Pre-open movers
U.S. stock futures traded lower in early pre-market trade after the Dow Jones tumbled 450 points in the previous session. Investors are awaiting earnings results from Halliburton Company (NYSE: HAL), International Business Machines Corporation (NYSE: IBM), and Steel Dynamics, Inc. (NASDAQ: STLD).
The Chicago Fed National Activity Index for December is scheduled for release at 8:30 a.m. ET, while the Composite Purchasing Managers’ Index for January will be released at 9:45 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 148 points to 34,009.00 while the Standard & Poor’s 500 index futures fell 24.25 points to 4,365.75. Futures for the Nasdaq index dropped 110 points to 14,316.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 71,925,930 with around 889,190 deaths. India reported a total of at least 39,543,320 confirmed cases, while Brazil confirmed over 24,044,430 cases.
Oil prices traded lower as Brent crude futures fell 0.2% to trade at $87.70 per barrel, while US WTI crude futures fell 0.4% to trade at $87.70 a barrel. US crude oil inventories surged 500,000 barrels last week, the EIA said Thursday. The total number of active U.S. oil rigs slipped by 1 to 491 rigs this week, Baker Hughes Inc reported.
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A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index dipped 2.3%, while Spain’s IBEX 35 Index fell 2.1% and London’s FTSE 100 dropped 1.4%. The French CAC 40 Index declined 2%, while German DAX dipped 1.9%. The IHS Markit Eurozone services PMI fell to 51.2 in January from 53.1 in the prior month, while manufacturing PMI rose to 59 from 58. The IHS Markit France manufacturing PMI declined to 55.5 in January from 55.6 in December, while services PMI slipped to 53.1 in January. The IHS Markit Germany manufacturing PMI rose to 60.5 in January, while services PMI climbed to 52.2. The IHS Markit/CIPS UK Services PMI fell to 53.3 in January from 53.6 a month ago, while manufacturing PMI declined to 56.9 from 57.9.
Asian markets traded mostly lower today. Japan’s Nikkei rose 0.24%, Hong Kong’s Hang Seng Index fell 1.24%, while China’s Shanghai Composite rose 0.04%. Australia’s S&P/ASX 200 fell 0.5% and India’s BSE Sensex fell 2.6%. The au Jibun Bank Japan composite PMI fell to 48.8 in January from a final reading of 52.5 a month ago, while Australian composite PMI fell to 45.3 in January from 54.9 in December.
Broker Recommendation
Jefferies downgraded Netflix, Inc. (NASDAQ: NFLX) from Buy to Hold and lowered the price target from $737 to $415.
Netflix shares fell 2.2% to $388.76 in pre-market trading.
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Breaking News
- The FDA has approved Gilead Sciences Inc’s (NASDAQ: GILD) Veklury (remdesivir) for non-hospitalized adult and adolescent patients at high risk of progression to severe COVID-19.
- Health Canada has approved Ipsen SA’s (OTC: IPSEY) Sohonos (palovarotene capsules) in adults and children aged eight years & above for fibrodysplasia ossificans progressiva (FOP).
- The FDA has approved AbbVie Inc’s (NYSE: ABBV) Skyrizi (risankizumab-rzaa) for active psoriatic arthritis (PsA), a systemic inflammatory disease that affects the skin and joints.
- The FDA has issued a Complete Response Letter (CRL) to Pfizer Inc (NYSE: PFE) and OPKO Health Inc’s (NASDAQ: OPK) somatrogon.
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