A Peek Into The Markets: US Stock Futures Drop Ahead Of Earnings

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones and Nasdaq dropped more than 100 points in the previous session. Investors are awaiting earnings results from Procter & Gamble Co PG, Lockheed Martin Corporation LMT, Johnson & Johnson JNJ, Abbott Laboratories ABT and Netflix Inc NFLX.

Futures for the Dow Jones Industrial Average dropped 116 points to 33,842.00 while the Standard & Poor’s 500 index futures fell 13.25 points at 4,142.25. Futures for the Nasdaq 100 index fell 47.25 points to 13,850.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,738,220 with around 567,690 deaths. India reported a total of at least 15,320,970 confirmed cases, while Brazil confirmed over 13,973,690 cases.

Oil prices traded higher as Brent crude futures rose 1.4% to trade at $68.00 per barrel, while US WTI crude futures rose 1.3% to trade at $64.21 a barrel. The API’s report on crude inventories will be released later in the day.

A Peek Into Global Markets

European markets were lower today . The Spanish Ibex Index fell 1.3% and STOXX Europe 600 Index declined 0.7%. The French CAC 40 Index fell 0.9%, German DAX 30 slipped 0.3% while London's FTSE 100 fell 0.5%. Germany's producer prices rose 3.7% year-over-year in March. The UK’s unemployment rate dropped to 4.9% in the three months to February.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.97%, China’s Shanghai Composite fell 0.13% and Hong Kong’s Hang Seng Index rose 0.10%. Australia’s S&P/ASX 200 fell 0.7%, while India’s BSE Sensex fell 0.6%. The Bank of China maintained its benchmark lending rate for corporate and household loans for the 12th consecutive month.

Broker Recommendation

Telsey Advisory Group initiated coverage on ThredUp Inc. TDUP with an Outperform rating and announced a price target of $20.

ThredUp shares rose 1.9% to close at $15.26 on Monday.

Check out other major ratings here

Breaking News

• IBM IBM reported stronger-than-expected results for its first quarter on Tuesday.
• Crown Holdings, Inc. CCK reported upbeat first-quarter results.
• United Airlines Holdings Inc UAL reported a wider-than-expected loss for its first quarter on Monday.
• Steel Dynamics, Inc. STLD posted better-than-expected earnings for its first quarter.

Check out other breaking news here