Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones tumbled more than 500 points in the previous session. Investors are awaiting earnings results from Bank of America Corporation (NYSE:BAC), Morgan Stanley (NYSE:MS), UnitedHealth Group Incorporated (NYSE:UNH) and The Procter & Gamble Company (NYSE:PG).
Data on housing starts and permits for December will be released at 8:30 a.m. ET. Analysts expect an annual rate of 1.650 million for December starts, down from 1.679 million in the previous month. Permits are seen at 1.710 million, slightly down from 1.717 million a month ago.
Futures for the Dow Jones Industrial Average gained 31 points to 35,290.00 while the Standard & Poor’s 500 index futures rose 6.50 points to 4,577.75. Futures for the Nasdaq index gained 40 points to 15,246.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 68,767,000 with around 877,240 deaths. India reported a total of at least 37,901,240 confirmed cases, while Brazil confirmed over 23,215,550 cases.
Oil prices traded higher as Brent crude futures rose 0.8% to trade at $88.19 per barrel, while US WTI crude futures gained 1% to trade at $88.19 a barrel. The API’s report on crude oil stocks will be released today.
A Peek Into Global Markets
European markets were slightly higher today. The STOXX Europe 600 Index rose 0.1%, while Spain’s IBEX 35 Index rose 0.2% and London’s FTSE 100 gained 0.1%. The French CAC 40 Index gained 0.4%, while German DAX dropped 0.1%. The Eurozone current account surplus shrank to EUR 26.0 billion in November from EUR 27.5 billion in the year-ago month. Germany’s annual inflation rate was confirmed at 5.3% in December, notching the highest level since June 1992. Annual inflation rate in the UK climbed to 5.4% in December from 5.1% in the previous month, while headline rate of output prices fell to 9.3% year-over-year in December.
Asian markets traded mostly lower today. Japan’s Nikkei dipped 2.8%, Hong Kong’s Hang Seng Index rose 0.06%, while China’s Shanghai Composite fell 0.33%. Australia’s S&P/ASX 200 fell 1% and India’s BSE Sensex fell 1.1%. The Consumer Sentiment Index in Australia slipped 2% to 102.2 in January.
Broker Recommendation
Keybanc downgraded Toll Brothers, Inc. (NYSE:TOL) from Sector Weight to Underweight and announced a $56 price target.
Toll Brothers shares fell 1.3% to $62.50 in pre-market trading.
Check out other major ratings here
Breaking News
- J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) reported better-than-expected results for its fourth quarter on Tuesday.
- American Financial Group, Inc. (NYSE:AFG) announced plans to acquire Verikai Inc for $120 million in cash.
- Signature Bank (NASDAQ:SBNY) reported pricing of its underwritten offering of 2,100,000 shares at $352.00 per share.
- General Motors Co (NYSE:GM) has secured a tax break on its proposed $1.3 billion investment to expand the Orion assembly plant for building electric vehicles, the Detroit Free Press reported on Tuesday, citing an Orion township trustee.
