A Peek Into The Markets: US Stock Futures Signal Lower Start On Wall Street

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the S&P 500 recorded its first weekly loss in the previous three weeks. Investors are awaiting earnings reports from Discovery DISCA, DISH Network DISH, Cooper Tire & Rubber CTB and Williams Companies Inc WMB.

The Chicago Fed National Activity Index for January is scheduled for release at 8:30 a.m. ET, while the index of leading economic indicators for January will be released at 10:00 a.m. ET. The Dallas Fed manufacturing index for February is scheduled for release at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 167 points to 31,266.00 while the Standard & Poor’s 500 index futures traded fell 26 points to 3,877.00. Futures for the Nasdaq 100 index fell 149.75 points to 13,426.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 28,134,120 with around 498,890 deaths. India reported a total of at least 11,005,850 confirmed cases, while Brazil confirmed over 10,168,170 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $62.63 per barrel, while US WTI crude futures rose 0.5% to trade at $59.54 a barrel. The total number of active U.S. oil rigs slipped by 1 to 305 rigs this week, Baker Hughes Inc reported.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.2% and STOXX Europe 600 Index declined 1.2%. The French CAC 40 Index declined 1.1%, German DAX 30 fell 1.2% while London's FTSE 100 fell 1.1%.

Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 0.46%, China’s Shanghai Composite dropped 1.45% and Hong Kong’s Hang Seng Index fell 1.06%. Australia’s S&P/ASX 200 fell 0.2%, while India’s BSE Sensex fell 2.1%. Annual inflation rate in Hong Kong increased to 1.9% in January. The People's Bank of China maintained its benchmark loan prime rate for the tenth straight month.

Broker Recommendation

KeyBanc upgraded AvalonBay Communities, Inc. AVB from Sector Weight to Overweight and announced $200 price target.

AvalonBay Communities shares fell 0.3% to $177.55 in pre-market trading.

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Breaking News

• Lucid Motors, rumored to be landing a SPAC deal with Churchill Capital Corp IV CCIV since January, is close to a deal, according to Bloomberg. Sources told Bloomberg a deal could be announced on Tuesday.
• Tremont Mortgage Trust TRMT reported an increase in earnings for the fourth quarter. Distributable earnings climbed to $2.3 million, or $0.28 per share, from $1.4 million, or $0.17 per share in the year-ago period.
• Tesla Inc TSLA has apparently stopped taking orders for the cheapest version of its Model Y, Electrek has reported.
• Zoetis Inc ZTS received the European Commission's marketing approval for Solensia (frunevetmab), an injectable monoclonal antibody for the alleviation of pain associated with osteoarthritis in cats.

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