Market Overview

A Peek Into The Markets: US Stock Futures Edge Lower; Crude Oil Down Over 3%

A Peek Into The Markets: US Stock Futures Edge Lower; Crude Oil Down Over 3%

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Cardinal Health, Inc. (NYSE: CAH), Marriott International, Inc. (NASDAQ: MAR) and AutoNation, Inc. (NYSE: AN). Chicago Federal Reserve chief Charles Evans is set to speak at 12:30 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 1,329,790 with around 79,520 deaths. Spain confirmed a total of over 224,350 cases, while Russia reported a total of at least 221,340 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 67 points to 24,219 while the Standard & Poor’s 500 index futures traded fell 10.65 points to 2,917.75. Futures for the Nasdaq 100 index fell 21 points to 9,197.25.

Oil prices traded lower as Brent crude futures fell 3.7% to trade at $29.83 per barrel, while US WTI crude futures fell 3.7% to trade at $23.82 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.2%, STOXX Europe 600 Index dropping 0.4% and German DAX 30 index dropping 0.5%. The UK's FTSE index was trading lower by 0.3%, while French CAC 40 Index fell 0.9%.

In Asian markets, Japan’s Nikkei rose 1.05%, Hong Kong’s Hang Seng Index rose 1.53%, China’s Shanghai Composite Index slipped 0.02% and India’s BSE Sensex slipped 0.1%.

Broker Recommendation

Analysts at Stifel downgraded NetApp, Inc. (NASDAQ: NTAP) from Buy to Hold and lowered the price target from $55 to $50.

NetApp shares rose 4.4% to close at $44.90 on Friday.

Breaking News

  • Quidel Corporation (NASDAQ: QDEL) disclosed that it has received emergency authorization for rapid antigen COVID-19 diagnostic assay.
  • Automakers including General Motors Company (NYSE: GM), Ford Motor Company (NYSE: F), and Tesla, Inc. (NASDAQ: TSLA), are planning to reopen factories with enhanced safety precautions.
  • AstraZeneca PLC (NYSE: AZN) disclosed that Lynparza has been approved in the U.S., as a 1st-line maintenance treatment with bevacizumab for HED-positive advanced ovarian cancer.
  • Monroe Capital Corp (NASDAQ: MRCC) reported weaker-than-expected earnings for its first quarter.

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

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