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A Peek Into The Markets: US Stock Futures Up; Treasury Yields Retreat

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A Peek Into The Markets: US Stock Futures Up; Treasury Yields Retreat

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. The yield on the 10-year Treasury note fell to 1.54% on Tuesday. Investors are awaiting earnings reports from Dicks Sporting Goods Inc (NYSE: DKS), Navistar International Corp (NYSE: NAV) and Thor Industries, Inc. (NYSE: THO).

The NFIB small business optimism index for February is scheduled for release at 6:00 a.m. ET, while the Johnson Redbook Retail Sales Index for the latest week will be released at 8:55 a.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:05 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 191 points to 31,967.00 while the Standard & Poor’s 500 index futures rose 40.25 points at 3,859.50. Futures for the Nasdaq 100 index rose 266 points to 12,563.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 29,045,440 with around 525,810 deaths. India reported a total of at least 11,244,780 confirmed cases, while Brazil confirmed over 11,051,660 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $68.59 per barrel, while US WTI crude futures rose 0.4% to trade at $65.30 a barrel. The API’s report on crude inventories will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.4% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index rose 0.2%, German DAX 30 gained 0.4% while London's FTSE 100 rose 0.4%. The Eurozone economy contracted by 0.7% in the fourth quarter following a record 12.4% growth in the earlier three-month period. The German current account surplus widened slightly to €16.9 billion in January from €16.6 billion a year ago, while trade surplus rose to €14.3 billion from €13.7 billion. French payroll employment in the private sector fell 0.1% to 19.4 million during the fourth quarter. Italy's industrial production increased 1% in January following a revised 0.2% rise in December.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.99%, China’s Shanghai Composite fell 1.82% and Hong Kong’s Hang Seng Index rose 0.81%. Australia’s S&P/ASX 200 rose 0.5%, while India’s BSE Sensex rose 1.2%. National Australia Bank's index of business confidence climbed to 16 in February from 12 a month ago. The Japanese GDP expanded by 2.8% on quarter during the three months to December versus a preliminary reading of 3%, while household spending fell 6.1% in real terms during January.

 

Broker Recommendation

KeyBanc maintained Oracle Corporation (NYSE: ORCL) with an Overweight and raised the price target from $70 to $82.

Oracle shares rose 1.4% to $73.14 in pre-market trading.

Check out other major ratings here

 

Breaking News

  • Stitch Fix Inc (NASDAQ: SFIX) reported weaker-than-expected sales for its second quarter. The company also said its Q2 net revenue per active client declined 7% year-over-year.
  • SpaceX, the space company of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk, plans to connect large vehicles ranging from semi-trucks to aircraft to its Starlink satellite network service. Musk clarified that the company is not connecting Tesla cars to Starlink.
  • Waitr Holdings Inc (NASDAQ: WTRH) reported downbeat results for its fourth quarter.
  • Apple Inc (NASDAQ: AAPL) rolled out a series of important security patches for a wide swathe of devices it manufactures ranging from watches to personal computers on Monday.

Check out other breaking news here

 

Related Articles (AAPL + DKS)

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

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