Pre-open movers
U.S. stock futures traded lower in early pre-market trade after the Dow Jones and Nasdaq dropped more than 100 points in the previous session. Investors are awaiting earnings results from Procter & Gamble Co (NYSE: PG), Lockheed Martin Corporation (NYSE: LMT), Johnson & Johnson (NYSE: JNJ), Abbott Laboratories (NYSE: ABT) and Netflix Inc (NASDAQ: NFLX).
Futures for the Dow Jones Industrial Average dropped 116 points to 33,842.00 while the Standard & Poor’s 500 index futures fell 13.25 points at 4,142.25. Futures for the Nasdaq 100 index fell 47.25 points to 13,850.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,738,220 with around 567,690 deaths. India reported a total of at least 15,320,970 confirmed cases, while Brazil confirmed over 13,973,690 cases.
Oil prices traded higher as Brent crude futures rose 1.4% to trade at $68.00 per barrel, while US WTI crude futures rose 1.3% to trade at $64.21 a barrel. The API’s report on crude inventories will be released later in the day.
A Peek Into Global Markets
European markets were lower today . The Spanish Ibex Index fell 1.3% and STOXX Europe 600 Index declined 0.7%. The French CAC 40 Index fell 0.9%, German DAX 30 slipped 0.3% while London’s FTSE 100 fell 0.5%. Germany’s producer prices rose 3.7% year-over-year in March. The UK’s unemployment rate dropped to 4.9% in the three months to February.
Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.97%, China’s Shanghai Composite fell 0.13% and Hong Kong’s Hang Seng Index rose 0.10%. Australia’s S&P/ASX 200 fell 0.7%, while India’s BSE Sensex fell 0.6%. The Bank of China maintained its benchmark lending rate for corporate and household loans for the 12th consecutive month.
Broker Recommendation
Telsey Advisory Group initiated coverage on ThredUp Inc. (NASDAQ: TDUP) with an Outperform rating and announced a price target of $20.
ThredUp shares rose 1.9% to close at $15.26 on Monday.
Check out other major ratings here
Breaking News
- IBM (NYSE: IBM) reported stronger-than-expected results for its first quarter on Tuesday.
- Crown Holdings, Inc. (NYSE: CCK) reported upbeat first-quarter results.
- United Airlines Holdings Inc (NASDAQ: UAL) reported a wider-than-expected loss for its first quarter on Monday.
- Steel Dynamics, Inc. (NASDAQ: STLD) posted better-than-expected earnings for its first quarter.
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