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A Peek Into The Markets: US Stock Futures Flat; All Eyes On Fed Decision

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A Peek Into The Markets: US Stock Futures Flat; All Eyes On Fed Decision

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade after the Dow Jones dropped more than 100 points in the previous session. The Federal Open Market Committee will announce its policy decision today. Investors are awaiting earnings reports from Cintas Corporation (NASDAQ: CTAS), Williams-Sonoma, Inc. (NYSE: WSM) and Lands' End, Inc. (NASDAQ: LE).

Data on housing starts and building permits for February will be released at 8:30 a.m. ET. The Federal Reserve will announce its policy decision at 2:00 p.m. ET, while the Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Futures for the Dow Jones Industrial Average rose 1 point to 32,836.00 while the Standard & Poor’s 500 index futures fell 1 point at 3,961.50. Futures for the Nasdaq 100 index fell 16.50 points to 13,135.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 29,549,010 with around 536,910 deaths. Brazil confirmed over 11,603,530 cases, while India reported a total of at least 11,438,730 confirmed cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $68.64 per barrel, while US WTI crude futures rose 0.5% to trade at $65.10 a barrel. The American Petroleum Institute, late Tuesday, reported a decline of 1 million barrels in crude oil inventories for the week ending March 12. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 8:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.4% and STOXX Europe 600 Index slipped 0.2%. The French CAC 40 Index slipped 0.1%, German DAX 30 gained 0.1% while London's FTSE 100 fell 0.1%. Demand for new passenger cars in the European Union dipped 19.3% annually to 771,486 units in February.

Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.02%, China’s Shanghai Composite slipped 0.03% and Hong Kong’s Hang Seng Index fell 0.04%. Australia’s S&P/ASX 200 fell 0.5%, while India’s BSE Sensex fell 0.6%. Australia’s Westpac-Melbourne Institute Leading Economic Index increased 0.02% in February. Japanese trade surplus narrowed to JPY 217.4 billion in February versus JPY 1,106.6 billion in the year-ago month.

Broker Recommendation

Deutsche Bank upgraded Alcoa Corporation (NYSE: AA) from Hold to Buy and announced a $36 price target.

Alcoa shares rose 1.6% to $30.00 in pre-market trading.

Check out other major ratings here

 

Breaking News

  • Lennar Corporation (NYSE: LEN) reported better-than-expected results for its first quarter on Tuesday.
  • Alibaba Group Holding Limited’s (NYSE: BABA) popular internet browser has been removed by several internet companies from their app stores in China, the Financial Times reported.
  • Coupa Software Inc (NASDAQ: COUP) reported upbeat results for its fourth quarter and issued strong sales guidance.
  • The recent moves by Apple Inc. (NASDAQ: AAPL) and Alphabet Inc. (NASDAQ: GOOGL) to cut app store fees for small developers will not make any significant negative impact on the tech giants’ revenues, according to new estimates from app analytics firm Sensor Tower.

Check out other breaking news here

 

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