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 INFO and Shaw Communications Inc 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 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 KBH reported stronger-than-expected results for its fourth quarter on Tuesday.
- Visa Inc V and fintech company Plaid Inc have called off their merger plans originally announced in January last year.
- Urban Outfitters, Inc. 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 BA said it delivered 59 aircrafts during the fourth quarter, bringing the total deliveries to 157 for 2020, down 59% versus 2019.
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