A Peek Into The Markets: US Stock Futures Down; Crude Oil Falls 1%

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq tumbled 350 points in the previous session. Investors are awaiting earnings results from TransDigm Group Incorporated TDG, Hanesbrands Inc. HBI and Electronic Arts Inc. EA.

The NFIB small business optimism index for April is scheduled for release at 6:00 a.m. ET, while the Labor Department's JOLTS report for March will be released at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 10:30 a.m. ET, while Federal Reserve Governor Lael Brainard will speak at 12:00 p.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 1:00 p.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 1:15 p.m. ET. Philadelphia Fed President Patrick Harker is set to speak at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 147 points to 34,521.00 while the Standard & Poor’s 500 index futures fell 29.75 points at 4,153.75. Futures for the Nasdaq 100 index fell 183 points to 13,173.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 32,744,100 with around 582,150 deaths. India reported a total of at least 22,992,510 confirmed cases, while Brazil confirmed over 15,209,990 cases.

Oil prices traded lower as Brent crude futures fell 1.1% to trade at $67.55 per barrel, while US WTI crude futures fell 1.2% to trade at $64.15 a barrel. The API’s report on crude inventories will be released later during the day.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.5% and STOXX Europe 600 Index fell 1.9%. The French CAC 40 Index fell 1.9%, London’s FTSE 100 dropped 2.1% while German DAX 30 dropped 2%. Industrial production in Italy fell 0.1% in March, while Germany’s wholesale prices rose 7.2% year-over-year in April.

Asian markets traded lower today. Japan’s Nikkei 225 dropped 3.08%, while China’s Shanghai Composite rose 0.4%. Hong Kong’s Hang Seng Index fell 2.03%, Australia’s S&P/ASX 200 fell 1.1%, and India’s BSE Sensex fell 0.8%. China's producer prices increased 6.8% year-over-year in April, while annual inflation rate surged to 0.9% in April from 0.4%. Household spending in Japan climbed 6.2% during March.

Broker Recommendation

Oppenheimer initiated coverage on Coinbase Global, Inc. COIN with an Outperform rating and announced a price target of $434..

Coinbase Global shares fell 3% to $284.52 in pre-market trading.

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Breaking News

• The US Food and Drug Administration approved the emergency use of Pfizer Inc. PFE COVID-19 vaccine in adolescents aged between 12 to 15 years.
• 3D Systems Corporation DDD shares are trading higher after the company reported better-than-expected Q1 EPS and sales results..
• NortonLifeLock Inc NLOK reported upbeat sales for its fourth quarter and also issued strong FY22 guidance. The company also announced it added $1.5 billion to its buyback program.
• TuSimple Holdings TSP said on Monday it scored 1,000 new bookings in April and added 1,200 in the first quarter, taking its total booking to 6,775 trucks so far.

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