Pre-open movers
U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 650 points in the previous session. Investors are awaiting earnings results from Oracle Corporation (NYSE:ORCL), JD.com, Inc. (NASDAQ:JD) and Ulta Beauty, Inc. (NASDAQ:ULTA).
Data on initial jobless claims and the Consumer Price Index for February will be released at 8:30 a.m. ET. The U.S. Treasury budget statement for February will be released at 2:00 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 126 points to 33,139.00 while the Standard & Poor’s 500 index futures fell 12.25 points to 4,263.00. Futures for the Nasdaq index fell 58.50 points to 13,676.25.
Oil prices traded higher as Brent crude futures rose 3.9% to trade at $115.48 per barrel, while US WTI crude futures rose 2.8% to trade at $111.74 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 81,064,100 with around 989,470 deaths. India reported a total of at least 42,980,060 confirmed cases, while Brazil confirmed over 29,194,040 cases.
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A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index fell 0.5%, while Spain’s IBEX 35 Index fell 0.4% and London’s FTSE 100 fell 0.5%. The French CAC 40 Index fell 1.1%, while German DAX dropped 1.1%. Industrial production in Italy fell 3.4% from a month ago in January, while Industrial producer prices surged 32.9% year-over-year in January. Payroll employment in the France’s private sector increased by 0.6% to 20.06 million in the fourth quarter.
Asian markets traded higher today. Japan’s Nikkei 225 rose 3.94%, Hong Kong’s Hang Seng Index gained 1.27% and China’s Shanghai Composite Index rose 1.22%. Australia’s S&P/ASX 200 rose 1.1%, while India’s BSE SENSEX rose 1.4%. Private house approvals in Australia dropped 17.5% to a nine month low of 8,712 units in January, while building permits fell 27.9% to 12,916 units. Producer prices in Japan climbed 9.3% year-over-year in February.
Broker Recommendation
Keybanc maintained Asana, Inc. (NYSE:ASAN) with an Overweight and lowered the price target from $97 to $61.
Asana shares fell 24.4% to $36.90 in pre-market trading.
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Breaking News
- Asana, Inc. (NYSE:ASAN) reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter.
- Major U.S.-based crypto exchange Kraken plans to distribute $10 million worth of Bitcoin (CRYPTO: BTC) to Ukraine-based clients impacted by the Russian invasion.
- Fossil Group, Inc. (NASDAQ:FOSL) reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year.
- Insignia Systems Inc (NASDAQ:ISIG) reported fourth-quarter financial results. Insignia said fourth-quarter revenue declined 10.4% year-over-year to $4.5 million. The company reported a quarterly earnings loss of 56 cents per share, which was worse than the loss of 55 cents per share in the fourth quarter of 2020.
