A Peek Into The Markets: US Stock Futures Surge Following Tuesday's Rally

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones surged around 370 points in the previous session. Investors are awaiting earnings results from CVS Health Corporation. CVS, Fox Corporation FOX, Uber Technologies, Inc. The Walt Disney Company DIS.

Data on wholesale inventories for December will be released at 10:00 a.m. ET. Federal Reserve Governor Michelle Bowman is set to speak at 10:30 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 203 points to 35,545.00 while the Standard & Poor’s 500 index futures gained 31.25 points to 4,543.75. Futures for the Nasdaq index rose 121.50 points to 14,856.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 78,556,190 with around 932,440 deaths. India reported a total of at least 42,410,970 confirmed cases, while Brazil confirmed over 26,776,620 cases.

Oil prices traded slightly higher as Brent crude futures rose 0.1% to trade at $90.86 per barrel, while US WTI crude futures rose 0.1% to trade at $89.40 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1.5%, while Spain’s IBEX 35 Index rose 1.1% and London’s FTSE 100 rose 0.7%. The French CAC 40 Index rose 1.6%, while German DAX gained 1.3%. Italy’s industrial production fell 1% from a month ago in December. The Germany’s trade surplus shrank to EUR 7 billion in December from EUR 15.1 billion in the year-ago period, while current account surplus narrowed to EUR 23.9 billion from EUR 26.2 billion.

Asian markets traded higher today. Japan’s Nikkei rose 1.08%, while Hong Kong’s Hang Seng Index gained 2.06% and China’s Shanghai Composite Index gained 0.79%. Australia’s S&P/ASX 200 rose 1.1%, while India’s BSE SENSEX gained 1.1%. The Consumer Sentiment Index in Australia fell 1.3% to 100.8 points in February.

Broker Recommendation

Cowen & Co. maintained Chipotle Mexican Grill, Inc. CMG with a Outperform and lowered the price target from $2250 to $1950.

Chipotle shares rose 6.5% to $1,555.00 in pre-market trading.

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Breaking News

• Chipotle Mexican Grill, Inc. CMG reported upbeat earnings for its fourth quarter. The company said it sees Q1 same-store sales up in mid to high single digits range.
• Xpeng Inc XPEV said on Tuesday its ordinary shares, which trade on The Stock Exchange of Hong Kong Limited (HKEX), have been included in the Shenzhen-Hong Kong Stock Connect program and would help lift investor reach.
• Omnicom Group Inc. OMC reported better-than-expected results for its fourth quarter.
• Lyft, Inc. LYFT reported upbeat earnings results for its fourth quarter.

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