A Peek Into The Markets: US Stock Futures Tumble; Dow Futures Down Over 500 Points

May 6, 2019

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Courtesy of Benzinga.

A Peek Into The Markets: US Stock Futures Tumble; Dow Futures Down Over 500 Points

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Philadelphia Federal Reserve Bank President Patrick Harker will speak in Philadelphia, PA at 9:30 a.m. ET. The TD Ameritrade Investor Movement Index for April is schedule for release at 12:30 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 521 points to 25,890, while the Standard & Poor’s 500 index futures fell 49.6 points to 2,898.00. Futures for the Nasdaq 100 index tumbled 171 points to 7,693.50.

Oil prices traded lower as Brent crude futures fell 0.7 percent to trade at $70.37 per barrel, while US WTI crude futures dropped 1 percent to trade at $61.32 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 1.4 percent, STOXX Europe 600 Index declined 1.4 percent and German DAX 30 index dropped 1.9 percent. The UK’s FTSE index was trading higher by 0.4 percent, while French CAC 40 Index fell 2 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.22 percent, Hong Kong’s Hang Seng Index dipped 2.9 percent, China’s Shanghai Composite Index fell 5.58 percent and India’s BSE Sensex slipped 0.93 percent.

Broker Recommendation

Analysts at Credit Suisse upgraded DISH Network Corp (NASDAQ: DISH) from Underperform to Neutral.

DISH shares rose 4.4 percent to close at $35.08 on Friday.

Breaking News

Park Hotels & Resorts Inc (NYSE: PK) reported a $2.7 billion strategic acquisition of Chesapeake Lodging Trust (NYSE: CHSP). Chesapeake Lodging Trust reported Q1 earnings of $0.14 per share on sales of $133.7 million, while Park Hotels posted Q1 earnings of $0.48 per share on sales of $659 million.
Sinclair Broadcast Group Inc (NASDAQ: SBGI) announced plans to acquire 21 regional sports networks from Walt Disney Co (NYSE: DIS) at a valuation of $10.6 billion.
Epizyme Inc (NASDAQ: EPZM) announced narrower-than-expected loss for its first quarter.
Occidental Petroleum Corporation (NYSE: OXY) revised its offer to acquire Anadarko Petroleum Corporation (NYSE: APC) to $76 per share. The offer comprises $59 per share in cash plus 0.2934 shares of Occidental common stock.