A Peek Into The Markets: US Stock Futures Higher; Crude Oil Rises 2%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped more than 100 points in the previous session. Investors are awaiting earnings results from The Buckle, Inc. BKE and Futu Holdings Limited FUTU.

The University of Michigan's consumer sentiment index for March and the Census Bureau quarterly services survey report for the fourth quarter will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average surged 138 points to 33,290.00 while the Standard & Poor’s 500 index futures rose 21.25 points to 4,278.50. Futures for the Nasdaq index rose 74.75 points to 13,660.75.

Oil prices traded higher as Brent crude futures rose 2.1% to trade at $111.59 per barrel, while US WTI crude futures rose 1.9% to trade at $108.01 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 81,108,780 with around 991,260 deaths. India reported a total of at least 42,984,260 confirmed cases, while Brazil confirmed over 29,249,900 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.9%, while Spain’s IBEX 35 Index rose 0.8% and London’s FTSE 100 rose 1%. The French CAC 40 Index rose 0.6%, while German DAX climbed 1.3%. Spanish inflation rate was revised higher to 7.6% in February versus a preliminary estimate of 7.4%. Construction output in the UK expanded 9.9% year-over-year in January, following a 7.4% rise in the prior month, while trade deficit widened to GBP 16.159 billion in January from GBP 2.337 in the prior month. The British economy grew by 0.8% month-over-month in January, while industrial production increased 0.7% in January. Annual inflation rate in Germany was confirmed at 5.1% in February.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 2.05%, Hong Kong’s Hang Seng Index fell 1.61% and China’s Shanghai Composite Index rose 0.41%. Australia’s S&P/ASX 200 fell 0.9%, while India’s BSE SENSEX rose 0.2%. Household spending in Japan rose by 6.9% in real terms from the previous year in January. Auto sales in China jumped 18.7% year-over-year to 1.74 million units in February.

Broker Recommendation

Deutsche Bank initiated coverage on Amazon.com, Inc. AMZN with a Buy rating and announced a price target of $4100.

Amazon shares rose 1% to $2,965.00 in pre-market trading.

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Breaking News

• Oracle Corporation ORCL reported in-line earnings for its third quarter, while sales missed estimates. The company declared a quarterly cash dividend of $0.32 per share.
• DocuSign, Inc. DOCU reported upbeat results for its fourth quarter and issued weak sales forecast. The company also announced a $200 million buyback program.
• Ulta Beauty ULTA reported better-than-expected results for its fourth quarter and also issued strong FY22 guidance. The company approved a new share repurchase authorization of $2 billion on March 7, which replaces the prior authorization implemented in March 2020.
• Meta Platforms Inc FB would allow users of its social media platforms in some countries to call for violence against Russians and Russian soldiers in the context of the country's invasion of Ukraine, according to a Reuters reported.

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