Market Overview

A Peek Into The Markets: US Stock Futures Mixed; Jobless Claims Report In Focus

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A Peek Into The Markets: US Stock Futures Mixed; Jobless Claims Report In Focus

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade, ahead of earnings from Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) and Applied Materials, Inc. (NASDAQ: AMAT). Data on initial jobless claims for the latest week, and import and export prices for April will be released at 8:30 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 1:00 p.m. ET, while Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 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 1,390,760 with around 84,130 deaths. Russia reported a total of at least 242,270 confirmed cases, while Britain confirmed over 230,980 cases.

Futures for the Dow Jones Industrial Average dropped 27 points to 23,139 while the Standard & Poor’s 500 index futures traded fell 2.35 points to 2,810.75. Futures for the Nasdaq 100 index rose 21 points to 9,012.25.

Oil prices traded higher as Brent crude futures rose 2.4% to trade at $29.89 per barrel, while US WTI crude futures rose 2.8% to trade at $26.00 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.8%, STOXX Europe 600 Index declining 1.6% and German DAX 30 index dropping 1.5%. The UK's FTSE index was trading lower by 2%, while French CAC 40 Index fell 1.8%.

In Asian markets, Japan’s Nikkei fell 1.74%, Hong Kong’s Hang Seng Index fell 1.45%, China’s Shanghai Composite Index slipped 0.96% and India’s BSE Sensex fell 2.2%.

Broker Recommendation

Analysts at Oppenheimer downgraded Sprouts Farmers Market Inc (NASDAQ: SFM) from Outperform to Perform.

Sprouts Farmers Market shares fell 0.9% to $25.36 in pre-market trading.

Breaking News

  • Cisco Systems, Inc. (NASDAQ: CSCO) reported better-than-expected earnings and sales for its third quarter and issued strong earnings outlook for the current quarter.
  • Uber Technologies Inc.'s (NYSE: UBER) acquisition offer to GrubHub Inc. (NYSE: GRUB) values the latter at $6 billion, the Wall Street Journal reported Wednesday.
  • Jack in the Box Inc. (NASDAQ: JACK) reported downbeat earnings for its second quarter, while sales exceeded views.
  • SmileDirectClub Inc (NASDAQ: SDC) reported a wider-than-expected loss for its first quarter. The company’s unique aligner shipments rose 12% to 122,751 during the quarter.
 

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