Pre-open movers
U.S. stock futures traded lower in early pre-market trade after rising tensions between Russia and Ukraine. Russian President Vladimir Putin said he would recognize the independence of two Russian-led breakaway regions of Ukraine and ordered Russian troops to go into eastern Ukraine. Investors are awaiting earnings results from The Home Depot, Inc. (NYSE:HD), Toll Brothers, Inc. (NYSE:TOL) and Macy's, Inc. (NYSE:M).
The S&P Corelogic Case-Shiller home price index and FHFA House Price Index for December will be released at 9:00 a.m. ET. The flash Composite Purchasing Managers' Index for February is scheduled for release at 9:45 a.m. ET, while the Conference Board’s consumer confidence index and Richmond manufacturing index will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:30 p.m. ET.
Futures for the Dow Jones Industrial Average dipped 171 points to 33,836.00 while the Standard & Poor’s 500 index futures fell 21.25 points to 4,322.25. Futures for the Nasdaq index tumbled 151.25 points to 13,844.75.
Oil prices traded higher as Brent crude futures gained 4% to trade at $99.24 per barrel, while US WTI crude futures rose 5.4% to trade at $96.00 a barrel. The total number of active U.S. oil rigs rose by 4 to 520 rigs this week, Baker Hughes Inc reported Friday.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,145,280 with around 960,150 deaths. India reported a total of at least 42,851,920 confirmed cases, while Brazil confirmed over 28,250,590 cases.
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A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index declined 0.5%, while Spain’s IBEX 35 Index fell 0.1% and London’s FTSE 100 fell 0.2%. The French CAC 40 Index fell 0.6%, while German DAX dropped 0.9%. The UK government reported a £2.9 billion surplus in its public finances in January, versus a £2.5 billion deficit a year ago. The Ifo Business Climate indicator for Germany climbed to 98.9 in February from a revised level of 96 in January. The annual inflation rate in Italy increased to 4.8% in January from 3.9% in the earlier month.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.71%, Hong Kong’s Hang Seng Index dipped 2.69% and China’s Shanghai Composite Index fell 0.96%. Australia’s S&P/ASX 200 fell 1%, while India’s BSE SENSEX fell 0.7%.
Broker Recommendation
Piper Sandler downgraded Celanese Corporation (NYSE:CE) from Neutral to Underweight and lowered the price target from $180 to $140.
Celanese shares fell 1% to $142.80 in pre-market trading.
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Breaking News
- The Williams Companies, Inc. (NYSE:WMB) reported upbeat earnings for its fourth quarter.
- Kilroy Realty Corporation (NYSE:KRC) reported the resignation of its Chief Financial Officer Michelle Ngo effective February 25, 2022. The company named its Chief Investment Officer Eliott Trencher as interim CFO.
- GXO Logistics, Inc. (NYSE:GXO) agreed to buy Clipper Logistics in a deal valued at around £943 million ($1.3 billion).
- The Kraft Heinz Company (NASDAQ:KHC) announced plans to appoint Chief Executive Officer Miguel Patricio as Chair.
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