Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled 200 points in the previous session. Investors are awaiting earnings results from Carnival Corporation (NYSE:CCL), Adobe Inc. (NASDAQ:ADBE) and Worthington Industries, Inc. (NYSE:WOR).
The Richmond Fed manufacturing index for March will be released at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 10:30 a.m. ET.
Futures for the Dow Jones Industrial Average surged 102 points to 34,538.00 while the Standard & Poor’s 500 index futures rose 11 points to 4,463.25. Futures for the Nasdaq index rose 42.50 points to 14,413.00.
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Oil prices traded lower as Brent crude futures fell 1.2% to trade at $114.27 per barrel, while US WTI crude futures fell 1% to trade at $110.98 a barrel. The API’s report on crude oil stocks will be released later during the day.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 81,448,400 with around 998,840 deaths. India reported a total of at least 43,010,970 confirmed cases, while Brazil confirmed over 29,641,840 cases.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 0.2%, while Spain’s IBEX 35 Index rose 0.2% and London’s FTSE 100 rose 0.3%. The French CAC 40 Index rose 0.3%, while German DAX rose 0.5%. The UK’s government reported a £13.1 billion deficit in its public finances for the month of February.
Asian markets traded higher today. Japan’s Nikkei 225 rose 1.48%, Hong Kong’s Hang Seng Index climbed 3.15% and China’s Shanghai Composite Index rose 0.19%. Australia’s S&P/ASX 200 rose 0.9%, while India’s BSE SENSEX surged 1%.
Broker Recommendation
Wells Fargo downgraded Anaplan, Inc. (NYSE:PLAN) from Overweight to Equal-Weight and announced a $66 price target.
Anaplan shares fell 0.3% to $64.40 in pre-market trading.
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Breaking News
- Nike Inc (NYSE:NKE) reported better-than-expected results for its third quarter on Monday.
- Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) self-driving subsidiary Waymo said on Monday it is ready to roll out fully driverless services in San Francisco without a “specialist” behind the wheel.
- Alibaba Group Holding Limited (NYSE:BABA) increased its share buyback program to $25 billion from $15 billion.
- Volkswagen Group (OTC:VWAGY) has said it would spend $7.1 billion over the next five years on electric vehicle projects in North America, as the German automaker tries catching up with industry leader Tesla Inc (NASDAQ:TSLA) on its home turf.
