A look at the markets: US stock futures up ahead of Powell; Crude oil jumps more than 5%

Pre-open movers

US stock futures traded higher in early premarket trading after the Dow fell about 600 points in the previous session. Investors await the results of Dollar Tree, Inc. (NASDAQ: DLTR). American Eagle Outfitters, Inc. (NYSE: OEA) and Abercrombie & Fitch Co. (NYSE:ANF).

ADP’s national employment report for February will be released at 8:15 a.m. ET. Chicago Fed President Charles Evans is scheduled to speak at 9:00 a.m. ET, while St. Louis Federal Reserve Chairman James Bullard will speak at 9:30 a.m. ET. Fed Chairman Jerome Powell is due to testify before Congress on monetary policy at 10:00 a.m. ET. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

Dow Jones Industrial Average futures jumped 245 points to 33,512.00 while Standard & Poor’s 500 index futures rose 34.50 points to 4,338.25. Nasdaq index futures climbed 121 points to 14,126.50.

Oil prices rose as Brent crude futures rose 5.7% to trade at $110.90 a barrel, while U.S. WTI crude futures climbed 5, 6% to trade at $109.19 a barrel. The American Petroleum Institute on Tuesday night said U.S. crude supplies fell by 6.1 million barrels last week. The Energy Information Administration’s weekly report on U.S. oil inventories is scheduled for release 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 80,697,920 with approximately 977,400 deaths. India has reported a total of at least 42,938,590 confirmed cases, while Brazil has confirmed more than 28,811,160 cases.

Watch this: 4 Penny Stocks insiders are buying

An overview of global markets

European markets were mostly higher today. The STOXX Europe 600 index gained 0.1%, while Spain’s IBEX 35 index fell 0.1% and London’s FTSE 100 gained 0.6%. The French CAC 40 index rose 0.3%, while the German DAX gained 0.2%. The annual inflation rate in the euro zone reached a new record of 5.8% in February, against 5.1% in January. Germany’s unemployment rate fell to 5% in February from 5.1% in January. The number of people registered as unemployed in Spain fell by 11,394 from a month ago to 3.11 million in February. The French government’s budget deficit narrowed to 15.9 billion euros in January, from 21.9 billion euros the previous month. UK house prices jumped 12.6% year-on-year in February.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.68%, Hong Kong’s Hang Seng Index fell 1.84% and China’s Shanghai Composite Index fell 0.13%. Australia’s S&P/ASX 200 rose 0.3%, while India’s BSE SENDEX fell 1.4%. The IHS Markit India manufacturing PMI rose to 54.9 in February from 54.0 a month ago. Australia’s economy grew 3.4% quarter-on-quarter in the fourth quarter, following a 1.9% decline in the third quarter.

Broker Recommendation

Evercore ISI Group updated Reservation Holdings Inc. (NASDAQ: BKNG) from In-Line to Outperform and raised the price target from $2,500 to $2,900.

Booking shares rose 1.1% to $2,095.00 in premarket trading.

Watch this: Executives buy more than $70 million from 4 stocks

recent news

  • salesforce.com, inc. (NYSE: CRM) reported better-than-expected earnings for its fourth quarter and raised its sales forecast for FY23.
  • The Ukrainian government has confirmed that it will conduct a cryptocurrency airdrop.
  • Hewlett-Packard Enterprise Company (NYSE: HPE) reported better-than-expected earnings for its first quarter and raised its full-year earnings outlook.
  • Apple Inc. (NASDAQ:AAPL) said it suspended all product sales to Russia, citing “deep concerns” about Moscow’s invasion of Ukraine.

Check out more breaking news here

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Comments are closed.