
Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Dow Jones surged around 370 points in the previous session. Investors are awaiting earnings results from CVS Health Corporation. (NYSE:CVS), Fox Corporation (NASDAQ:FOX), Uber Technologies, Inc. The Walt Disney Company (NYSE:DIS).
Data on wholesale inventories for December will be released at 10:00 a.m. ET. Federal Reserve Governor Michelle Bowman is set to speak at 10:30 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 12:00 p.m. ET.
Futures for the Dow Jones Industrial Average jumped 203 points to 35,545.00 while the Standard & Poor’s 500 index futures gained 31.25 points to 4,543.75. Futures for the Nasdaq index rose 121.50 points to 14,856.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 78,556,190 with around 932,440 deaths. India reported a total of at least 42,410,970 confirmed cases, while Brazil confirmed over 26,776,620 cases.
Oil prices traded slightly higher as Brent crude futures rose 0.1% to trade at $90.86 per barrel, while US WTI crude futures rose 0.1% to trade at $89.40 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
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A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1.5%, while Spain’s IBEX 35 Index rose 1.1% and London’s FTSE 100 rose 0.7%. The French CAC 40 Index rose 1.6%, while German DAX gained 1.3%. Italy’s industrial production fell 1% from a month ago in December. The Germany’s trade surplus shrank to EUR 7 billion in December from EUR 15.1 billion in the year-ago period, while current account surplus narrowed to EUR 23.9 billion from EUR 26.2 billion.
Asian markets traded higher today. Japan’s Nikkei rose 1.08%, while Hong Kong’s Hang Seng Index gained 2.06% and China’s Shanghai Composite Index gained 0.79%. Australia’s S&P/ASX 200 rose 1.1%, while India’s BSE SENSEX gained 1.1%. The Consumer Sentiment Index in Australia fell 1.3% to 100.8 points in February.
Broker Recommendation
Cowen & Co. maintained Chipotle Mexican Grill, Inc. (NYSE:CMG) with a Outperform and lowered the price target from $2250 to $1950.
Chipotle shares rose 6.5% to $1,555.00 in pre-market trading.
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Breaking News
- Chipotle Mexican Grill, Inc. (NYSE:CMG) reported upbeat earnings for its fourth quarter. The company said it sees Q1 same-store sales up in mid to high single digits range.
- Xpeng Inc (NYSE:XPEV) said on Tuesday its ordinary shares, which trade on The Stock Exchange of Hong Kong Limited (HKEX), have been included in the Shenzhen-Hong Kong Stock Connect program and would help lift investor reach.
- Omnicom Group Inc. (NYSE:OMC) reported better-than-expected results for its fourth quarter.
- Lyft, Inc. (NYSE:LYFT) reported upbeat earnings results for its fourth quarter.