Market Overview

A Peek Into The Markets: US Stock Futures Rise; General Motors Earnings In Focus

A Peek Into The Markets: US Stock Futures Rise; General Motors Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from General Motors Company (NYSE: GM), CVS Health Corporation (NYSE: CVS), PayPal Holdings, Inc. (NASDAQ: PYPL), MetLife, Inc. (NYSE: MET) and T-Mobile US, Inc. (NASDAQ: TMUS). The ADP national employment report for April will be released at 8:15 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:30 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 1,204,470 with around 71,070 deaths. Spain confirmed a total of over 219,320 cases, while Italy reported a total of at least 213,010 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 182 points to 23,943 while the Standard & Poor’s 500 index futures traded rose 21.95 points to 2,880.25. Futures for the Nasdaq 100 index rose 69.25 points to 8,993.50.

Oil prices traded higher as Brent crude futures rose 2.7% to trade at $31.79 per barrel, while US WTI crude futures rose 3.4% to trade at $25.40 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 falling 0.3%, STOXX Europe 600 Index climbing 0.2% and German DAX 30 index gaining 0.1%. The UK's FTSE index was trading higher by 0.5%, while French CAC 40 Index fell 0.2%.

In Asian markets, Japan’s Nikkei fell 2.84%, Hong Kong’s Hang Seng Index rose 1.13%, China’s Shanghai Composite Index rose 0.63% and India’s BSE Sensex rose 0.3%.

Broker Recommendation

Analysts at Deutsche Bank downgraded TripAdvisor, Inc. (NASDAQ: TRIP) from Buy to Hold.

TripAdvisor shares fell 2% to $18.00 in pre-market trading.

Breaking News

  • Walt Disney Company (NYSE: DIS) reported weaker-than-expected earnings for its second quarter, while sales surpassed views.
  • Activision Blizzard, Inc. (NASDAQ: ATVI) reported stronger-than-expected earnings for its first quarter. The company said it expects Q2 earnings of $0.64 per share on net revenues of $1.69 billion.
  • Electronic Arts Inc. (NASDAQ: EA) reported upbeat results for its fourth quarter. The company said it projects Q1 net sales of $1.22 billion and earnings of $0.93 per share.
  • Pinterest Inc (NYSE: PINS) reported a wider-than-expected loss 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