A Peek Into The Markets: US Stock Futures Down; Big Tech Earnings In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 200 points in the previous session. Investors are awaiting earnings results from PepsiCo, Inc. PEP, Alphabet Inc. GOOG, General Electric Company GE, Microsoft Corporation MSFT and General Motors Company GM.

Data on durable goods orders for March will be released at 8:30 a.m. ET, while the S&P Corelogic Case-Shiller home price index and FHFA House Price Index will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index, Richmond Fed manufacturing index and data on new home sales for March will be released at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average dropped 109 points to 33,856.00 while the Standard & Poor’s 500 index futures fell 12.75 points to 4,280.00. Futures for the Nasdaq index fell 41 points to 13,494.75.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $101.72 per barrel, while US WTI crude futures fell 0.7% to trade at $97.86 a barrel. The API’s report on crude oil stocks will be released later during the day.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 82,733,860 with around 1,018,580 deaths. India reported a total of at least 43,062,090 confirmed cases, while Brazil confirmed over 30,355,910 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.7%, while Spain’s IBEX 35 Index rose 0.8% and London’s FTSE 100 rose 0.6%. The French CAC 40 Index gained 0.4%, while German DAX gained 0.8%. The UK government reported a £13.1 billion deficit in its public finances for March.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.41%, Hong Kong’s Hang Seng Index gained 0.33% and China’s Shanghai Composite fell 1.44%. Australia’s S&P/ASX 200 fell 2.1%, while India’s BSE SENSEX gained 1%. Japan’s unemployment rate dropped to a one-year low of 2.6% in March down from 2.7% in February.

Broker Recommendation

Benchmark initiated coverage on Live Nation Entertainment, Inc. LYV with a Buy rating and announced a price target of $135.

Live Nation Entertainment shares rose 1.2% to $111.00 in pre-market trading.

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Breaking News

• O-I Glass, Inc. OI reported better-than-expected results for its first quarter and raised the higher end of FY22 EPS guidance from $1.85-$2.00 to $1.85-$2.10.
• Nio, Inc. NIO has achieved a major production milestone even as it is grappling with lockdown restrictions in place due to a COVID-19 resurgence in China. Nio's advanced manufacturing center in Hefei successfully rolled off the 200,000th mass-produced vehicle on Tuesday.
• Hexcel Corporation HXL reported better-than-expected earnings for its first quarter and reiterated its guidance for 2022.
• Meta Platforms Inc FB will open a metaverse-themed interactive store in Burlingame, California. The company said on Monday the store would open on May 9 to give users a “hands-on experience” with the hardware.

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