A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Verizon Earnings

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Dow Jones dropped more than 250 points in the previous session. Investors are awaiting earnings results from Verizon Communications Inc. VZ, Baker Hughes BKR and Chipotle Mexican Grill, Inc. CMG.

Futures for the Dow Jones Industrial Average dropped 27 points to 33,676.00 while the Standard & Poor’s 500 index futures fell 3.50 points at 4,123.00. Futures for the Nasdaq 100 index fell 32 points to 13,762.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,793,040 with around 568,470 deaths. India reported a total of at least 15,616,130 confirmed cases, while Brazil confirmed over 14,043,070 cases.

Oil prices traded lower as Brent crude futures fell 0.8% to trade at $66.02 per barrel, while US WTI crude futures fell 0.7% to trade at $62.03 a barrel. Crude stocks rose by 436,000 barrels in the week ended April 16, the American Petroleum Institute reported Tuesday. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index rose 0.5%, German DAX 30 gained 0.2% while London's FTSE 100 rose 0.4%. Annual inflation rate in the UK rose to 0.7% in March from 0.4% in February, while producer prices rose 1.9% year-over-year in March.

Asian markets traded lower today. Japan’s Nikkei 225 fell 2.03%, China’s Shanghai Composite fell 0.01% and Hong Kong’s Hang Seng Index fell 1.76%. Australia’s S&P/ASX 200 fell 0.3%, while India’s BSE Sensex fell 0.5%. Retail sales in Australia increased 1.4% month-over-month in March, while the Westpac-Melbourne Institute Leading Economic Index increased 0.38% in March.

Broker Recommendation

Goldman Sachs upgraded Norwegian Cruise Line Holdings Ltd. NCLH from Neutral to Buy and raised the price target from $27 to $37..

Norwegian Cruise Line shares rose 2.8% to $27.49 in pre-market trading.

Check out other major ratings here

Breaking News

• Netflix Inc NFLX reported better-than-expected earnings and sales results for its first quarter. However, the company said it finished the quarter with 208 million paid memberships, up 14% year over year but below the company forecast of 210 million.
• Apple Inc. AAPL supplier Hon Hai Precision Industry Co. Ltd. HNHPF, better known as Foxconn, has slashed its planned investment in Wisconsin from $10 billion to $672 million.
• Intuitive Surgical, Inc. ISRG reported stronger-than-expected earnings for its first quarter on Tuesday.
• Johnson & Johnson JNJ said Tuesday that the European rollout of its COVID-19 vaccine is set to continue after it got the go-ahead from the regulator on the continent.

Check out other breaking news here