Skip to main content

Market Overview

A Peek Into The Markets: US Stock Futures Down Ahead Of Powell Testimony

Share:
A Peek Into The Markets: US Stock Futures Down Ahead Of Powell Testimony

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq tumbled more than 300 points in the previous session. Investors are awaiting earnings reports from Medtronic PLC (NYSE: MDT), Macy's, Inc. (NYSE: M) and Intuit Inc. (NASDAQ: INTU).

Federal Reserve Chairman Jerome Powell is set to testify before Congress at 10:00 a.m. ET.
The S&P Corelogic Case-Shiller home price index and the FHFA House Price Index for December will be released at 190:00 a.m. ET. The Conference Board’s consumer confidence index and the Richmond Fed manufacturing index for February will be released at 10:00 a.m.

Futures for the Dow Jones Industrial Average dropped 11 points to 31,455.00 while the Standard & Poor’s 500 index futures traded fell 9.75 points to 3,863.75. Futures for the Nasdaq 100 index fell 98.50 points to 13,125.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 28,190,400 with around 500,310 deaths. India reported a total of at least 11,016,430 confirmed cases, while Brazil confirmed over 10,195,160 cases.

Oil prices traded higher as Brent crude futures rose 1.1% to trade at $65.09 per barrel, while US WTI crude futures rose 1% to trade at $62.31 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index declined 0.7%. The French CAC 40 Index declined 0.1%, German DAX 30 fell 0.9% while London's FTSE 100 fell 0.1%. UK’s labor productivity declined 4.5% on quarter in the fourth quarter, while unemployment rate rose to 5.1% in the three months to December.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.46%, China’s Shanghai Composite dropped 0.17% and Hong Kong’s Hang Seng Index rose 1.03%. Australia’s S&P/ASX 200 rose 0.9%, while India’s BSE Sensex rose 0.2%. Average new home prices in China climbed 3.9% year-on-year for January.

Broker Recommendation

Atlantic Equities upgraded Advance Auto Parts, Inc. (NYSE: AAP) from Underweight to Neutral and announced a $175 price target..

Advance Auto Parts shares rose 1% to close at $167.70 on Monday.

Check out other major ratings here

 

Breaking News

  • Home Depot Inc (NYSE: HD) reported better-than-results for its fourth quarter.
  • Palo Alto Networks Inc (NYSE: PANW) reported upbeat results for its second quarter and raised FY21 guidance.
  • AMC Entertainment Holdings Inc (NYSE: AMC) shares climbed in pre-market trading after New York Governor Andrew M. Cuomo announced that movie theaters in New York City are now permitted to re-open. AMC said in a statement it will reopen all 13 of its theaters in New York City beginning March 5.
  • Moderna Inc. (NASDAQ: MRNA) said that following positive feedback from the U.S. Food and Drug Administration, it is pursuing a plan to increase the number of COVID-19 vaccine doses to up to 15 in each vial from the present 10 doses.

Check out other breaking news here

 

Related Articles (AAP + AMC)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com