A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Earnings, Jobless Claims Data

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Dow Jones jumped more than 300 points in the previous session. Investors are awaiting earnings results from AT&T Inc. T, D. R. Horton Inc DHI, Union Pacific UNP, American Airlines Group AAL and Intel Corporation INTC.

Data on initial jobless claims for the latest week and the Chicago Fed National Activity Index for March will be released at 8:30 a.m. ET. Data on existing home sales and the index of leading economic indicators for March will be released at 10:00 a.m. ET. The Kansas City Fed's manufacturing index for April is scheduled for release at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 22 points to 33,994.00 while the Standard & Poor’s 500 index futures fell 5 points at 4,159.75. Futures for the Nasdaq 100 index fell 13 points to 13,906.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 31,862,400 with around 569,400 deaths. India reported a total of at least 15,930,770 confirmed cases, while Brazil confirmed over 14,122,790 cases.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $64.84 per barrel, while US WTI crude futures fell 0.7% to trade at $64.84 a barrel. US crude oil inventories increased 0.594 million barrels in the April 16th week, compared to a 5.889 million drop in the earlier period, the Energy Information Administration said Wednesday. The EIA’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index gained 0.5%. The French CAC 40 Index rose 0.7%, German DAX 30 gained 0.5% while London's FTSE 100 rose 0.2%. Italy's industrial sales increased 0.2% in February following a revised 2.6% rise in January. French manufacturing climate indicator climbed to 104 in April from a revised reading of 99 in March. Eurozone’s government deficit to GDP ratio climbed to 7.2% in 2020 compared to 0.6% in 2019.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 2.38%, China’s Shanghai Composite fell 0.23% and Hong Kong’s Hang Seng Index rose 0.47%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex rose 0.8%. Retail sales in Australia increased 1.4% month-over-month in March, while the Westpac-Melbourne Institute Leading Economic Index increased 0.38% in March.

Broker Recommendation

Keybanc downgraded Welbilt, Inc. WBT from Overweight to Sector Weight.

Welbilt shares rose 2.9% to $23.23 in pre-market trading.

<a href="https://www.benzinga.com/analyst-ratings/"><em>Check out other major ratings here </em></a>

Breaking News

• Whirlpool Corporation WHR reported better-than-expected results for its first quarter and raised FY21 earnings guidance.
• Ford Motor Co F is planning to prolong production halt at five of its North American manufacturing facilities indicating the ongoing global semiconductor shortage is worsening, The Wall Street Journal reported.
• Discover Financial Services DFS reported upbeat earnings for its first quarter on Wednesday.
• Walt Disney Company DIS and Sony Group Corporation’s SONY Sony Pictures Entertainment said they have entered into a multi-year content licensing deal that will give Disney U.S. streaming and television rights for “Spider-Man” and other upcoming Sony movies after their initial runs on Netflix Inc NFLX.

Check out other breaking news here