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

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 (NASDAQ: DISCA), DISH Network (NASDAQ: DISH), Cooper Tire & Rubber (NYSE: CTB) and Williams Companies Inc (NYSE: 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. (NYSE: AVB) from Sector Weight to Overweight and announced $200 price target.

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

Check out other major ratings here


Breaking News

  • Lucid Motors, rumored to be landing a SPAC deal with Churchill Capital Corp IV (NYSE: CCIV) since January, is close to a deal, according to Bloomberg. Sources told Bloomberg a deal could be announced on Tuesday.
  • Tremont Mortgage Trust (NASDAQ: 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 (NASDAQ: TSLA) has apparently stopped taking orders for the cheapest version of its Model Y, Electrek has reported.
  • Zoetis Inc (NYSE: 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.

Check out other breaking news here


Related Articles (AVB + CCIV)

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

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