A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Apple Earnings

A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Apple Earnings

Pre-open movers

U.S. stock arnings from Apple Inc. (NASDAQ: AAPL), Amazon.com, Inc. (NASDAQ: AMZN), McDonald's Corporation (NYSE: MCD), The Kraft Heinz Company (NASDAQ: KHC), Twitter, Inc. (NYSE: TWTR) and American Airlines Group Inc. (NASDAQ: AAL). Data on new unemployment claims for the latest week, the employment cost index for the first quarter and consumer spending for March will be released at 8:30 a.m. ET. The Chicago PMI for April is scheduled for release at 9:45 a.m. ET.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 1,040,480 with around 60,990 deaths. Spain confirmed a total of over 236,890 cases, while Italy reported a total of at least 203,590 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 43 points to 24,609 while the Standard & Poor’s 500 index futures traded rose 2.75 points to 2,943.75. Futures for the Nasdaq 100 index rose 43.25 points to 9,079.75.

Oil prices traded higher as Brent crude futures rose 7.5% to trade at $26.05 per barrel, while US WTI crude futures rose 14.6% to trade at $17.26 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.2%, STOXX Europe 600 Index declining 0.2% and German DAX 30 index dropping 0.3%. The UK's FTSE index was trading lower by 0.4%, while French CAC 40 Index rose 0.1%.

In Asian markets, Japan’s Nikkei rose 2.14%, Hong Kong’s Hang Seng Index rose 0.28%, China’s Shanghai Composite Index rose 1.33% and India’s BSE Sensex rose 2.7%.

Broker Recommendation

Analysts at JP Morgan downgraded Zebra Technologies Corp. (NASDAQ: ZBRA) from Overweight to Neutral and announced a $250 price target.

Zebra Technologies shares fell 0.4% to $243.89 in pre-market trading.

Breaking News

Facebook, Inc. (NASDAQ: FB) reported better-than-expected revenue for its first quarter, while earnings missed estimates. Daily active users rose 11% year-over-year, while monthly active users surged 10% year-over-year.

Tesla Inc (NASDAQ: TSLA) reported a surprise profit for its first quarter, also surpassing analysts’ estimates on Wednesday.

Amarin Corporation plc (NASDAQ: AMRN) reported upbeat results for its first quarter.

Microsoft Corporation (NASDAQ: MSFT) reported stronger-than-expected earnings and sales results for its third quarter.