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A Peek Into The Markets: US Stock Futures Down; Bitcoin Hits New High

A Peek Into The Markets: US Stock Futures Down; Bitcoin Hits New High

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones recorded gains for the sixth straight session. Bitcoin prices surged to another record, trading above $47,000 on Tuesday amid overall strength in the cryptocurrency market following Tesla disclosing an investment in Bitcoin. Investors are awaiting earnings reports from Fox Corp (NASDAQ: FOX), Twitter Inc (NYSE: TWTR), Cisco Systems, Inc. (NASDAQ: CSCO) and Centene Corp (NYSE: CNC).

The NFIB small business optimism index for January is scheduled for release at 6:00 a.m. ET, while the Labor Department's JOLTS report for December is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard will speak at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 83 points to 31,185.00 while the Standard & Poor’s 500 index futures traded fell 8.25 points to 3,899.750. Futures for the Nasdaq 100 index fell 26.75 points to 13,656.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 27,097,100 with around 465,070 deaths. India reported a total of at least 10,847,300 confirmed cases, while Brazil confirmed over 9,524,640 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $60.89 per barrel, while US WTI crude futures rose 0.5% to trade at $58.27 a barrel. The API’s report on crude oil stocks in the US will be released later during the day.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.4% and STOXX Europe 600 Index declined 0.1%. The French CAC 40 Index climbed 0.2%, German DAX 30 slipped 0.1% while London's FTSE 100 rose 0.1%. Germany’s trade surplus slipped to €14.8 billion in December from €15.1 billion a year ago, while current account surplus increased to EUR 28.2 billion from EUR 25.3 billion.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.40%, China’s Shanghai Composite rose 2.01% and Hong Kong’s Hang Seng Index rose 0.53%. Australia’s S&P/ASX 200 fell 0.9%, while India’s BSE Sensex rose 0.8%. Car sales in China jumped 30% year-over-year to 2.5 million in January. National Australia Bank's index of business confidence surged to 10 in January from a revised reading of 5 in December, while Japan's cash earnings slipped 3.2% year-on-year for December.

Broker Recommendation

JP Morgan upgraded Twilio Inc (NYSE: TWLO) from Neutral to Overweight and raised the price target from $300 to $465.

Twilio shares rose 2.3% to $408.61 in pre-market trading.

Check out other major ratings here


Breaking News

  • Electronic Arts Inc. (NASDAQ: EA) announced plans to acquire Glu Mobile Inc. (NASDAQ: GLUU) for $2.1 billion in enterprise value.
  • Take-Two Interactive Software, Inc. (NASDAQ: TTWO) reported stronger-than-expected results for its third quarter. However, the company said it sees full-year revenue hitting $3.24 billion to $3.29 billion versus a street consensus of $3.3 billion. Full-year earnings per share are expected in a range of $4.08 to $4.18.
  • Sony Corp.’s (NYSE: SNE) next-gen gaming console, the PlayStation5, is launching in China in the second quarter of this year, subsidiary Sony Interactive Entertainment’s officials confirmed Monday.
  • Tesla Inc (NASDAQ: TSLA) reported that its China sales doubled on a year-on-year basis to $6.6 billion in 2020.

Check out other breaking news here


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