Market Overview

A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Jobless Claims Data

A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Jobless Claims Data

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade, following a strong rise in the previous session. Investors are awaiting earnings results Dollar General Inc. (NYSE: DG), Dollar Tree Inc. (NASDAQ: DLTR), Abercrombie & Fitch Inc. (NYSE: ANF), Dell Technologies Inc. (NYSE: DELL) and Costco Wholesale Corporation (NASDAQ: COST). Data on durable goods orders for April, Gross Domestic Product for the first quarter and initial jobless claims for the latest week will be released at 8:30 a.m. ET. The pending home sales index for April is scheduled for release at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for May will be released at 11:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 11:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,699,930 with around 100,440 deaths. Russia reported a total of at least 379,050 confirmed cases, while Brazil confirmed over 411,820 cases.

Futures for the Dow Jones Industrial Average surged 64 points to 25,598 while the Standard & Poor’s 500 index futures traded fell 3.90 points to 3,031.50. Futures for the Nasdaq 100 index fell 51.5 points to 9,381.00.

Oil prices traded lower as Brent crude futures fell 1.6% to trade at $34.88 per barrel, while US WTI crude futures fell 2.1% to trade at $32.13 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, while weekly report on petroleum inventories will be released at 11:00 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.2%, STOXX Europe 600 Index surging 0.7% and German DAX 30 index gaining 0.2%. The UK's FTSE index was trading higher by 0.5%, while French CAC 40 Index rose 0.5%.

In Asian markets, Japan’s Nikkei rose 2.32%, Hong Kong’s Hang Seng Index fell 0.72%, China’s Shanghai Composite Index rose 0.33% and India’s BSE Sensex rose 1.9%.

Broker Recommendation

Analysts at Imperial Capital downgraded The Walt Disney Company (NYSE: DIS) from In-Line to Underperform and lowered the price target from $107 to $105.

Disney shares fell 0.4% to $121.00 in pre-market trading.

Breaking News

  • Triumph Group, Inc. (NYSE: TGI) reported better-than-expected results for its fourth quarter.
  • HP Inc (NYSE: HPQ) reported better-than-expected earnings for its fiscal second quarter, while sales missed expectations. The company also issued weak earnings guidance for the third quarter.
  • Tech Data Corporation (NASDAQ: TECD) reported better-than-expected results for its first quarter.
  • NetApp Inc. (NASDAQ: NTAP) posted upbeat earnings for its fourth quarter, but issued weak profit forecast for the first quarter.

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