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Thursday, March 28, 2024

A Peek Into The Markets: US Stock Futures Plunge Amid Coronavirus Fears

Courtesy of Benzinga

A Peek Into The Markets: US Stock Futures Plunge Amid Coronavirus Fears

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. South Korea confirmed 256 new coronavirus cases on Thursday, while China reported an additional 327 new cases. Data on U.S. international trade in goods for January, wholesale inventories for January and consumer spending for January will be released at 8:30 a.m. ET. The Chicago PMI for February is scheduled for release at 9:45 a.m. ET, while the University of Michigan’s consumer sentiment for February will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:15 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 476 points to 25,076 while the Standard & Poor’s 500 index futures traded fell 55.9 points to 2,901.00. Futures for the Nasdaq 100 index declined 174.75 points to 8,208.00.

Oil prices traded lower as Brent crude futures fell 3.6% to trade at $49.87 per barrel, while US WTI crude futures fell 4.3% to trade at $45.07 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 3.8%, STOXX Europe 600 Index dropping 3.8% and German DAX 30 index declining 4.3%. The UK’s FTSE index was trading lower by 3.7%, while French CAC 40 Index slipped 3.7%.

In Asian markets, Japan’s Nikkei Stock Average fell 3.67%, Hong Kong’s Hang Seng Index fell 2.42%, China’s Shanghai Composite Index fell 3.71% and India’s BSE Sensex fell 3.64%.

Broker Recommendation

Analysts at Jefferies upgraded Dollar General Corporation (NYSE: DG) from Hold to Buy and raised the price target from $169 to $190.

Dollar General shares fell 3.1% to close at $157.6 on Thursday.

Breaking News

  • VMware, Inc. (NYSE: VMW) reported downbeat earnings for its fourth quarter, while sales exceeded views.
  • Alphatec Holdings, Inc. (NASDAQ: ATEC) announced plans to acquire EOS imaging in a cash and stock deal valued at up to $121.9 million.
  • Big Lots, Inc. (NYSE: BIG) reported downbeat results for its fourth quarter and issued weak earnings guidance.
  • Beyond Meat Inc (NASDAQ: BYND) reported weaker-than-expected earnings for its fourth quarter, while sales exceeded views.

Posted-In: A Peek Into The MarketsEarnings News Eurozone Futures Global Pre-Market Outlook Markets

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