Market Overview

A Peek Into The Markets: US Stock Futures Flat Ahead Of Consumer Prices, Beige Book Report

A Peek Into The Markets: US Stock Futures Flat Ahead Of Consumer Prices, Beige Book Report

Pre-open movers

U.S. stock futures traded flat in early pre-market trade after recording modest gains in the previous session on prospects of additional stimulus measures. Investors are awaiting earnings reports from IHS Markit Ltd (NYSE: INFO) and Shaw Communications Inc (NYSE: SJR).

The Consumer Price Index for December will be released at 8:30 a.m. ET. Consumer prices are expected to rise 0.4% on a monthly basis versus November's 0.2% gain. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:30 a.m. ET, while Federal Reserve Governor Lael Brainard will speak at 1:00 p.m. ET. Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 2:00 p.m. ET, while Federal Reserve Vice Chair Richard Clarida will speak at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 6 points to 30,968.00 while the Standard & Poor’s 500 index futures traded fell 2 points to 3,792.50. Futures for the Nasdaq 100 index rose 4.50 points to 12,894.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 22,846,790 with around 380,790 deaths. India reported a total of at least 10,495,140 confirmed cases, while Brazil confirmed over 8,195,630 cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $56.79 per barrel, while US WTI crude futures rose 0.3% to trade at $53.38 a barrel. The American Petroleum Institute, late Tuesday, reported a decline of 5.821 million barrels in crude oil inventories for the week ending January 8. The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were slightly higher today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index rose 0.1%. The French CAC 40 Index rose 0.2%, German DAX 30 gained 0.1% while London's FTSE 100 rose 0.1%. German wholesale prices fell 1.2% year-over-year in December.

Asian markets traded mixed today. Japan’s Nikkei 225 gained 1.04%, China’s Shanghai Composite declined 0.27%, Hong Kong’s Hang Seng Index fell 0.15% and India’s BSE Sensex fell 0.3%. Australia’s S&P/ASX 200 rose 0.1%. Car sales in China increased 6.4% year-over-year to 2.83 million during December. India’s CPI increased 4.59% year-over-year in December, while industrial production declined 1.9% year-over-year.

Broker Recommendation

Jefferies upgraded Visa Inc (NYSE: V) from Hold to Buy and raised the price target from $195 to $250.

Visa shares rose 0.7% to $210.30 in pre-market trading.

Check out other major ratings here


Breaking News

  • KB Home (NYSE: KBH) reported stronger-than-expected results for its fourth quarter on Tuesday.
  • Visa Inc (NYSE: V) and fintech company Plaid Inc have called off their merger plans originally announced in January last year.
  • Urban Outfitters, Inc. (NASDAQ: URBN) reported an 8.4% year-over-year decline in net sales for the two months ended December 31, 2020, while comparable retail segment sales fell 9%.
  • Boeing Co (NYSE: BA) said it delivered 59 aircrafts during the fourth quarter, bringing the total deliveries to 157 for 2020, down 59% versus 2019.

Check out other breaking news here


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