A Peek Into The Markets: US Stock Futures Surge Ahead Of Manufacturing Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dipped by more than 600 points in the previous session following a significant volatility last week. Investors are awaiting earnings reports from NXP Semiconductors NXPIWarner Music Group WMG and Fabrinet FN.

The manufacturing PMI for January is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing composite index for January and data on construction spending for December will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:00 p.m. ET, while Federal Reserve Bank of Boston President Eric Rosengren will speak at 3:10 p.m. ET.

Check out the full economic calendar here

Futures for the Dow Jones Industrial Average climbed 221 points to 30,100.00 while the Standard & Poor’s 500 index futures traded rose 33.75 points to 3,739.00. Futures for the Nasdaq 100 index surged 129.75 points to 13,041.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 26,186,810 with around 441,320 deaths. India reported a total of at least 10,757,610 confirmed cases, while Brazil confirmed over 9,204,730 cases.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $55.44 per barrel, while US WTI crude futures rose 0.5% to trade at $52.44 a barrel. The total number of active U.S. oil rigs rose by 6 to 295 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.9% and STOXX Europe 600 Index climbed 1.2%. The French CAC 40 Index climbed 1.1%, German DAX 30 gained 1.4% while London's FTSE 100 rose 0.9%. The Eurozone unemployment rate remained at 8.3% in December, while manufacturing PMI climbed to 54.8 in January from a preliminary reading of 54.7. UK manufacturing PMI rose to 54.1 in January from a preliminary reading of 52.9, while retail sales in Germany dropped 9.6% in December.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.55%, China’s Shanghai Composite rose 0.64% and Hong Kong’s Hang Seng Index climbed 2.15%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex surged 5%. India’s manufacturing PMI surged to 57.7 in January from 56.4 in the previous month, while Australian performance of manufacturing index surged by 3.2 points to 55.3. China’s general manufacturing PMI dropped to 51.5 in January from 53.0 in December, while Japan’s manufacturing PMI increased to 49.8 in January from a preliminary estimate of 49.7.

Broker Recommendation

Piper Sandler upgraded Halliburton Company HAL from Neutral to Overweight..

Halliburton shares rose 2.1% to $18.00 in pre-market trading.

Check out other major ratings here


Breaking News

  • Thermo Fisher Scientific TMO reported upbeat results for its fourth quarter.
  • Nio Inc – ADR NIO reported a 352.1% year-over-year surge in January deliveries.
  • Xpeng Inc – ADR XPEV reported strong deliveries for the month of January. Chinese EV maker delivered 6,015 vehicles in January, a 470% increase from the year-ago period.
  • CURO Group Holdings Corp. CURO announced plans to acquire Flexiti Financial Inc.

Check out other breaking news here

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