A Peek Into The Markets: US Stock Futures Mixed Following Friday's Rally

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Nasdaq jumped by more than 400 points in the previous session. Apple Inc. AAPL reported upbeat results for its first quarter after the closing bell on Thursday. Investors are awaiting earnings results from L3Harris Technologies, Inc. LHX, NXP Semiconductors N.V. NXPI, Trane Technologies plc TT and Sanmina Corporation SANM.

The Chicago PMI for January is scheduled for release at 9:45 a.m. ET, while the Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET. Data on farm prices for December will be released at 3:00 p.m. ET. San Francisco Federal Reserve President Mary Daly is set to speak at 11:30 a.m. ET, while Kansas City Fed President Esther George will speak at 12:40 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 53 points to 34,542.00 while the Standard & Poor’s 500 index futures rose 1.25 points to 4,424.50. Futures for the Nasdaq index climbed 70.25 points to 14,503.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 75,578,070 with around 907,190 deaths. India reported a total of at least 41,302,440 confirmed cases, while Brazil confirmed over 25,351,480 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $89.18 per barrel, while US WTI crude futures rose 0.8% to trade at $87.47 a barrel. The total number of active U.S. oil rigs gained by 4 to 495 rigs this week, Baker Hughes Inc reported Friday.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1%, while Spain’s IBEX 35 Index rose 0.3% and London’s FTSE 100 rose 0.2%. The French CAC 40 Index rose 0.8%, while German DAX climbed 1.3%. Spanish retail trade dropped 2.3% year-over-year in December following a revised 5.1% increase in the prior month, while annual inflation rate eased to 6% in January.

Asian markets traded mostly higher today. Japan’s Nikkei jumped 1.07%, while Hong Kong’s Hang Seng Index gained 1.07%. Australia’s S&P/ASX 200 fell 0.2%, while India’s BSE SENSEX gained 1.5%. Japanese housing starts climbed 4.2% year-over-year in December, while consumer confidence index fell to a five-month low of 36.7 in January. Retail sales in Japan rose 1.4% in December, while industrial production fell 1.0%. The official NBS Manufacturing PMI for China slipped to 50.1 in January from 50.3 in the previous month, while non-manufacturing PMI fell to a five-month low of 51.1 in January.

Broker Recommendation

Credit Suisse upgraded Tesla, Inc. TSLA From Neutral to Outperform.

Tesla shares rose 2.3% to $865.69 in pre-market trading.

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Breaking News

• Xpeng Inc XPEV is expected to deliver 13,000 units in January, cnEVpost reported on Sunday, citing a local publication.
• Tesla Inc. TSLA CEO Elon Musk has intensified his criticism of the Canadian government for its COVID-19 vaccine mandate, saying that the so-called “fringe minority” seemed to actually be the government.
• Elliott Management Corp and Vista Equity Partners are nearing a deal to pay about $104 per share for Cloud-computing company Citrix Systems, Inc. CTXS.
• SJW Group SJW named Andrew F. Walters as its CFO. The company also appointed James P. Lynch as chief accounting officer. Peter Fletcher was named vice president - information security officer of San Jose Water Co, a subsidiary of SJW Group.

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