A Peek Into The Markets: US Stock Futures Higher Ahead Of Earnings, Jobless Claims; Tesla Beats Q1 Views

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from The AT&T Inc. T, Union Pacific Corporation UNP and American Airlines Group Inc. AAL.

Data on initial jobless claims and Philadelphia Fed Manufacturing Index will be released at 8:30 a.m. ET. The index of leading economic indicators for March will be released at 10:00 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 11:00 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 12:30 p.m. ET.

Futures for the Dow Jones Industrial Average gained 195 points to 35,274.00 while the Standard & Poor’s 500 index futures rose 34.25 points to 4,489.75. Futures for the Nasdaq index jumped 156.75 points to 14,161.50.

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Oil prices traded higher as Brent crude futures rose 1% to trade at $107.81 per barrel, while US WTI crude futures rose 0.2% to trade at $102.98 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.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 82,488,510 with around 1,017,090 deaths. India reported a total of at least 43,049,970 confirmed cases, while Brazil confirmed over 30,311,960 cases.

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A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index gained 0.4%, while Spain’s IBEX 35 Index rose 0.9% and London’s FTSE 100 fell 0.1%. The French CAC 40 Index climbed 1.5%, while German DAX gained 1.1%. The manufacturing climate indicator in France rose to 108 in April from 107 in March.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.23%, Hong Kong’s Hang Seng Index fell 1.25% and China’s Shanghai Composite fell 2.26%. Australia’s S&P/ASX 200 gained 0.3%, while India’s BSE SENSEX rose 1.4%.

Broker Recommendation

Keybanc downgraded Enovis Corporation ENOV from Overweight to Sector Weight.

Enovis shares rose 0.2% to close at $70.47 on Wednesday.

Check out this: 3 Stocks Under $2 Insiders Are Aggressively Buying

Breaking News

• Tesla Inc TSLA reported better-than-expected results for its first quarter. The company reported production of 305,407 vehicles and deliveries of 310,048 vehicles in the first quarter, up 69% and 68% year-over-year, respectively.
• Major crypto exchange Binance said it will now limit services for Russian nationals and persons residing in Russia.
• United Airlines Holdings, Inc. UAL announced downbeat results for its first quarter. However, the company expects to return to profitability in Q2.
• Carvana Co CVNA said first-quarter revenue increased 56% year-over-year to $3.5 billion, which beat the $3.39 billion estimate. The company reported a quarterly net loss of $506 million.

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