U.S. stock futures traded lower in early pre-market trade as Treasury yields surged again. The Nasdaq climbed more than 300 points in the previous session after President Biden signed the $1.9 trillion covid-19 relief package. Investors are awaiting earnings reports from Buckle Inc (NYSE: BKE) and Kirkland’s, Inc. (NASDAQ: KIRK).
The Producer Price Index for February is scheduled for release at 8:30 a.m. ET, while the University of Michigan’s consumer sentiment index for March will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 28 points to 32,451.00 while the Standard & Poor’s 500 index futures fell 25 points at 3,911.75. Futures for the Nasdaq 100 index dipped 246.75 points to 12,801.50.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 29,286,140 with around 530,820 deaths. India reported a total of at least 11,308,840 confirmed cases, while Brazil confirmed over 11,277,710 cases.
Oil prices traded higher as Brent crude futures rose 0.3% to trade at $69.81 per barrel, while US WTI crude futures rose 0.2% to trade at $66.12 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were lower today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index fell 0.5%. The French CAC 40 Index fell 0.3%, German DAX 30 slipped 0.7% while London’s FTSE 100 fell 0.3%. Industrial production in the Eurozone increased 0.8% in January following a revised 0.1% decline in December. Spain’s consumer prices came in unchanged from the prior year for February, while retail sales dipped 9.5% year-over-year in January. Annual inflation rate in Germany increased to 1.3% in February. Imports to the UK tumbled 18.5% to GBP 43 billion in January, while exports plunged 18.2% to GBP 41.4 billion. Britain’s gross domestic product contracted 1.7% during the three months to January, while industrial production declined 1.5% in January.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 1.73%, China’s Shanghai Composite rose 0.47% and Hong Kong’s Hang Seng Index fell 2.2%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex fell 1%. Manufacturing production in Hong Kong dropped 6% year-over-year during the last three months of 2020.
KeyBanc downgraded Team, Inc. (NYSE: TISI) from Overweight to Sector Weight.
Team shares fell 4% to close at $12.00 on Thursday.
- Novavax, Inc. (NASDAQ: NVAX) reported that its COVID-19 vaccine, NVX-CoV2373, was 96.4% effective “against mild, moderate and severe disease caused by the original COVID-19 strain” in Phase 3 trials.
- JD.com (NASDAQ: JD) is in talks to buy stake worth $1.5 billion in Sinolink Securities, Reuters reported.
- Ulta Beauty Inc (NASDAQ: ULTA) reported upbeat earnings and sales results for its fourth quarter. The company also said President Dave Kimbell will succeed Mary Dillon as CEO.
- Docusign Inc (NASDAQ: DOCU) reported better-than-expected results for its fourth quarter and issued strong sales forecast.
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