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. (NASDAQ:PEP), Alphabet Inc. (NASDAQ:GOOG), General Electric Company (NYSE:GE), Microsoft Corporation (NASDAQ:MSFT) and General Motors Company (NYSE: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.
Check out our premarket coverage here
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.
Check out this: Executives Sell Around $165M Of 5 Stocks
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. (NYSE: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.
Check out this: 3 Stocks Under $3 Insiders Are Aggressively Buying
Breaking News
- O-I Glass, Inc. (NYSE: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. (NYSE: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 (NYSE:HXL) reported better-than-expected earnings for its first quarter and reiterated its guidance for 2022.
- Meta Platforms Inc (NASDAQ: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.
