U.S. stock futures traded mostly lower in early pre-market trade after the Dow Jones tumbled more than 550 points in the previous session due to a surge in bond yields. Investors are awaiting earnings reports from Foot Locker, Inc. (NYSE: FL), Public Service Enterprise Group Inc. (NYSE: PEG), Carter’s, Inc. (NYSE: CRI) and Fluor Corporation (NYSE: FLR).
Data on U.S. international trade in goods, personal income, consumption expenditures and wholesale inventories for January will be released at 8:30 a.m. ET. The Chicago PMI for February is scheduled for release at 9:15 a.m. ET, while the final reading of University of Michigan’s consumer sentiment index for January will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average fell 43 points to 31,328.00 while the Standard & Poor’s 500 index futures rose 0.75 points at 3,828.75. Futures for the Nasdaq 100 index fell 18 points to 12,813.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 28,413,370 with around 508,300 deaths. India reported a total of at least 11,063,490 confirmed cases, while Brazil confirmed over 10,390,460 cases.
Oil prices traded lower as Brent crude futures fell 0.8% to trade at $65.61 per barrel, while US WTI crude futures fell 0.6% to trade at $63.15 a barrel. US natural-gas supplies fell 338 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m.
A Peek Into Global Markets
European markets were mostly lower today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index declined 0.4%. The French CAC 40 Index fell 0.3%, German DAX 30 slipped 0.1% while London’s FTSE 100 fell 0.3%. French gross domestic product contracted 1.4% on quarter during the October-December period, while import prices in Germany declined 1.2% year-over-year in January. Spain’s current account surplus narrowed to EUR 0.73 billion in December from EUR 2.2 billion in the year-ago month, while consumer prices came in flat year-over-year in February.
Asian markets traded higher today. Japan’s Nikkei 225 fell 3.99%, China’s Shanghai Composite dropped 2.12% and Hong Kong’s Hang Seng Index fell 3.64. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex fell 4.1%. Japan’s housing starts fell 3.1% year-over-year in January. Industrial output in Japan surged 4.2% in January, while retail sales fell 2.4% year-over-year in January.
Raymond James downgraded Best Buy Co., Inc. (NYSE: BBY) from Strong Buy to Outperform and lowered the price target from $150 to $120..
Best Buy shares rose 1% to $103.94 in pre-market trading.
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- Dell Technologies Inc (NYSE: DELL) reported better-than-expected results for its fourth quarter on Thursday.
- Tesla Inc (NASDAQ: TSLA) temporarily halted production at its Fremont, California factory due to parts shortages, according to CEO Elon Musk.
- salesforce.com, inc. (NYSE: CRM) reported upbeat results for its fourth quarter and issued strong guidance for the current quarter. However, the company issued weak profit forecast for the full-year 2022.
- Groupon Inc (NASDAQ: GRPN) reported stronger-than-expected results for its fourth quarter.
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