A look at the markets: US stock futures down after Thursday’s rally

Pre-open movers

US stock futures traded lower in early premarket trading after the Dow Jones jumped more than 400 points in the previous session. Investors await the results of UP Fintech Holding Limited (NASDAQ: TIGR) and CNFinance Holdings Limited (NYSE: CNF).

Data on existing home sales and the index of leading economic indicators will be released at 10:00 a.m. ET. Richmond Federal Reserve Chairman Thomas Barkin is scheduled to speak at 12:30 p.m. ET, while Chicago Fed President Charles Evans will speak at 2 p.m. ET.

Dow Jones Industrial Average futures fell 150 points to 34,311.00 while Standard & Poor’s 500 index futures fell 24.50 points to 4,385.75. Nasdaq index futures fell 81.75 points to 14,030.00.

Oil prices rose as Brent crude futures rose 0.9% to trade at $107.55 a barrel, while US WTI crude futures rose 1% to trade at $104.02 a barrel. U.S. natural gas supply fell by 79 billion cubic feet last week, the Energy Information Administration said Thursday. Baker Hughes’ North American Platform Count report for the past week is scheduled for release at 1:00 p.m. ET.

The United States has the highest number of COVID-19 cases and deaths in the world, with the total number of infections in the country exceeding 81,350,880 with approximately 996,070 deaths. India has reported a total of at least 43,004,000 confirmed cases, while Brazil has confirmed more than 29,527,640 cases.

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An overview of global markets

European markets were down today. The STOXX Europe 600 index fell 0.2%, while Spain’s IBEX 35 index fell 0.4% and London’s FTSE 100 fell 0.2%. The French CAC 40 index fell 0.7%, while the German DAX fell 0.8%. Italy recorded a trade deficit of 5.052 billion euros in January against a surplus of 1.584 billion euros a year ago.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.65%, Hong Kong’s Hang Seng Index fell 0.41% and China’s Shanghai Composite Index rose 1.12%. Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE SENDEX rose 1.8%. The Bank of Japan kept its short-term key rate unchanged at -0.1% at its last meeting. Japanese consumer prices rose 0.9% year-on-year in February, following a 0.5% increase a month ago.

Broker Recommendation

Piper Sandler demoted Wingstop Inc. (NASDAQ: WING) from overweight to underweight and lowers the price target from $195 to $102.

Wingstop shares fell 2.2% to $118.43 in premarket trading.

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recent news

  • FedEx Corporation (NYSE: FDX) reported weaker-than-expected earnings for its third quarter, while sales beat estimates. The company said it expects adjusted EPS of $20.50 to $21.50.
  • Tesla Inc. (NASDAQ: TSLA) resumed production at Giga Shanghai on Friday after a two-day suspension, Reuters reported, citing people familiar with the matter.
  • GameStop Corp. (NYSE: GME) reported a net loss for the fourth quarter on Thursday. Its net sales rose 6.2% to $1.88 billion, while its gross profit fell 15.7% in the quarter.
  • United States Steel Corp. (NYSE:X) issued a weak first-quarter earnings forecast. The company said it expects first-quarter adjusted earnings to be between $2.96 and $3 per share, versus an estimate of $3.77 per share.

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