A Peek Into The Markets: US Stock Futures Higher Following Friday's Sell-Off

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled more than 900 points in the previous session. Investors are awaiting earnings results from Global Payments Inc. GPN, The Mosaic Company MOS, Moody's Corporation MCO and The Williams Companies, Inc. WMB.

The final manufacturing PMI for April is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing index for April and construction spending for March will be released at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average climbed 125 points to 33,007.00 while the Standard & Poor’s 500 index futures rose 13.25 points to 4,140.75. Futures for the Nasdaq index gained 49.50 points to 12,901.50.

Oil prices traded lower as Brent crude futures fell 2.9% to trade at $104.06 per barrel, while US WTI crude futures fell 3.2% to trade at $101.37 a barrel.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 83,083,420 with around 1,020,850 deaths. India reported a total of at least 43,082,500 confirmed cases, while Brazil confirmed over 30,454,490 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index dipped 1%, while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 1.5%, while German DAX dropped 0.8%. The S&P Global Eurozone manufacturing PMI rose to 55.5 in April from an initial estimate of 55.3. The consumer confidence indicator in the Eurozone dropped to -22 in April, recording the worst since April 2020, while services confidence indicator fell to 13.5 in April from 13.6 in March. The economic sentiment indicator in the Eurozone dropped for a second straight month to 105 in April, notching the weakest reading since February 2021. The unemployment rate in Italy fell to 8.3% in March from 8.5% in the prior month, while manufacturing PMI declined to 54.5 in April from 55.8 in the previous month. The S&P Global French manufacturing PMI increased to 55.7 in April from a five-month low level of 54.7 in March, while manufacturing PMI for Germany rose to 54.6 in April from a preliminary reading of 54.1.

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.11%, Australia’s S&P/ASX 200 fell 1.2%, while India’s BSE SENSEX slipped 0.2%. The S&P Global Indian manufacturing rose to 54.7 in April from 54.0 in March, while consumer confidence index in Japan rose to 33.0 in April from a 14-month low level of 32.8 in the previous month. The au Jibun Bank Manufacturing PMI for Japan was revised higher to 53.5 in April from the preliminary reading of 53.4, while Australian manufacturing PMI rose to 58.8 in April from a preliminary reading of 57.7. The official NBS non-manufacturing PMI for China declined to 41.9 in April from February's reading of 48.4, while manufacturing PMI for China dropped to 47.4 in April.

Broker Recommendation

BMO Capital downgraded Weyerhaeuser Company WY from Outperform to Market Perform and announced a $42 price target..

Weyerhaeuser shares fell 0.4% to $41.04 in pre-market trading.

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Breaking News

• AudioCodes Ltd AUDC reported first-quarter FY22 revenue growth of 12.8% year-on-year to $66.36 million, beating the consensus of $66.29 million.
• Qualcomm, Inc. QCOM has reportedly landed a long-term supply deal with German automaker Volkswagen AG VWAGY.
• Enterprise Products Partners L.P. EPD reported upbeat earnings for its first quarter.
• Horizon Therapeutics Public Limited Company HZNP said it received European Commission approval of UPLIZNA for the treatment of adults with neuromyelitis optica spectrum disorder.

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