A Peek Into The Markets: US Stock Futures Mostly Higher Ahead Of Consumer Price Index

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade after Nasdaq jumped more than 450 points in the previous session following a decline in Treasury yields. Investors are awaiting earnings reports from United Natural Foods Inc UNFI, Campbell Soup Company CPB and Oracle Corporation ORCL.

The Consumer Price Index for February will be released at 8:30 a.m. ET, while the U.S. Treasury monthly statement for February will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 80 points to 31,891.00 while the Standard & Poor’s 500 index futures rose 3.25 points at 3,876.50. Futures for the Nasdaq 100 index rose 0.25 points to 12,789.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 29,096,050 with around 527,690 deaths. India reported a total of at least 11,262,700 confirmed cases, while Brazil confirmed over 11,122,420 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $67.28 per barrel, while US WTI crude futures fell 0.2% to trade at $63.88 a barrel. Crude inventories increased 12.8 million barrels in the latest week, the American Petroleum Institute said Tuesday. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index fell 0.2%. The French CAC 40 Index rose 0.2%, German DAX 30 gained 0.1% while London's FTSE 100 fell 0.6%. Industrial production in France rose 3.3% in January, while Italy’s producer prices fell 0.3% year-over-year in January.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.03%, China’s Shanghai Composite fell 0.05% and Hong Kong’s Hang Seng Index rose 0.47%. Australia’s S&P/ASX 200 fell 0.8%, while India’s BSE Sensex rose 0.6%. China's producer prices increased 1.7% year-over-year in February following a 0.3% rise a month earlier, while the consumer price index declined 0.2% year-over-year in February. Australia’s consumer sentiment index rose by 2.6% to 111.8 in March.

Broker Recommendation

KeyBanc upgraded Bentley Systems, Incorporated BSY from Sector Weight to Overweight and announced a $52 price target.

Bentley Systems shares rose 1.1% to close at $43.37 on Tuesday.

Check out other major ratings here

Breaking News

• H & R Block Inc HRB reported a narrower-than-expected loss for its third quarter on Tuesday.
• Tesla Inc TSLA battery supplier LG Energy Solutions — a unit of LG Chem, is in discussions to make the automaker’s latest advanced battery in the United States and Europe, Reuters reported.
• AeroVironment, Inc. AVAV swung to a profit in the third quarter. The company also said it expects FY21 earnings of $0.76 to $0.96 per share on sales of $400 million to $410 million.
• Aleafia Health Inc. ALEAF raised $22.7 million via a previously announced bought deal offering.

Check out other breaking news here