Pre-open movers
U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Verizon Communications Inc. VZ and American Express Company AXP. Data on durable goods orders for March will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for April is scheduled for release at 10:00 a.m. ET.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 869,170 with around 49,960 deaths. Spain confirmed a total of over 213,020 cases, while Italy reported a total of at least 189,970 confirmed cases.
Futures for the Dow Jones Industrial Average rose 76 points to 23,413 while the Standard & Poor’s 500 index futures traded rose 10.20 points to 2,791. Futures for the Nasdaq 100 index rose 22.75 points to 8,621.5.
Oil prices traded lower as Brent crude futures fell 2.9% to trade at $24.06 per barrel, while US WTI crude futures fell 5% to trade at $15.67 a barrel. The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 2.3%, STOXX Europe 600 Index slipping 1.3% and German DAX 30 index dropping 1.9%. The UK's FTSE index was trading lower by 1.4%, while French CAC 40 Index slipped 1.8%.
In Asian markets, Japan’s Nikkei fell 0.86%, Hong Kong’s Hang Seng Index fell 0.61%, China’s Shanghai Composite Index fell 1.06% and India’s BSE Sensex fell 1.3%.
Broker Recommendation
Analysts at Stifel upgraded eBay Inc EBAY from Hold to Buy and raised the price target from $40 to $45.
eBay shares rose 0.8% to $38.20 in pre-market trading.
Breaking News
- Intel Corporation INTC reported stronger-than-expected results for its first quarter, but issued weak earnings forecast for the second quarter.
- World Wrestling Entertainment, Inc. WWE reported better-than-expected results for its first quarter.
- The United States House of Representatives voted in favor of a $484 billion novel coronavirus relief package for small businesses and hospitals.
- Sanofi SA SNY reported a rise in its profit and sales for the first quarter.
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