Pre-open movers
U.S. stock futures traded mixed in early pre-market trade after the Dow Jones dropped more than 100 points in the previous session. Investors are awaiting earnings results from Walgreens Boots Alliance Inc (NASDAQ: WBA), Micron Technology, Inc. (NASDAQ: MU), and Acuity Brands, Inc. (NYSE: AYI)
The ADP national employment report for March is scheduled for release at 8:15 a.m. ET, while the Chicago PMI for March will be released at 9:45 a.m. ET. The pending home sales index for February is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 10:45 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 29 points to 32,896.00 while the Standard & Poor’s 500 index futures fell 1.50 points at 3,946.25. Futures for the Nasdaq 100 index rose 22 points to 12,900.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 30,393,700 with around 550,990 deaths. Brazil confirmed over 12,658,100 cases, while India reported a total of at least 12,149,330 confirmed cases.
Oil prices traded higher as Brent crude futures rose 0.3% to trade at $64.34 per barrel, while US WTI crude futures rose 0.3% to trade at $60.72 a barrel. The American Petroleum Institute, late Tuesday, reported a rise of 3.910 million barrels in crude oil inventories for the week ending March 26. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mostly lower today. The Spanish Ibex Index rose 0.5% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index fell 0.1%, German DAX 30 declined 0.1% while London’s FTSE 100 fell 0.4%. Annual inflation rate in France rose to 1.1% in March, while industrial producer prices rose 0.8% in March. German unemployment rate dropped to 4.5% in February. The UK GDP shrank 7.3% year-over-year in the fourth quarter, while house prices rose 5.7% year-over-year in March. The country’s current account gap increased to GBP 26.3 billion in the fourth quarter from a revised GBP 14.3 billion in the third quarter.
Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.86%, China’s Shanghai Composite dropped 0.43% and Hong Kong’s Hang Seng Index fell 0.7%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex fell 1.1%. Japan’s housing starts dropped 3.7% year-over-year in February, while industrial production fell 2.1% in February. The official NBS non-manufacturing PMI for China jumped to 56.3 in March from 51.4 a month ago, while manufacturing PMI rose to 51.9 in March. Building permits in Australia jumped 21.6% month-over-month in February, while private sector credit increased 0.2% in February.
Broker Recommendation
KeyBanc maintained D.R. Horton Inc (NYSE: DHI) with an Overweight and raised the price target from $90 to $98..
D.R. Horton shares rose 1.6% to close at $89.24 on Tuesday.
Check out other major ratings here
Breaking News
- BlackBerry Ltd (NYSE: BB) reported in-line earnings for its fourth quarter, while sales missed expectations.
- Surface Oncology Inc. (NASDAQ: SURF) said Tuesday that one of its lead therapeutic candidates, SRF617, has received Orphan Drug Designation from the U.S. Food and Drug Administration for the treatment of patients with pancreatic cancer.
- ProPhase Labs Inc (NASDAQ: PRPH) disclosed that it has acquired mobile app company VaccTrack, which confirms a user has been vaccinated against COVID-19, for an undisclosed amount.
- Conn’s, Inc. (NASDAQ: CONN) reported upbeat results for its fourth quarter.
(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
