A look at the markets: US stock futures mixed ahead of earnings
US stock futures traded mixed in early pre-market trading after the Dow fell about 40 points in the previous session. Investors await the results of Johnson & Johnson JNJ, Netflix, Inc. NFLX, Lockheed Martin Company LMT and International Commercial Machinery Society IBM.
March housing starts and permits data will be released at 8:30 a.m. ET. Federal Reserve Bank of Chicago President Charles Evans will speak at 12:05 p.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 8:00 p.m. ET.
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Dow Jones Industrial Average futures gained 24 points to 34,337.00 while Standard & Poor’s 500 Index futures fell 1.25 points to 4,385.50. Nasdaq index futures fell 31 points to 13,876.75.
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Oil prices fell as Brent crude futures fell 0.8% to trade at $112.29 a barrel, while US WTI crude futures fell 1% to trade at $107.16 a barrel.
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 82,377,150 with approximately 1,015,790 fatalities. India has reported a total of at least 43,045,520 confirmed cases, while Brazil has confirmed more than 30,261,080 cases.
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An overview of global markets
European markets were down today. The STOXX Europe 600 index fell 1.1%, while Spain’s IBEX 35 index fell 0.6% and London’s FTSE 100 fell 0.3%. The French CAC 40 index fell 0.9%, while the German DAX fell 0.9%.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.69%, Hong Kong’s Hang Seng Index fell 2.28% and China’s Shanghai Composite fell 0.05%. Australia’s S&P/ASX 200 gained 0.6%, while India’s BSE SENDEX rose 0.4%. Industrial production in Japan rose 2.0% month-on-month in February, following a revised 2.4% decline the previous month.
Benchmark began coverage on Patterson-UTI Energy, Inc. PTEN with a buy rating and announced a price target of $21.
Patterson-UTI Energy shares fell 3% to $17.44 in premarket trading.
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- JB Hunt Transport Services, Inc. JBHT announced better-than-expected results for its first quarter on Monday.
- Graphite mine based in Australia Syrah Resources SYAAF secured $107 million in loans from the U.S. Department of Energy to expand its electric vehicle battery parts plant in Louisiana.
- NETGEAR, Inc. NTGR released preliminary results for its first quarter. The company lowered its revenue forecast and now expects net revenue to be between $202 million and $212 million, down from an earlier forecast of $225 million to $240 million.
- Tesla Inc. TSLA faces an “open investigation” by a U.S. federal agency, Bloomberg News reported Monday, citing the electric vehicle maker’s state court filing in Oakland.
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