Pre-open movers
U.S. stock futures traded lower in early pre-market trade after the Dow Jones dropped around 100 points in the previous session. Investors are awaiting earnings results from Exelon Corporation (NASDAQ:EXC) and Novavax, Inc. (NASDAQ:NVAX).
Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 8:45 a.m. ET. Data on wholesale inventories 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 441 points to 32,368.00 while the Standard & Poor’s 500 index futures fell 67.75 points to 4,051.75. Futures for the Nasdaq index fell 251 points to 12,444.75.
Oil prices traded lower as Brent crude futures fell 1.6% to trade at $110.56 per barrel, while US WTI crude futures fell 1.7% to trade at $107.88 a barrel. The total number of active U.S. oil rigs rose by 5 to 557 rigs this week, Baker Hughes Inc reported.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 83,581,710 with around 1,024,540 deaths. India reported a total of at least 43,105,400 confirmed cases, while Brazil confirmed over 30,564,530 cases.
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A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index fell 1.5%, London’s FTSE 100 fell 1.3% while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 1.4%, while German DAX dropped 1.1%. French current account deficit narrowed to EUR 3.2 billion in March from a revised EUR 0.94 billion a month ago, while trade deficit increased to EUR 12.4 billion from 10.4 EUR billion.
Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 2.5% and China’s Shanghai Composite Index rose 0.09%. Australia’s S&P/ASX 200 fell 1.2% and India’s S&P BSE Sensex fell 0.7%. Chinese trade surplus widened to $51.12 billion in April from $40.89 billion in the year-ago month. The au Jibun Bank Japanese Services PMI rose to 50.7 in April from a final reading of 49.4 in March.
Broker Recommendation
Morgan Stanley upgraded The Progressive Corporation (NYSE:PGR) from Underweight to Equal-Weight and announced a $115 price target.
Progressive shares rose 0.2% to $109.65 in after-hours trading.
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Breaking News
- Coty Inc. (NYSE:COTY) reported better-than-expected earnings for its third quarter and raised its FY22 adjusted EPS guidance.
- Allakos Inc. (NASDAQ:ALLK) posted a loss of $3.60 per share for the first quarter, versus a year-ago loss of $1.04 per share.
- Holly Energy Partners, L.P. (NYSE:HEP) reported upbeat results for its first quarter.
- Westport Fuel Systems (NASDAQ:WPRT) swung to a profit of $0.05 per share for the first quarter, versus a year-ago loss of $0.02 per share.
