A Peek Into The Markets: US Stock Futures Mixed; Crude Oil Rises 1%

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Dow Jones climbed more than 200 points in the previous session. Investors are awaiting earnings results from CVS Health Corp CVS, Pfizer Inc PFE, T-Mobile Us Inc TMUS and Cummins Inc. CMI.

International trade report for March is scheduled for release at 8:30 a.m. ET, while data on factory orders for March will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average rose 13 points to 34,021.00 while the Standard & Poor’s 500 index futures declined 3.25 points at 4,182.50. Futures for the Nasdaq 100 index dropped 33 points to 13,757.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 32,471,760 with around 577,520 deaths. India reported a total of at least 20,282,830 confirmed cases, while Brazil confirmed over 14,779,520 cases.

Oil prices traded higher as Brent crude futures rose 1.1% to trade at $68.32 per barrel, while US WTI crude futures rose 1.1% to trade at $65.18 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index rose 0.2%, London’s FTSE 100 gained 0.5% while German DAX 30 dropped 0.6%. The IHS Markit/CIPS UK manufacturing PMI was revised higher to 60.9 in April from a preliminary reading of 60.7, while consumer credit in the UK fell by GBP 0.5 billion in March. French government budget deficit increased to EUR 60.1 billion in the first quarter from EUR 52.5 billion in the year-ago period.

Asian markets traded mostly higher today. Hong Kong’s Hang Seng Index rose 0.7%, Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE Sensex fell 0.6%. Hong Kong’s economy grew 7.8% year-over-year in the first three months of 2021. The Reserve Bank of Australia held its cash rate at a record low level of 0.1% during its recent meeting. Australian exports of goods and services fell by 2% to AUD 38.27 billion in March, while imports rose 4% to AUD 32.70 billion.

Broker Recommendation

Keybanc downgraded Dollar General Corporation DG from Overweight to Sector Weight.

Dollar General shares fell 0.5% to $215.57 in pre-market trading.

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Breaking News

• The Food and Drug Administration is expected to authorize the emergency use of Pfizer Inc PFE COVID-19 vaccine in adolescents aged between 12 to 15 years, the New York Times reported.
• Crane Co. CR reported better-than-expected results for its first quarter and raised its FY21 earnings forecast.
• Bunge Limited MOS reported upbeat earnings for its first quarter.
• The Williams Companies, Inc. WMB reported better-than-expected earnings for its first quarter and boosted its FY21 adjusted EBITDA guidance.

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