A Peek Into The Markets: US Stock Futures Rise Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped around 450 points in the previous session. Investors are awaiting earnings results from Darden Restaurants, Inc. DRI, TD SYNNEX Corporation SNX and FactSet Research Systems Inc. FDS.

Data on durable goods orders, initial jobless claims and current account will be released at 8:30 a.m. ET. The composite PMI for March will be released at 9:45 a.m. ET, while the Kansas City Fed manufacturing index for March will be released at 11:00 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 9:10 a.m. ET, while Chicago Fed President Charles Evans will speak at 9:50 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 158 points to 34,408.00 while the Standard & Poor’s 500 index futures rose 27 points to 4,474.50. Futures for the Nasdaq index climbed 108 points to 14,555.00.

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Oil prices traded higher as Brent crude futures rose 0.8% to trade at $118.72 per barrel, while US WTI crude futures rose 0.4% to trade at $115.37 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 81,527,320 with around 1,001,170 deaths. India reported a total of at least 43,014,680 confirmed cases, while Brazil confirmed over 29,729,990 cases.

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A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index gained 0.2%, while Spain’s IBEX 35 Index fell 0.1% and London’s FTSE 100 rose 0.3%. The French CAC 40 Index gained 0.6%, while German DAX rose 0.3%. The IHS Markit Eurozone manufacturing PMI declined to 57 in March from 58.2 in February. The IHS Markit French composite PMI climbed to 56.2 in March from 55.5 in February, while German composite PMI slipped to 54.6 in March from 55.6 in February. The manufacturing climate indicator in France fell to a 11-month low level of 106 in March.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.25%, Hong Kong’s Hang Seng Index fell 0.94% and China’s Shanghai Composite Index fell 0.63%. Australia’s S&P/ASX 200 rose 0.1%, while India’s BSE SENSEX fell 0.1%. Japan’s manufacturing PMI rose to 53.2 in March from a final 52.7, while services PMI rose to 48.7 in March from 44.2 in the previous month. The IHS Markit Australia Composite PMI climbed to 57.1 in March from 56.6 in February.

Broker Recommendation

Berenberg downgraded International Flavors & Fragrances Inc. IFF from Buy to Hold and announced a $144 price target.

Intl Flavors & Fragrances shares fell 1.1% to close at $126.13 on Wednesday.

Check out this: Executives Buy More Than $12M Of 3 Stocks

Breaking News

• H.B. Fuller Company FUL reported better-than-expected results for its first quarter on Wednesday.
• Walmart Inc. WMT has filed a lawsuit against BJ’s Wholesale Club Holdings Inc. BJ for allegedly stealing technology related to a self-checkout option in the Sam’s Club mobile app, CNBC reported Wednesday.
• Ollie's Bargain Outlet Holdings, Inc. OLLI reported upbeat earnings for its fourth quarter, while sales missed estimates. The company also said it sees FY22 adjusted EPS of $2.15 to $2.22 on sales of $1.908 billion to $1.926 billion.
• Oxford Industries OXM reported better-than-expected Q4 results.

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