A Peek Into The Markets: US Stock Futures Up Ahead Of Earnings, Jobless Claims

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings reports from Kellogg Company K, Walt Disney Co DIS, Kraft Heinz Co KHC, Tyson Foods, Inc. TSN and PepsiCo, Inc. PEP.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Jobless claims are expected to decline to 760,000 for the February 6 week versus 779,000 in the previous week.

Futures for the Dow Jones Industrial Average climbed 69 points to 31,397.00 while the Standard & Poor’s 500 index futures traded rose 11.25 points to 3,914.25. Futures for the Nasdaq 100 index rose 62.25 points to 13,705.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 27,287,170 with around 471,560 deaths. India reported a total of at least 10,871,290 confirmed cases, while Brazil confirmed over 9,659,160 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $61.23 per barrel, while US WTI crude futures fell 0.4% to trade at $58.44 a barrel. US crude oil inventories dropped6.644 million barrels in the week ended February 5, the Energy Information Administration reported Wednesday. 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. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index rose 0.2%. The French CAC 40 Index declined 0.1%, German DAX 30 rose 0.1% while London's FTSE 100 rose 0.2%. Germany’s wholesale prices came in flat year-on-year in January.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.19%, China’s Shanghai Composite rose 1.43% and Hong Kong’s Hang Seng Index rose 0.45%. Australia’s S&P/ASX 200 fell 0.1%, while India’s BSE Sensex rose 0.2%.

Broker Recommendation

Piper Sandler upgraded Pacific Biosciences of California Inc PACB from Neutral to Overweight and raised the price target from $20 to $52

Pacific Biosciences shares rose 8.1% to $49.60 in pre-market trading.

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Breaking News

• Uber Technologies Inc UBER reported a narrower loss for its fourth quarter, while sales missed expectations.
• Amazon.com, Inc AMZN appears to be preparing to launch a “digital currency” project, beginning with Mexico, based on the company's job listings.
• Spirit Airlines Incorporated SAVE posted a wider-than-expected loss for its fourth quarter, with sales also missing market estimates.
• Mastercard Inc MA said Wednesday it planned to expand its cryptocurrency program, citing worldwide consumer and merchant interest in digital tokens.

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