A Peek Into The Markets: US Stock Futures Drop After Apple Warning

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after Apple Inc. AAPL issued revenue warning for the quarter ending in March. The Empire State manufacturing index for February is scheduled for release at 8:30 a.m. ET, while the NAHB housing market index for February will be released at 10:00 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 150 points to 29,245 while the Standard & Poor’s 500 index futures traded fell 14.9 points to 3,366.00. Futures for the Nasdaq 100 index declined 77 points to 9,555.25.

Oil prices traded lower as Brent crude futures fell 1.6% to trade at $56.77 per barrel, while US WTI crude futures fell 1.4% to trade at $51.30 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.1%, STOXX Europe 600 Index falling 0.4% and German DAX 30 index dropping 0.7%. The UK's FTSE index was trading lower by 0.7%, while French CAC 40 Index fell 0.4%.

In Asian markets, Japan’s Nikkei Stock Average fell 1.4%, Hong Kong’s Hang Seng Index declined 1.54%, China’s Shanghai Composite Index gained 0.05% and India’s BSE Sensex fell 0.39%.

Broker Recommendation

Analysts at Barclays downgraded Seattle Genetics, Inc. SGEN from Overweight to Equal-Weight and announced a $124 price target.

Seattle Genetics shares fell 0.1% to close at $118.07 on Friday.

Breaking News

• Apple Inc. AAPL on Monday said that it doesn't expect to meet the revenue guidance for the quarter ending in March, as both its supply chain and the demand for its products is impacted by the novel coronavirus (COVID-19) outbreak.
• HSBC Holdings Plc HSBC reported weak pre-tax earnings on Tuesday. The bank also said that it plans to restructure over the next two years.
• General Motors Company GM on Monday announced plans to scrap its Australian subsidiary Holden, and wind down operations in New Zealand and Thailand.
• Air Lease Corp AL reported upbeat results for its fourth quarter on Friday.