A Peek Into The Markets: US Stock Futures Surge Following Tuesday's Plunge; Alphabet Earnings Miss Views

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled more than 800 points in the previous session. Investors are awaiting earnings results from The Boeing Company BA, T-Mobile US, Inc. TMUS, Meta Platforms, Inc. FB and Ford Motor Company F.

Data on wholesale inventories and U.S. international trade in goods for March will be released at 8:30 a.m. ET. The pending home sales index for March is scheduled for release at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average jumped 306 points to 33,466.00 while the Standard & Poor’s 500 index futures rose 33.50 points to 4,204.00. Futures for the Nasdaq index rose 112.50 points to 13,128.50.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $105.37 per barrel, while US WTI crude futures rose 0.6% to trade at $102.33 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.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 82,789,710 with around 1,019,000 deaths. India reported a total of at least 43,065,660 confirmed cases, while Brazil confirmed over 30,378,060 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 0.1% and London’s FTSE 100 rose 0.2%. The French CAC 40 Index gained 0.1%, while German DAX dropped 0.1%. The consumer confidence in France declined to 88 points in April from a revised reading of 90 points in March, while GfK Consumer Climate Indicator in Germany fell to -26.5 heading into May.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.17%, Hong Kong’s Hang Seng Index gained 0.06% and China’s Shanghai Composite gained 2.49%. Australia’s S&P/ASX 200 fell 0.8%, while India’s BSE SENSEX fell 1%. The annual inflation rate in Australia climbed to 5.1% in Q1 from 3.5% in Q4, while profits earned by Chinese industrial firms rose by 8.5% year-over-year to CNY 19.56 trillion in January-March 2022.

Broker Recommendation

Piper Sandler downgraded Capital One Financial Corporation COF from Overweight to Neutral and lowered the price target from $164 to $143.

Capital One shares fell 4.9% to $125.77 in pre-market trading.

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Breaking News

• Alphabet Inc GOOGL reported weaker-than-expected earnings for its first quarter on Tuesday. The company’s board also authorized a huge stock buyback program of $70.0 billion of its Class A and Class C shares, representing about 4% of its market cap based on the last closing price.
• Check Point Software Technologies Ltd. CHLP reported upbeat results for its first quarter on Wednesday.
• Microsoft Corporation MSFT reported better-than-expected results for its third quarter.
• Visa Inc. V reported better-than-expected earnings and sales results for its second quarter on Tuesday.

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