A Peek Into The Markets: US Stock Futures Down; Dow Futures Fall Over 700 Points

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Chicago Fed National Activity Index for February will be released at 8:30 a.m. ET.

Total coronavirus cases in the US exceeded 35,000 with around 470 deaths. Spain confirmed a total of over 29,000 cases, while Italy reported a total of at least 59,000 confirmed cases and 5,400 deaths. China reported 39 new confirmed cases on Sunday.

Futures for the Dow Jones Industrial Average dipped 706 points to 18,334 while the Standard & Poor’s 500 index futures traded fell 79 points to 2,209.50. Futures for the Nasdaq 100 index declined 213.5 points to 6,755.50.

Oil prices traded lower as Brent crude futures fell 5.6% to trade at $25.47 per barrel, while US WTI crude futures fell 1.3% to trade at $22.34 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 2.4%, STOXX Europe 600 Index declining 4.4% and German DAX 30 index dropping 4.6%. The UK's FTSE index was trading lower by 4.7%, while French CAC 40 Index fell 4%.

In Asian markets, Japan’s Nikkei rose 2.02%, Hong Kong’s Hang Seng Index fell 4.86%, China’s Shanghai Composite Index fell 3.11% and India’s BSE Sensex fell 11.5%.

Broker Recommendation

Analysts at Goldman Sachs upgraded The Boeing Company BA from Neutral to Buy and lowered the price target from $256 to $173.

Boeing shares fell 3.5% to $91.70 in pre-market trading.

Breaking News

• Cisco Systems Inc. CSCO pledged $225 million in response to the novel coronavirus outbreak worldwide.
• Cummins Inc. CMI disclosed that it its withdrawing its guidance for full year 2020. The company said it expects Q1 results to be impacted by coronavirus.
• Marriott International Inc. MAR and other hotel owners are sending thousands of staff on furlough or cutting jobs entirely due to the coronavirus pandemic.
• Forty Seven Inc FTSV reported a Q4 loss of $0.61 per share, versus a year-ago loss of $0.56 per share. The company’s revenue came in at $0 million for the quarter.