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A Peek Into The Markets: US Stock Futures Gain Ahead Of Economic Reports

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A Peek Into The Markets: US Stock Futures Gain Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones added around 200 200 points in the previous session following upbeat data on weekly jobless claims.

An advance report on U.S. international trade in goods is scheduled for release at 8:30 a.m. ET. The US goods deficit is projected to increase to $86.1 billion in February from $84.6 billion in January. Data on wholesale inventories, personal income and outlays for February will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for March is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average rose 105 points to 32,606.00 while the Standard & Poor’s 500 index futures gained 12 points at 3,912.50. Futures for the Nasdaq 100 index rose 38 points to 12,808.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 30,079,280 with around 546,820 deaths. Brazil confirmed over 12,320,160 cases, while India reported a total of at least 11,846,650 confirmed cases.

Oil prices traded higher as Brent crude futures rose 2.3% to trade at $63.23 per barrel, while US WTI crude futures rose 2.5% to trade at $60.04 a barrel. US natural-gas supplies dropped 36 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index rose 0.4%, German DAX 30 gained 0.8% while London's FTSE 100 rose 0.7%. Retail sales in the UK rose 2.1% in February following an 8.2% decline in January. UK’s car production dropped 14% year-over-year to 105,008 units in February. Spain's GDP came in unchanged for the fourth quarter versus a preliminary estimate of a 0.4% growth, while German Ifo Business Climate indicator increased to 96.6 in March.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.56%, China’s Shanghai Composite climbed 1.63% and Hong Kong’s Hang Seng Index rose 1.57%. Australia’s S&P/ASX 200 rose 0.5%, while India’s BSE Sensex rose 1.3%.

Broker Recommendation

KeyBanc upgraded American Tower Corporation (NYSE: AMT) from Sector Weight to Overweight and announced a $275 price target.

American Tower shares rose 0.1% to close at $227.22 on Thursday.

Check out other major ratings here

 

Breaking News

  • Pfizer Inc. (NYSE: PFE) and Eli Lilly and Company (NYSE: LLY) disclosed that an expert panel of the U.S. Food and Drug Administration has rejected their application for their experimental drug for the treatment of osteoarthritis pain, citing safety risks and an inadequate plan to manage them. Pfizer also reported that it has started clinical trials of its COVID-19 vaccine with children.
  • Tesla Inc. (NASDAQ: TSLA) co-founder JB Straubel’s recycling startup Redwood Materials is partnering with North American electronic waste processing company ERI to recycle batteries and solar panels.
  • Progress Software Corp (NASDAQ: PRGS) reported better-than-expected results for its first quarter and raised its FY21 guidance.
  • Co-Diagnostics Inc (NASDAQ: CODX) reported downbeat earnings for its fourth quarter on Thursday.

Check out other breaking news here

 

Related Articles (AMT + CODX)

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

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