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A Peek Into The Markets: US Stock Futures Drop Ahead Of PMI Data

A Peek Into The Markets: US Stock Futures Drop Ahead Of PMI Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq index climbed to another record high in the previous session. Investors are awaiting earnings reports from Schlumberger NV (NYSE: SLB) and Kansas City Southern (NYSE: KSU).

The flash Composite Purchasing Managers' Index for January is scheduled for release at 9:45 a.m. ET, while data on existing home sales for December will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 253 points to 30,829.00 while the Standard & Poor’s 500 index futures traded declined 27.50 points to 3,818.50. Futures for the Nasdaq 100 index fell 75.25 points to 13,320.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 24,631,890 with around 410,340 deaths. India reported a total of at least 10,625,420 confirmed cases, while Brazil confirmed over 8,697,360 cases.

Oil prices traded lower as Brent crude futures fell 1.4% to trade at $55.32 per barrel, while US WTI crude futures fell 1.6% to trade at $52.30 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 the EIA’s report on petroleum inventories will be released at 11:00 a.m. ET. The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.8% and STOXX Europe 600 Index fell 0.8%. The French CAC 40 Index dropped 0.8%, German DAX 30 declined 0.8% while London's FTSE 100 fell 0.5%. The Eurozone services PMI declined to 45 in January versus 46.4 in the earlier month, while manufacturing activity contracted to 54.7. French services PMI dropped to 46.5 in January from 49.1 in the prior month, while manufacturing PMI increased to 51.5 in from 51.1. Germany’s manufacturing PMI fell to 57 in January, while services PMI slipped to 46.8. Retail sales in the UK rose 0.3% in December, versus a revised 4.1% decline in November. UK services PMI dipped to 38.8 in January from 49.4 in the prior month.

Asian markets traded lower today. Japan’s Nikkei 225 dropped 0.44%, China’s Shanghai Composite fell 0.40%, Hong Kong’s Hang Seng Index dropped 1.6% and India’s BSE Sensex fell 0.9%. Australia’s S&P/ASX 200 fell 0.3%. Hong Kong’s business confidence indicator dropped to -17 in the first quarter versus -8 in the prior period. Japanese services PMI slipped to 45.7 in January from 47.2 in December, while manufacturing PMI fell to 49.7 from 50. Retail sales in Australia dropped 4.2% in December.

Broker Recommendation

UBS upgraded The Walt Disney Company (NYSE: DIS) from Neutral to Buy and raised the price target from $155to $200.

Disney shares rose 0.7% to $172.60 in pre-market trading.

Check out other major ratings here


Breaking News

  • Intel Corporation (NASDAQ: INTC) reported better-than-expected results for its fourth quarter and issued guidance for the current quarter.
  • IBM (NYSE: IBM) reported upbeat earnings for its fourth quarter, while sales missed views.
  • Apple Inc (NASDAQ: AAPL) is planning a virtual reality headset that may ultimately lead it to sell augmented reality glasses, Bloomberg reported.
  • Seagate Technology PLC (NASDAQ: STX) reported upbeat results for its fourth quarter. The company also said it expects Q3 adjusted earnings of $1.15 to $1.45 per share on revenue of $2.45 billion to $2.85 billion.

Check out other breaking news here


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

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