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 Dow Jones dipped more than 1,000 points in the previous session. Investors are awaiting earnings results from Cigna Corporation CI, The Goodyear Tire & Rubber Company GT, and Under Armour, Inc. UAA.

U.S. jobs report for April is scheduled for release at 8:30 a.m. ET. Analysts expect nonfarm payrolls rising 400,000 in April, compared with a three-month average growth of 562,000. The unemployment rate is expected to remain unchanged at 3.6% in April. Data on consumer credit for March will be released at 3:00 p.m. ET. New York Fed President John Williams is set to speak at 9:15 a.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:20 p.m. ET, while Federal Reserve Governor Christopher Waller will speak at 7:15 p.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 7:15 p.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dropped 85 points to 32,825.00 while the Standard & Poor’s 500 index futures fell 13 points to 4,130.25. Futures for the Nasdaq index fell 55 points to 12,803.00.

Oil prices traded higher as Brent crude futures rose 1.6% to trade at $112.67 per barrel, while US WTI crude futures rose 1.6% to trade at $109.98 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 83,437,150 with around 1,023,900 deaths. India reported a total of at least 43,094,540 confirmed cases, while Brazil confirmed over 30,524,180 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 1.2%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 1.2%, while German DAX dropped 1%. The S&P Global/CIPS UK Construction PMI declined to a three-month low level of 58.2 in April, while Halifax house price index climbed 10.8% year-over-year in April. Industrial production in Spain rose 0.1% year-over-year in March, while industrial production in Germany dropped 3.9% month-over-month in March. Retail sales in Italy declined 0.5% in March.

Asian markets traded mostly lower today. Japan’s Nikkei 225 gained 0.69%, China’s Shanghai Composite Index dropped 2.16%, while Hong Kong’s Hang Seng Index fell 3.81%. Australia’s S&P/ASX 200 fell 2.2% and India’s S&P BSE Sensex fell 1.5%.

Broker Recommendation

JP Morgan downgraded Amarin Corporation plc AMRN from Neutral to Underweight.

Amarin shares fell 2.2% to $1.32 in pre-market trading.

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Breaking News

  • Block, Inc. SQ reported weaker-than-expected earnings and sales results for its first quarter. Bitcoin revenue was $1.73 billion, down 50.1% year over year.
  • U.S. listed Chinese electric vehicle maker Nio Inc NIO on Thursday announced plans for a secondary listing of its Class A shares in Singapore.
  • Dropbox, Inc. DBX reported upbeat results for its first quarter.
  • World Wrestling Entertainment, Inc. WWE reported better-than-expected Q1 results.

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Analyst Ratings




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