Pre-open movers
U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from The AT&T Inc. (NYSE:T), Union Pacific Corporation (NYSE:UNP) and American Airlines Group Inc. (NASDAQ:AAL).
Data on initial jobless claims and Philadelphia Fed Manufacturing Index will be released at 8:30 a.m. ET. The index of leading economic indicators for March will be released at 10:00 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 11:00 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 12:30 p.m. ET.
Futures for the Dow Jones Industrial Average gained 195 points to 35,274.00 while the Standard & Poor’s 500 index futures rose 34.25 points to 4,489.75. Futures for the Nasdaq index jumped 156.75 points to 14,161.50.
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Oil prices traded higher as Brent crude futures rose 1% to trade at $107.81 per barrel, while US WTI crude futures rose 0.2% to trade at $102.98 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.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 82,488,510 with around 1,017,090 deaths. India reported a total of at least 43,049,970 confirmed cases, while Brazil confirmed over 30,311,960 cases.
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A Peek Into Global Markets
European markets were mostly higher today. The STOXX Europe 600 Index gained 0.4%, while Spain’s IBEX 35 Index rose 0.9% and London’s FTSE 100 fell 0.1%. The French CAC 40 Index climbed 1.5%, while German DAX gained 1.1%. The manufacturing climate indicator in France rose to 108 in April from 107 in March.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.23%, Hong Kong’s Hang Seng Index fell 1.25% and China’s Shanghai Composite fell 2.26%. Australia’s S&P/ASX 200 gained 0.3%, while India’s BSE SENSEX rose 1.4%.
Broker Recommendation
Keybanc downgraded Enovis Corporation (NYSE:ENOV) from Overweight to Sector Weight.
Enovis shares rose 0.2% to close at $70.47 on Wednesday.
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Breaking News
- Tesla Inc (NASDAQ:TSLA) reported better-than-expected results for its first quarter. The company reported production of 305,407 vehicles and deliveries of 310,048 vehicles in the first quarter, up 69% and 68% year-over-year, respectively.
- Major crypto exchange Binance said it will now limit services for Russian nationals and persons residing in Russia.
- United Airlines Holdings, Inc. (NASDAQ:UAL) announced downbeat results for its first quarter. However, the company expects to return to profitability in Q2.
- Carvana Co (NYSE:CVNA) said first-quarter revenue increased 56% year-over-year to $3.5 billion, which beat the $3.39 billion estimate. The company reported a quarterly net loss of $506 million.
