Market Overview

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

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

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Sysco Corporation (NYSE: SYY), US Foods Holding Corp. (NYSE: USFD), The Walt Disney Company (NYSE: DIS) and Electronic Arts Inc. (NASDAQ: EA). International trade report for March is scheduled for release at 8:30 a.m. ET, while US Services Purchasing Managers' Index for April is scheduled for release at 9:45 a.m. ET. The ISM's non-manufacturing index for April will be released at 10:00 a.m. ET. Chicago Federal Reserve chief Charles Evans is set to speak at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard and Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 2:00 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 1,180,630 with around 68,930 deaths. Spain confirmed a total of over 218,010 cases, while Italy reported a total of at least 211,930 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 150 points to 23,721 while the Standard & Poor’s 500 index futures traded fell 15.7 points to 2,841. Futures for the Nasdaq 100 index rose 55.5 points to 8,851.

Oil prices traded higher as Brent crude futures rose 7% to trade at $29.09 per barrel, while US WTI crude futures rose 9.2% to trade at $22.26 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.4%, STOXX Europe 600 Index climbing 1.6% and German DAX 30 index gaining 1.8%. The UK's FTSE index was trading higher by 1.6%, while French CAC 40 Index rose 2%.

In Asian markets, Japan’s Nikkei fell 2.84%, Hong Kong’s Hang Seng Index rose 1.08%, China’s Shanghai Composite Index rose 1.33% and India’s BSE Sensex rose 0.5%.

Broker Recommendation

Analysts at Stifel upgraded Cutera, Inc. (NASDAQ: CUTR) from Hold to Buy and lowered the price target from $32 to $26.

Cutera shares fell 1.5% to close at $12.90 on Monday.

Breaking News

  • Cirrus Logic, Inc. (NASDAQ: CRUS) reported better-than-expected results for its fourth quarter on Monday.
  • Bio-Rad Laboratories, Inc. (NYSE: BIO) disclosed that it has received FDA Emergency Use Authorization for droplet digital PCR SARS-CoV-2 test kit.
  • Hertz Global Holdings Inc. (NYSE: HTZ) dropped over 20% in pre-market trading as multiple reports suggested the company is nearing a bankruptcy filing. The car rental company has hired an additional advisor to help prepare for a planned bankruptcy filing, according to The Wall Street Journal.
  • Trex Company Inc (NYSE: TREX) reported stronger-than-expected results for its first quarter.

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