A Peek Into The Markets: US Stock Futures Down; Apple Tops Q2 Views

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 600 points in the previous session. Investors are awaiting earnings results from Bristol-Myers Squibb Company BMY, Exxon Mobil Corporation XOM, Honeywell International Inc. HON and Chevron Corporation CVX.

Data on personal income, outlays and employment cost index will be released at 8:30 a.m. ET. The Chicago PMI for April is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for April will be released at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average dropped 88 points to 33,740.00 while the Standard & Poor’s 500 index futures fell 25.25 points to 4,258.25. Futures for the Nasdaq index dipped 121.50 points to 13,333.25.

Oil prices traded higher as Brent crude futures rose 1.5% to trade at $108.89 per barrel, while US WTI crude futures rose 1.2% to trade at $106.64 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 82,954,760 with around 1,020,150 deaths. India reported a total of at least 43,072,480 confirmed cases, while Brazil confirmed over 30,418,920 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1%, while Spain’s IBEX 35 Index rose 0.7% and London’s FTSE 100 rose 0.2%. The French CAC 40 Index jumped 1.1%, while German DAX surged 1.2%. The Euro Area economy grew by 0.2% on quarter during the first three months of the year, while annual inflation rate increased to a fresh record high of 7.5% in April. The annual inflation rate in Italy eased to 6.2% percent in April from the 31-year high level of 6.5% in the prior month, while GDP contracted by 0.2% quarter-on-quarter during the three months to March of 2022. German GDP expanded 0.2% on quarter, while Spanish economy expanded 0.3% on the quarter in the first three months of 2022. Producer prices in France increased 4.3% month-over-month in March, while the country’s economy showed no growth in Q1. UK’s nationwide House Price Index rose 12.1% year-over-year in April.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.75%, Hong Kong’s Hang Seng Index gained 4% and China’s Shanghai Composite gained 2.4%. Australia’s S&P/ASX 200 rose 1.1%, while India’s BSE SENSEX rose 0.2%. The final demand producer price index in Australia rose by 1.6% quarter-on-quarter in Q1 from a 1.3% increase in Q4.

Broker Recommendation

Piper Sandler downgraded Visa Inc. V from Overweight to Neutral and lowered the price target from $283 to $239.

Visa shares fell 1% to $218.51 in pre-market trading.

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Breaking News

• Apple Inc. AAPL reported better-than-expected results for its fiscal second quarter on Thursday.
• AstraZeneca PLC AZN reported better-than-expected earnings for its first quarter.
• Amazon.com, Inc. AMZN reported a $3.8 billion net loss for the first quarter, versus a year-ago net income of $8.1 billion. The company also issued weak Q2 sales guidance.
• Robinhood Markets, Inc. HOOD reported weaker-than-expected earnings and sales results for its first quarter. The company also reported a drop in monthly active users.

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