U.S. stock futures traded lower in early pre-market trade after the S&P 500 recorded its first weekly loss in the previous three weeks. Investors are awaiting earnings reports from Discovery (NASDAQ: DISCA), DISH Network (NASDAQ: DISH), Cooper Tire & Rubber (NYSE: CTB) and Williams Companies Inc (NYSE: WMB).
The Chicago Fed National Activity Index for January is scheduled for release at 8:30 a.m. ET, while the index of leading economic indicators for January will be released at 10:00 a.m. ET. The Dallas Fed manufacturing index for February is scheduled for release at 10:30 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 167 points to 31,266.00 while the Standard & Poor’s 500 index futures traded fell 26 points to 3,877.00. Futures for the Nasdaq 100 index fell 149.75 points to 13,426.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 28,134,120 with around 498,890 deaths. India reported a total of at least 11,005,850 confirmed cases, while Brazil confirmed over 10,168,170 cases.
Oil prices traded higher as Brent crude futures rose 0.8% to trade at $62.63 per barrel, while US WTI crude futures rose 0.5% to trade at $59.54 a barrel. The total number of active U.S. oil rigs slipped by 1 to 305 rigs this week, Baker Hughes Inc reported.
A Peek Into Global Markets
European markets were lower today. The Spanish Ibex Index fell 1.2% and STOXX Europe 600 Index declined 1.2%. The French CAC 40 Index declined 1.1%, German DAX 30 fell 1.2% while London’s FTSE 100 fell 1.1%.
Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 0.46%, China’s Shanghai Composite dropped 1.45% and Hong Kong’s Hang Seng Index fell 1.06%. Australia’s S&P/ASX 200 fell 0.2%, while India’s BSE Sensex fell 2.1%. Annual inflation rate in Hong Kong increased to 1.9% in January. The People’s Bank of China maintained its benchmark loan prime rate for the tenth straight month.
KeyBanc upgraded AvalonBay Communities, Inc. (NYSE: AVB) from Sector Weight to Overweight and announced $200 price target.
AvalonBay Communities shares fell 0.3% to $177.55 in pre-market trading.
- Lucid Motors, rumored to be landing a SPAC deal with Churchill Capital Corp IV (NYSE: CCIV) since January, is close to a deal, according to Bloomberg. Sources told Bloomberg a deal could be announced on Tuesday.
- Tremont Mortgage Trust (NASDAQ: TRMT) reported an increase in earnings for the fourth quarter. Distributable earnings climbed to $2.3 million, or $0.28 per share, from $1.4 million, or $0.17 per share in the year-ago period.
- Tesla Inc (NASDAQ: TSLA) has apparently stopped taking orders for the cheapest version of its Model Y, Electrek has reported.
- Zoetis Inc (NYSE: ZTS) received the European Commission’s marketing approval for Solensia (frunevetmab), an injectable monoclonal antibody for the alleviation of pain associated with osteoarthritis in cats.
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