A Peek Into The Markets: US Stock Futures Gain Following Monday's Sell-Off

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled around 800 points in the previous session. Investors are awaiting earnings results from Dick's Sporting Goods, Inc. DKS, Casey's General Stores, Inc. CASY and ABM Industries Incorporated ABM.

The NFIB small business optimism index is scheduled for release at 6:00 a.m. ET, while data on international trade for January will be released at 8:30 a.m. ET. Data on wholesale inventories for January will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average surged 97 points to 32,879.00 while the Standard & Poor’s 500 index futures rose 17.50 points to 4,216.00. Futures for the Nasdaq index climbed 36.25 points to 13,357.00.

The Secretary of State Antony Blinken said on Sunday that the United States and its allies are considering a ban on Russian oil and natural gas imports. Oil prices traded higher as Brent crude futures rose 2.2% to trade at $125.92 per barrel, while US WTI crude futures rose 1.6% to trade at $121.35 a barrel. The API’s report on crude oil stocks will be released later during the day.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,979,970 with around 985,910 deaths. India reported a total of at least 42,971,300 confirmed cases, while Brazil confirmed over 29,069,460 cases.

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A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index gained 0.8%, while Spain’s IBEX 35 Index rose 2.9% and London’s FTSE 100 slipped 0.1%. The French CAC 40 Index jumped 1.6%, while German DAX gained 1.2%. Industrial production in Spain increased 1.7% year-over-year in January versus a 1.3% rise in December, while industrial production in Germany rose 2.7% mom in January. Retail sales in the UK increased 2.7% year-over-year on a like-for-like basis during February. Retail sales in Italy dropped 0.5% from a month ago in January.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.71%, Hong Kong’s Hang Seng Index dropped 1.39% and China’s Shanghai Composite Index fell 2.35%. Australia’s S&P/ASX 200 fell 0.8%, while India’s BSE SENSEX rose 0.1%. Japan's bank lending increased by 0.4% from a year ago in February, while average cash earnings in Japan increased 0.9% from a year ago in January. The index of coincident economic indicators in Japan declined to 94.3 in January from a final 94.8 a month ago, while the index of leading economic indicators slipped to 103.7 in from 104.7.

Broker Recommendation

Credit Suisse downgraded DT Midstream, Inc. DTM from Outperform to Neutral and raised the price target from $55 to $58.

DT Midstream shares rose 3.5% to $58.09 in pre-market trading.

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