Market Overview

A Peek Into The Markets: US Stock Futures Mostly Higher Ahead Of Jobless Claims, Fed's Powell Speech

A Peek Into The Markets: US Stock Futures Mostly Higher Ahead Of Jobless Claims, Fed's Powell Speech

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade ahead of the Federal Reserve Chairman Jerome Powell’s speech on the monetary policy outlook. Donald Trump became the first president in 232 years of history to be impeached twice on Wednesday. Investors are awaiting earnings reports from Delta Air Lines, Inc. (NYSE: DAL), Taiwan Semiconductor Mfg. Co. Ltd. (NYSE: TSM) and BlackRock, Inc. (NYSE: BLK).

Data on initial jobless claims for the latest week, and import and export prices for December will be released at 8:30 a.m. ET. Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 9:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 11:00 a.m. ET, while Federal Reserve Chairman Jerome Powell is set to speak at 12:30 p.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan will speak at 1:00 p.m. ET.

Check out the full economic calendar here

Futures for the Dow Jones Industrial Average gained 105 points to 31,064.00 while the Standard & Poor’s 500 index futures traded rose 6.50 points to 3,810.25. Futures for the Nasdaq 100 index fell 23.75 points to 12,948.50. Bitcoin prices surged around 10% to $38,293 on the last check.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 23,077,260 with around 384,760 deaths. India reported a total of at least 10,512,090 confirmed cases, while Brazil confirmed over 8,256,530 cases.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $55.74 per barrel, while US WTI crude futures fell 0.4% to trade at $52.69 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 higher today. The Spanish Ibex Index rose 0.3% and STOXX Europe 600 Index rose 0.2%. The French CAC 40 Index rose 0.3%, German DAX 30 gained 0.4% while London's FTSE 100 rose 0.4%. Eurozone industrial production increased 2.5% MoM, while the German economy contracted by 5% year-over-year in 2020.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.85%, China’s Shanghai Composite fell 0.91%, Hong Kong’s Hang Seng Index gained 0.93% and India’s BSE Sensex rose 0.2%. Australia’s S&P/ASX 200 rose 0.4%. China’s trade balance surplus increased to $78.17 billion in December with exports climbing 18.1% year-over-year. India’s WPI inflation increased 1.22% year-on-year in December.


Broker Recommendation

KeyBanc downgraded Regal Beloit Corporation (NYSE: RBC) from Overweight to Sector Weight.

Regal Beloit shares fell 2.7% to close at $137.45 on Wednesday.

Check out other major ratings here


Breaking News

  • Johnson & Johnson’s (NYSE: JNJ) one-shot Covid-19 vaccine has been shown to be safe and also generate a promising immune response in its Phase 1-2 trial.
  • Tesla Inc (NASDAQ: TSLA) has been asked by the National Highway Traffic Safety Administration to recall 158,000 Model S and Model X vehicles due to concerns about failing touchscreens.
  • Ethan Allen Interiors Inc. (NYSE: ETH) reported strong preliminary result for the second quarter. The company said it sees Q2 sales of $178.8 million and adjusted earnings of $0.67 to $0.69 per share.
  • Petco Health and Wellness Company Inc. announced Wednesday that it issued 48 million shares at $18 per share in its initial public offering.

Related Articles (BLK + DAL)

View Comments and Join the Discussion!

Posted-In: Earnings News Eurozone Futures Small Cap Global Pre-Market Outlook Markets Best of Benzinga