Pre-open movers
U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Cardinal Health, Inc. CAH, Marriott International, Inc. MAR and AutoNation, Inc. AN. Chicago Federal Reserve chief Charles Evans is set to speak at 12:30 p.m. ET.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 1,329,790 with around 79,520 deaths. Spain confirmed a total of over 224,350 cases, while Russia reported a total of at least 221,340 confirmed cases.
Futures for the Dow Jones Industrial Average dropped 67 points to 24,219 while the Standard & Poor’s 500 index futures traded fell 10.65 points to 2,917.75. Futures for the Nasdaq 100 index fell 21 points to 9,197.25.
Oil prices traded lower as Brent crude futures fell 3.7% to trade at $29.83 per barrel, while US WTI crude futures fell 3.7% to trade at $23.82 a barrel.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 0.2%, STOXX Europe 600 Index dropping 0.4% and German DAX 30 index dropping 0.5%. The UK's FTSE index was trading lower by 0.3%, while French CAC 40 Index fell 0.9%.
In Asian markets, Japan’s Nikkei rose 1.05%, Hong Kong’s Hang Seng Index rose 1.53%, China’s Shanghai Composite Index slipped 0.02% and India’s BSE Sensex slipped 0.1%.
Broker Recommendation
Analysts at Stifel downgraded NetApp, Inc. NTAP from Buy to Hold and lowered the price target from $55 to $50.
NetApp shares rose 4.4% to close at $44.90 on Friday.
Breaking News
- Quidel Corporation QDEL disclosed that it has received emergency authorization for rapid antigen COVID-19 diagnostic assay.
- Automakers including General Motors Company GM, Ford Motor Company F, and Tesla, Inc. TSLA, are planning to reopen factories with enhanced safety precautions.
- AstraZeneca PLC AZN disclosed that Lynparza has been approved in the U.S., as a 1st-line maintenance treatment with bevacizumab for HED-positive advanced ovarian cancer.
- Monroe Capital Corp MRCC reported weaker-than-expected earnings for its first quarter.
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