Pre-open movers
U.S. stock futures traded lower in early pre-market trade. The European Central Bank announced a €750 billion ($820 billion) stimulus package. Data on initial jobless claims for the latest week, the Philadelphia Fed manufacturing index for March and the current account report for the fourth quarter will be released at 8:30 a.m. ET. The index of leading economic indicators for February is scheduled for release at 10:00 a.m. ET.
Total coronavirus cases in the US exceeded 9,400 with around 150 deaths. Iran confirmed a total of over 17,000 cases, while Italy reported a total of at least 35,000 confirmed cases and 2,900 deaths.
Futures for the Dow Jones Industrial Average dropped 426 points to 19,427 while the Standard & Poor’s 500 index futures traded fell 49.15 points to 2,352.25. Futures for the Nasdaq 100 index declined 79.5 points to 7,126.00.
Oil prices traded higher as Brent crude futures rose 5.5% to trade at $26.24 per barrel, while US WTI crude futures rose 10.5% to trade at $22.51 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mixed today, with the Spanish Ibex Index rising 1.2%, STOXX Europe 600 Index declining 0.3% and German DAX 30 index dropping 0.6%. The UK's FTSE index was trading lower by 0.7%, while French CAC 40 Index rose 1.1%.
In Asian markets, Japan’s Nikkei Stock Average fell 1.04%, Hong Kong’s Hang Seng Index dropped 2.61%, China’s Shanghai Composite Index fell 0.98% and India’s BSE Sensex fell 2.01%.
Broker Recommendation
Analysts at Barclays downgraded ManpowerGroup Inc. MAN from Overweight to Underweight and lowered the price target from $112 to $68.
ManpowerGroup shares fell 7.1% to close at $70.63 on Wednesday.
Breaking News
- Lennar Corporation LEN reported better-than-expected earnings for its first quarter.
- Five Below Inc FIVE reported better-than-expected results for its fourth quarter on Wednesday.
- Guess?, Inc. GES reported better-than-expected Q4 earnings, while sales missed views.
- AstraZeneca PLC AZN disclosed that Lynparza has been granted orphan drug designation in Japan.
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