A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of PMI Data; Crude Oil Tumbles 2%

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq Composite dropped around 2% in the previous session. Investors are awaiting earnings results from Verizon Communications Inc. VZ, American Express Company AXP and HCA Healthcare, Inc. HCA.

The flash Composite Purchasing Managers' Index for April is scheduled for release at 9:45 a.m. ET. Activity accelerated in March, to 58.8 for manufacturing and 58.0 for services. Analysts, however, expect April’s manufacturing and services PMIs declining slightly to 58.1 and 57.9, respectively.

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Futures for the Dow Jones Industrial Average dropped 52 points to 34,657.00 while the Standard & Poor’s 500 index futures fell 5.25 points to 4,385.25. Futures for the Nasdaq index fell 11 points to 13,717.25.

Oil prices traded lower as Brent crude futures fell 2% to trade at $105.84 per barrel, while US WTI crude futures fell 2% to trade at $101.73 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.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 82,553,050 with around 1,017,600 deaths. India reported a total of at least 43,052,420 confirmed cases, while Brazil confirmed over 30,330,620 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index dropped 1%, while Spain’s IBEX 35 Index fell 0.7% and London’s FTSE 100 fell 0.5%. The French CAC 40 Index fell 1.4%, while German DAX dipped 1.4%. The S&P Global Eurozone manufacturing PMI slipped to 55.3 in April from 56.5 in March, while services PMI surprisingly rose to 57.7 from 55.6. The Euro Area current account surplus narrowed to EUR 11.4 billion in February from EUR 23.3 billion in the year-ago month. The S&P Global/CIPS UK services PMI fell to 58.3 in April from 62.6 in the prior month, while manufacturing PMI rose to 55.3 in April from 55.2. Retail sales in the UK slipped 1.4% from a month ago in March. Germany’s composite PMI dropped to 54.5 in April from 55.1 in March, while French composite PMI climbed to 57.5 in April from 56.3 a month ago.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.63%, Hong Kong’s Hang Seng Index fell 0.21% and China’s Shanghai Composite gained 0.23%. Australia’s S&P/ASX 200 fell 1.6%, while India’s BSE SENSEX fell 0.9%. Japan’s services PMI rose to 50.5 in April from a final reading of 49.4 in the previous month, while manufacturing PMI slipped to 53.4 from a final 54.1. Japanese consumer prices increased by 1.2% year-over-year in March, the most since October 2018. Australian manufacturing PMI rose to 57.9 in April from a final reading of 57.7 in March, while services PMI climbed to 56.6 from 55.6.

Broker Recommendation

JP Morgan upgraded American Airlines Group Inc. AAL from Underweight to Neutral and announced a $26 price target.

American Airlines shares rose 1.3% to $20.49 in pre-market trading.

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Breaking News

• SAP SE SAP reported first-quarter FY22 revenue growth of 7% year-on-year to €6.81 billion at constant currencies.
• Snap Inc. SNAP reported weaker-than-expected earnings for its first quarter. However, daily active users surged 18% year-over-year to 332 million.
• PPG Industries, Inc. PPG reported better-than-expected results for its first quarter on Thursday.
• Amid the regulatory hammer on digital assets like Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD, the Indian government-run IIT Delhi has partnered with Binance to provide non-fungible token (NFT) tickets during its upcoming three-day cultural fest.

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