A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Manufacturing Data; Crude Oil Surges 3%

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from Target Corporation TGT. HP Inc. HPQ, Domino's Pizza, Inc. DPZ and salesforce.com, inc. CRM.

The final manufacturing PMI for February is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing composite index and construction spending will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 32 points to 33,808.00 while the Standard & Poor’s 500 index futures fell 9 points to 4,359.00. Futures for the Nasdaq index tumbled 63.50 points to 14,164.50.

Oil prices traded higher as Brent crude futures rose 3.4% to trade at $101.31 per barrel, while US WTI crude futures climbed 3% to trade at $98.54 a barrel. The API’s data on crude oil stocks will be released today.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 80,647,340 with around 975,150 deaths. India reported a total of at least 42,930,010 confirmed cases, while Brazil confirmed over 28,787,620 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.8%, while Spain’s IBEX 35 Index fell 0.6% and London’s FTSE 100 fell 0.2%. The French CAC 40 Index dipped 2.2%, while German DAX fell 1.4%. The IHS Markit Eurozone manufacturing PMI was revised lower to 58.2 in February versus an initial reading of 58.4. Spain’s current account balance swung to a deficit of EUR 1.31 billion in December versus a year-ago surplus of EUR 0.92 billion. Spain's annual inflation rate increased to 7.4% in February from 6.1% in January. German manufacturing PMI was revised lower to 58.4 in February versus a preliminary reading of 58.5, while Italy manufacturing PMI remained at 58.3 in February. The IHS Markit French manufacturing PMI climbed to 57.2 in February, while Spain’s manufacturing PMI climbed to a three-month high of 56.9 in February.

Asian markets traded mostly higher today. Japan’s Nikkei 225 climbed 1.2%, Hong Kong’s Hang Seng Index gained 0.2% and China’s Shanghai Composite Index gained 0.77%. Australia’s S&P/ASX 200 rose 0.7%, while India’s BSE SENSEX gained 0.7%. The official NBS non-manufacturing PMI for China climbed to 51.6 in February from a five-month low level of 51.1 in the prior month, while manufacturing PMI rose to 50.2 in February from January's figure of 50.1. The au Jibun Bank Japan manufacturing PMI fell to 52.7 in February from a preliminary reading of 52.9. Australia's current account surplus shrank to a five-month low of AUD 12.7 billion in the fourth quarter from a revised AUD 22.0 billion in the prior period, while IHS Markit manufacturing PMI was revised lower to 57.0 in February versus a preliminary level of 57.6.

Broker Recommendation

Keybanc maintained Workday WDAY with a Overweight and lowered the price target from $345 to $312.

Workday shares rose 7.8% to $247.00 in pre-market trading.

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Breaking News

• Groupon, Inc. GRPN reported weaker-than-expected results for its fourth quarter and issued weak Q1 sales guidance.
• Nio Inc NIO said on Tuesday deliveries fell in February over last month as the U.S. listed Chinese electric vehicle maker suspended production during the spring festival.
• HP Inc. HPQ reported better-than-expected earnings for its first quarter and raised its FY22 earnings guidance.
• 3D Systems Corporation DDD reported better-than-expected Q4 results.

Check out other breaking news here