A Peek Into The Markets: US Stock Futures Rise Following Tuesday's Plunge

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording sharp losses in the previous session amid escalating Russia-Ukraine tensions. US President Biden late Tuesday announced sanctions on some Russian banks and individuals. Investors are awaiting earnings results from Lowe's Companies, Inc. LOW, The TJX Companies, Inc. TJX and eBay Inc. EBAY.

The Johnson Redbook Retail Sales Index for the latest week will be released at 8:55 a.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 9:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 271 points to 33,796.00 while the Standard & Poor’s 500 index futures rose 40.75 points to 4,340.75. Futures for the Nasdaq index gained 178.25 points to 14,041.00.

Oil prices traded lower as Brent crude futures fell 0.3% to trade at $93.62 per barrel, while US WTI crude futures fell 0.7% to trade at $91.75 a barrel. The API’s data on crude oil stocks will be released today.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,270,560 with around 963,370 deaths. India reported a total of at least 42,867,030 confirmed cases, while Brazil confirmed over 28,351,870 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index climbed 1.1%, while Spain’s IBEX 35 Index rose 1.3% and London’s FTSE 100 rose 0.6%. The French CAC 40 Index jumped 1.5%, while German DAX climbed 1.2%. The GfK Consumer Climate Indicator for Germany dropped to -8.1 heading into March, compared to -6.7 in February. The manufacturing climate indicator in France slipped to 112 in February from a four-year high level of 113 in the previous month.

Asian markets traded higher today. Hong Kong’s Hang Seng Index gained 0.60% and China’s Shanghai Composite Index gained 0.93%. Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE SENSEX rose 0.1%. Hong Kong's economy expanded by 4.8% year-over-year in the fourth quarter versus a 5.5% growth in the prior period. Total construction work done in Australia slipped 0.4% quarter-on-quarter in the three months to December, while adjusted wage price index climbed 2.3% year-over-year in the quarter.

Broker Recommendation

Needham maintained Medtronic plc MDT with a Buy and lowered the price target from $128 to $124..

Medtronic shares fell 0.1% to $103.70 in pre-market trading.

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Breaking News

• Palo Alto Networks, Inc. PANW reported upbeat earnings for its fourth quarter and raised its guidance for the year.
• Verisk Analytics, Inc. VRSK reported upbeat earnings for its fourth quarter, while sales missed estimates.
• Texas Roadhouse, Inc. TXRH reported better-than-expected earnings for its fourth quarter.
• Nordson Corporation NDSN announced stronger-than-expected results for its first quarter and raised FY22 forecast.

Check out other breaking news here