.50.
Oil prices traded lower as Brent crude futures fell 2.1% to trade at $ 25.92 per barrel, while US WTI crude futures fell 2.1% to trade at $18.44 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
A Peek Into Global Markets
In European markets, the UK's FTSE index was trading lower by 2.2%.
In Asian markets, Japan’s Nikkei fell 2.84%.
Broker Recommendation
Analysts at Piper Sandler upgraded Big Lots, Inc. BIG from Neutral to Overweight and raised the price target from $21 to $34.
Big Lots shares fell 1.9% to $23.00 in pre-market trading.
Breaking News
- Apple Inc. AAPL reported better-than-expected earnings and sales for its fiscal second quarter.
- Moderna, Inc. MRNA and Lonza reported a worldwide strategic collaboration to manufacture Moderna's vaccine (mRNA-1273) against novel coronavirus.
- Amazon.com, Inc. AMZN reported downbeat earnings for its first quarter, while sales exceeded estimates. Amazon said it expects second-quarter sales $75 billion to $81 billion.
- Western Digital Corp WDC reported weaker-than-expected results for its third quarter on Thursday.
Edge Rankings
Price Trend
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