A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Earnings, Jobless Claims Data

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Dow Jones jumped more than 300 points in the previous session. Investors are awaiting earnings results from AT&T Inc. (NYSE:T), D. R. Horton Inc (NYSE:DHI), Union Pacific (NYSE:UNP), American Airlines Group (NASDAQ:AAL) and Intel Corporation (NASDAQ:INTC).

Data on initial jobless claims for the latest week and the Chicago Fed National Activity Index for March will be released at 8:30 a.m. ET. Data on existing home sales and the index of leading economic indicators for March will be released at 10:00 a.m. ET. The Kansas City Fed's manufacturing index for April is scheduled for release at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 22 points to 33,994.00 while the Standard & Poor’s 500 index futures fell 5 points at 4,159.75. Futures for the Nasdaq 100 index fell 13 points to 13,906.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,862,400 with around 569,400 deaths. India reported a total of at least 15,930,770 confirmed cases, while Brazil confirmed over 14,122,790 cases.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $64.84 per barrel, while US WTI crude futures fell 0.7% to trade at $64.84 a barrel. US crude oil inventories increased 0.594 million barrels in the April 16th week, compared to a 5.889 million drop in the earlier period, the Energy Information Administration said Wednesday. The EIA’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.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 0.5%. The French CAC 40 Index rose 0.7%, German DAX 30 gained 0.5% while London's FTSE 100 rose 0.2%. Italy's industrial sales increased 0.2% in February following a revised 2.6% rise in January. French manufacturing climate indicator climbed to 104 in April from a revised reading of 99 in March. Eurozone’s government deficit to GDP ratio climbed to 7.2% in 2020 compared to 0.6% in 2019.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 2.38%, China’s Shanghai Composite fell 0.23% and Hong Kong’s Hang Seng Index rose 0.47%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex rose 0.8%. Retail sales in Australia increased 1.4% month-over-month in March, while the Westpac-Melbourne Institute Leading Economic Index increased 0.38% in March.

Broker Recommendation

Keybanc downgraded Welbilt, Inc. (NYSE:WBT) from Overweight to Sector Weight.

Welbilt shares rose 2.9% to $23.23 in pre-market trading.

<a href="https://www.benzinga.com/analyst-ratings/"><em>Check out other major ratings here </em></a>

Breaking News

Whirlpool Corporation (NYSE:WHR) reported better-than-expected results for its first quarter and raised FY21 earnings guidance.
Ford Motor Co (NYSE:F) is planning to prolong production halt at five of its North American manufacturing facilities indicating the ongoing global semiconductor shortage is worsening, The Wall Street Journal reported.
Discover Financial Services (NYSE:DFS) reported upbeat earnings for its first quarter on Wednesday.
Walt Disney Company (NYSE:DIS) and Sony Group Corporation’s (NYSE:SONY) Sony Pictures Entertainment said they have entered into a multi-year content licensing deal that will give Disney U.S. streaming and television rights for “Spider-Man” and other upcoming Sony movies after their initial runs on Netflix Inc (NASDAQ:NFLX).