A Peek Into The Markets: US Stock Futures Up On Stimulus Hopes

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade amid prospects that the Biden’s administration would clear the $1.9 trillion covid-19 relief package. The Nasdaq index hit another record highs in the prior session. Investors are awaiting earnings reports from Kimberly Clark Corp KMB, HB Fuller Co FUL and Steel Dynamics, Inc. STLD.

The Chicago Fed National Activity Index for December is scheduled for release at 8:30 a.m. ET, while the Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average rose 17 points to 30,926.00 while the Standard & Poor’s 500 index futures traded rose 12.50 points to 3,846.75. Futures for the Nasdaq 100 index rose 125.50 points to 13,487.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 25,127,000 with around 419,210 deaths. India reported a total of at least 10,667,730 confirmed cases, while Brazil confirmed over 8,844,570 cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $55.61 per barrel, while US WTI crude futures rose 0.5% to trade at $52.51 a barrel. US crude oil inventories climbed 4.4 million barrels last week, the Energy Information Administration reported. The total number of active U.S. oil rigs also rose by 2 to 289 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index dropped 0.1%, German DAX 30 gained 0.1% while London's FTSE 100 fell 0.1%. German Ifo business climate indicator declined to 90.1 in January versus a revised reading of 92.2 in the earlier month.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.67%, China’s Shanghai Composite rose 0.48%, Hong Kong’s Hang Seng Index climbed 2.41% and India’s BSE Sensex fell 0.6%. Australia’s S&P/ASX 200 rose 0.4%.

Broker Recommendation

Credit Suisse upgraded Wells Fargo & Company WFC from Neutral to Outperform and raised the price target from $35 to $40.

Wells Fargo shares rose 0.8% to $32.14 in pre-market trading.

Check out other major ratings here

Breaking News

• Blackstone Group Inc’s BX Alight Solutions LLC is nearing a merger deal with Bill Foley-led blank-check company Foley Trasimene Acquisition Corp WPF to go public, Reuters reported.
• The COVID-19 vaccine made by Pfizer Inc PFE and its partner BioNTech SE BNTX has been approved by Australia’s Therapeutic Goods Administration, Reuters reported.
• Royal Dutch Shell plc (NYSE: RDS-A) announced plans to acquire UK's largest EV charging network Ubitricity.
• Samsung is considering investing around $17 billion to build a chip-making factory in the US, the Wall Street Journal reported.
• Check out other breaking news here