A Peek Into The Markets: US Stock Futures Mixed; Apple Tops Q1 Expectations

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Nasdaq dropped by 1.4% in the previous session. Apple Inc. AAPL reported better-than-expected results for its first quarter after the closing bell on Thursday. Investors are awaiting earnings results from Chevron Corporation CVX, Charter Communications, Inc. CHTR, Colgate-Palmolive Company CL and Phillips 66 PSX.

Data on personal income and outlays for December will be released at 8:30 a.m. ET, while the employment cost index for the fourth quarter is scheduled for release at 8:30 a.m. ET. The University of Michigan's consumer sentiment index for January will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 65 points to 33,978.00 while the Standard & Poor’s 500 index futures fell 1.75 points to 4,316.00. Futures for the Nasdaq index climbed 58.75 points to 14,045.50.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $88.56 per barrel, while US WTI crude futures rose 0.6% to trade at $87.09 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 74,695,330 with around 902,140 deaths. India reported a total of at least 40,622,700 confirmed cases, while Brazil confirmed over 24,782,920 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index slipped 1.2%, while Spain’s IBEX 35 Index fell 1.2% and London’s FTSE 100 fell 1.1%. The French CAC 40 Index fell 1.4%, while German DAX dropped 1.6%. Manufacturing confidence in Italy declined to 113.9 in January from a revised 115 in the previous month, while consumer confidence fell to 114.2 from 117.7. The Germany’s economy shrank 0.7% on quarter during the final three months of 2021, versus market expectations for a 0.3% fall. Import prices in Germany surged 24% year-over-year in December. Producer prices in France rose 1% from a month ago in December, while the country’s economy expanded 0.7% quarter-over-quarter in the fourth quarter. Spanish economy grew 2.0 percent on quarter in the final three months of 2021.

Asian markets traded mixed today. Japan’s Nikkei jumped 2.09%, Hong Kong’s Hang Seng Index dropped 1.08%, while China’s Shanghai Composite fell 0.97%. Australia’s S&P/ASX 200 gained 2.2%, while India’s BSE SENSEX fell 0.1%. Hong Kong's economy grew by 4.8% year-over-year in the fourth quarter versus a revised 5.5% surge in the prior period. The final demand producer price index in Australia rose by 1.3% quarter-over-quarter in the fourth quarter.

Broker Recommendation

RBC Capital upgraded Williams-Sonoma, Inc. WSM from Sector Perform to Outperform and lowered the price target from $219 to $202.

Williams-Sonoma shares rose 1.2% to $148.10 in pre-market trading.

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Breaking News

• Visa Inc. V reported better-than-expected results for its first quarter on Thursday.
• FARFETCH Limited FTCH announced plans to acquire luxury beauty retailer, Violet Grey, for an undisclosed sum.
• Western Digital Corporation WDC posted upbeat earnings and sales results for its second quarter, but issued a weak forecast. Western Digital named Wissam Jabre as its CFO. The company said it sees Q3 adjusted earnings of $1.50 to $1.80 per share.
• Celanese Corporation CE reported downbeat earnings for its fourth quarter.

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