Market Snapshot: US Stock Futures Fall Ahead of GDP Report

Pre-open movers

US stock futures traded lower in early premarket trading after the Dow Jones jumped more than 300 points in the previous session. Investors await the results of Five Below, Inc. FIVE, Paychex, Inc. PAYX and BioNTech SE BNTX.

ADP’s national employment report for March will be released at 8:15 a.m. ET, while the fourth-quarter gross domestic product report will be released at 8:30 a.m. ET. Richmond Federal Reserve Chairman Thomas Barkin is scheduled to speak at 9:15 a.m. ET, while Kansas City Fed President Esther George will speak at 1:00 p.m. ET.

Dow Jones Industrial Average futures fell 73 points to 35,117.00 while Standard & Poor’s 500 Index futures fell 12 points to 4,613.50. Nasdaq index futures fell 60.25 points to 15,177.50.

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Oil prices rose as Brent crude futures rose 1.3% to trade at $109.07 a barrel, while U.S. WTI crude futures rose 1. 3% to trade at $105.60 a barrel. The American Petroleum Institute said crude oil inventories fell 3.0 million barrels last week. The Energy Information Administration’s weekly report on U.S. oil inventories will be released at 10:30 a.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 81,686,620 with approximately 1,005,050 fatalities. India has reported a total of at least 43,023,210 confirmed cases, while Brazil has confirmed more than 29,882,390 cases.

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An overview of global markets

European markets were mostly down today. The STOXX Europe 600 index fell 0.6%, while Spain’s IBEX 35 index fell 0.8% and London’s FTSE 100 rose 0.1%. The French CAC 40 index fell 1%, while the German DAX fell 1.3%.

Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.8%, Hong Kong’s Hang Seng Index gained 1.4% and China’s Shanghai Composite Index jumped 2%. Australia’s S&P/ASX 200 rose 0.7%, while India’s BSE SENDEX rose 1.1%. Retail sales in Japan fell 0.8% year-on-year in February, as the market estimated a decline of 0.3%.

Broker Recommendation

Loop Capital launched a hedge on Nordson Company NDSN with a Hold rating and announced a price target of $250.

Nordson shares rose 1.8% to close at $232.62 on Tuesday.

Watch this: Executives buy over $2.2 million from 3 Penny Stocks

recent news

  • Lululemon Athletica Inc. LULU reported better-than-expected earnings for its fourth quarter and released strong guidance for the full year.
  • Alibaba Group Holding Limited BABA led a $60 million financing round for Nio Inc. NIOCNBC-backed augmented reality glasses maker Nreal, CNBC reported Wednesday, citing the startup.
  • Micron Technology MU announced better-than-expected results for its second quarter and also released strong guidance for the current quarter.
  • HR HR reported upbeat earnings for its fourth quarter, while sales missed estimates. The company also announced a 3-for-1 stock split.

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