A Peek Into The Markets: US Stock Futures Down; Jobs Report In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq dipped more than 200 points in the previous session. The Zaporizhzhia nuclear power plant in Ukraine — Europe’s largest — caught fire after it was attacked by Russian troops. However, Ukrainian authorities later said the nuclear power plant had been secured. Investors are awaiting earnings results from Hibbett, Inc. HIBB. inTEST Corporation INTT.

U.S. jobs report for February is scheduled for release at 8:30 a.m. ET. Analysts expect a 390,000 rise for nonfarm payroll growth in February, following a 467,000 gain in the previous month. Chicago Fed President Charles Evans is set to speak at 8:45 a.m. ET.

Futures for the Dow Jones Industrial Average fell 283 points to 33,455.00 while the Standard & Poor’s 500 index futures slipped 37.25 points to 4,322.00. Futures for the Nasdaq index dropped 13 points to 13,917.50.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $109.75 per barrel, while US WTI crude futures fell 0.2% to trade at $107.47 a barrel. U.S. natural gas stocks dropped 139 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week will be released at 8:30 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,843,570 with around 981,720 deaths. India reported a total of at least 42,951,550 confirmed cases, while Brazil confirmed over 28,906,210 cases.

Check out this: Executives Sell More Than $47M Of 5 Stocks

A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 1.5%, while Spain’s IBEX 35 Index fell 1.1% and London’s FTSE 100 fell 1.5%. The French CAC 40 Index fell 2.2%, while German DAX dropped 2.1%. The IHS Markit Italy construction PMI rose to a new series high of 68.5 in February, while German construction PMI rose to 54.9 in February. The IHS Markit French construction PMI slipped to 50 in February from 52 in the prior month, while industrial production increased 1.6% from a month ago in January.

Asian markets traded lower today. Japan’s Nikkei 225 fell 2.23%, Hong Kong’s Hang Seng Index dropped 2.5% and China’s Shanghai Composite Index fell 0.96%. Australia’s S&P/ASX 200 fell 0.6%, while India’s BSE SENSEX fell 0.9%. The IHS Markit Indian services PMI rose to 51.8 in February from January's six-month low level of 51.5. Retail sales in Australia rose by 1.8% month-on-month during January. Japanese unemployment rate rose to 2.8% in January from 2.7% in December.

Broker Recommendation

Deutsche Bank upgraded Allscripts Healthcare Solutions, Inc. MDRX from Hold to Buy and raisec the price target from $20 to $26.

Allscripts Healthcare shares rose 0.4% to $21.05 in pre-market trading.

Check out this: Executives Buy Over $70M Of 4 Stocks

Breaking News

• Broadcom Inc. AVGO reported upbeat results for its first quarter and issued strong Q2 sales guidance.
• Costco Wholesale Corporation COST reported better-than-expected results for its second quarter.
• Japan’s Sony Group Corp SONY and Honda Motor Co HMC on Friday announced plans to establish a joint venture to make high-value battery electric vehicles that would go on sale in 2025.
• The Gap, Inc. GPS posted a narrower-than-expected loss for its fourth quarter, while sales exceeded estimates. For fiscal 2022, Gap is guiding for adjusted earnings per share in a range of $1.85 to $2.05, versus an estimate of $1.86.

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