A Peek Into The Markets: US Stock Futures Down Following Tuesday's Rally

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 400 points in the previous session. Investors are awaiting earnings results from Target Corporation TGT, Lowe's Companies, Inc. LOW and Cisco Systems, Inc. CSCO.

Data on housing starts and permits for April will be released at 8:30 a.m. ET. Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 4:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dipped 90 points to 32,491.00 while the Standard & Poor’s 500 index futures fell 17.25 points to 4,067.50. Futures for the Nasdaq index fell 90 points to 12,470.25

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $112.70 per barrel, while US WTI crude futures rose 1% to trade at $113.57 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. 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 84,473,440 with around 1,027,280 deaths. India reported a total of at least 43,127,190 confirmed cases, while Brazil confirmed over 30,728,280 cases.

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A Peek Into Global Markets

European markets were mostly lower today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index rose 0.4%. The French CAC 40 Index fell 0.3%, while German DAX dropped 0.2%. UK’s producer inflation increased 14% year-over-year in April from 11.9% in March, while annual inflation rate accelerated to 9% in April, the highest since 1982. Passenger car sales in the European Union dipped 20.6% year-over-year to 684,506 units in April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.94%, Hong Kong’s Hang Seng Index gained 0.20% and China’s Shanghai Composite Index fell 0.25%. Australia’s S&P/ASX 200 rose 1% and India’s S&P BSE Sensex rose 0.3%. Industrial production in Japan increased by 0.3% month-over-month in March following a 2.9% increase a month ago, while the country’s economy contracted 0.2% quarter-over-quarter in the first quarter following a revised 0.9% growth in the previous quarter. Average new home prices in China increased by 0.7% year-over-year in April, while Australia's wage price index rose by 2.4% year-over-year in the first quarter.

Broker Recommendation

Jefferies upgraded Penn National Gaming, Inc. PENN from Hold to Buy.

Penn National Gaming shares rose 3% to $31.84 in pre-market trading.

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Breaking News

• Keysight Technologies, Inc. KEYS reported upbeat results for its second quarter. The company said it sees Q3 revenue of $1.33 billion to $1.35 billion and earnings of $1.74 to $1.80 per share.
• Tesla Inc. TSLA is gearing up to hold its next AI Day in August, exactly a year after the first one, CEO Elon Musk tweeted on Tuesday.
• The Container Store Group, Inc. TCS reported better-than-expected results for its fourth quarter and issued strong FY23 sales guidance.
• A Suffolk County resident is reportedly suing McDonald’s Corp MCD and The Wendy's Co WEN, accusing them of defrauding customers by not selling burgers that are as big and juicy as the ones they advertise.

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