Pre-open movers
U.S. stock futures traded higher in early pre-market trade after recording sharp losses in the previous session amid escalating Russia-Ukraine tensions. US President Biden late Tuesday announced sanctions on some Russian banks and individuals. Investors are awaiting earnings results from Lowe's Companies, Inc. (NYSE:LOW), The TJX Companies, Inc. (NYSE:TJX) and eBay Inc. (NASDAQ:EBAY).
The Johnson Redbook Retail Sales Index for the latest week will be released at 8:55 a.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 9:00 a.m. ET.
Futures for the Dow Jones Industrial Average climbed 271 points to 33,796.00 while the Standard & Poor’s 500 index futures rose 40.75 points to 4,340.75. Futures for the Nasdaq index gained 178.25 points to 14,041.00.
Oil prices traded lower as Brent crude futures fell 0.3% to trade at $93.62 per barrel, while US WTI crude futures fell 0.7% to trade at $91.75 a barrel. The API’s data on crude oil stocks will be released today.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,270,560 with around 963,370 deaths. India reported a total of at least 42,867,030 confirmed cases, while Brazil confirmed over 28,351,870 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index climbed 1.1%, while Spain’s IBEX 35 Index rose 1.3% and London’s FTSE 100 rose 0.6%. The French CAC 40 Index jumped 1.5%, while German DAX climbed 1.2%. The GfK Consumer Climate Indicator for Germany dropped to -8.1 heading into March, compared to -6.7 in February. The manufacturing climate indicator in France slipped to 112 in February from a four-year high level of 113 in the previous month.
Asian markets traded higher today. Hong Kong’s Hang Seng Index gained 0.60% and China’s Shanghai Composite Index gained 0.93%. Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE SENSEX rose 0.1%. Hong Kong's economy expanded by 4.8% year-over-year in the fourth quarter versus a 5.5% growth in the prior period. Total construction work done in Australia slipped 0.4% quarter-on-quarter in the three months to December, while adjusted wage price index climbed 2.3% year-over-year in the quarter.
Broker Recommendation
Needham maintained Medtronic plc (NYSE:MDT) with a Buy and lowered the price target from $128 to $124..
Medtronic shares fell 0.1% to $103.70 in pre-market trading.
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Breaking News
- Palo Alto Networks, Inc. (NYSE:PANW) reported upbeat earnings for its fourth quarter and raised its guidance for the year.
- Verisk Analytics, Inc. (NASDAQ:VRSK) reported upbeat earnings for its fourth quarter, while sales missed estimates.
- Texas Roadhouse, Inc. (NASDAQ:TXRH) reported better-than-expected earnings for its fourth quarter.
- Nordson Corporation (NASDAQ:NDSN) announced stronger-than-expected results for its first quarter and raised FY22 forecast.
