A Peek Into The Markets: US Stock Futures Down Ahead Of Coca-Cola Earnings

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 160 points in the previous session. Investors are awaiting earnings results from Coca-Cola Co KO, M&T Bank Corporation MTB and IBM IBM and United Airlines Holdings Inc UAL.

Futures for the Dow Jones Industrial Average dropped 102 points to 33,979.00 while the Standard & Poor’s 500 index futures fell 9 points at 4,167.25. Futures for the Nasdaq 100 index fell 10 points to 14,019.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,670,040 with around 567,210 deaths. India reported a total of at least 15,061,800 confirmed cases, while Brazil confirmed over 13,943,070 cases.

Oil prices traded mostly flat as Brent crude futures fell 0.1% to trade at $66.75 per barrel, while US WTI crude futures rose 0.1% to trade at $63.16 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly higher today . The Spanish Ibex Index rose 0.4% and STOXX Europe 600 Index gained 0.2%. The French CAC 40 Index rose 0.2%, German DAX 30 slipped 0.1% while London's FTSE 100 rose 0.2%. The Eurozone current account surplus shrank to EUR 13.3 billion in February from EUR 14.1 billion in the year-ago month.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.01%, China’s Shanghai Composite rose 1.49% and Hong Kong’s Hang Seng Index rose 0.47%. Australia’s S&P/ASX 200 rose 0.03%, while India’s BSE Sensex fell 1.7%. Industrial production in Japan fell 1.3% in February following a revised 3.1% gain a month ago. Japan's trade surplus widened to JPY 663.72 billion in March compared to JPY 7.49 billion in the year-ago month. Australia's new home sales climbed 90.3% to 9,691 units in March following a 22.9% surge a month ago.

Broker Recommendation

Keybanc maintained AECOM ACM with an Overweight and raised the price target from $60 to $78.

AECOM shares fell 0.4% to close at $67.05 on Friday.

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Breaking News

• Tesla Inc. TSLA reported a strong growth in China, with registrations surging to a record 34,635 in March from the 18,155 registrations in February, data from state-backed China Automotive Information Net showed, according to a Bloomberg report.
• The audio-based social media startup Clubhouse announced Sunday it had secured an undisclosed amount of funding in a Series C round led by existing investor Andrew Chen, of Andressen Horowitz, as it looks to scale up in face of rising competition.
• WPP plc WPP-owned Kantar is in talks to acquire Numerator from Vista Equity in a deal worth $1.5 billion, Reuters reported.
• GAMCO Investors, Inc. GBL said it expects Q1 earnings of $0.55-$0.59 per share, compared to $0.42 per share in the first quarter of 2020.

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