U.S. stock futures traded lower in early pre-market trade, ahead of earnings from several companies. Data on new home sales for December will be released at 10:00 a.m. ET, while the Dallas Fed manufacturing index for January is schedule for release at 10:30 a.m. ET.
Futures for the Dow Jones Industrial Average dipped 425 points to 28,508 while the Standard & Poor’s 500 index futures traded fell 48 points to 3,245.50. Futures for the Nasdaq 100 index declined 174.25 points to 8,970.25.
Oil prices traded lower as Brent crude futures fell 4.1% to trade at $58.19 per barrel, while US WTI crude futures fell 3% to trade at $52.57 a barrel.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 1.6%, STOXX Europe 600 Index falling 1.9% and German DAX 30 index dropping 2.2%. The UK's FTSE index was trading lower by 2.3%, while French CAC 40 Index dipped 2.2%.
In Asian markets, Japan’s Nikkei Stock Average fell 2.03%, Hong Kong’s Hang Seng Index rose 0.15%, China’s Shanghai Composite Index fell 2.75% and India’s BSE Sensex rose 0.66%.
Analysts at Stephens & Co. downgraded American Express Company (NYSE: AXP) from Overweight to Equal-Weight and raised the price target from $136 to $144.
American Express shares fell 1.8% to $132.70 in pre-market trading.
- D.R. Horton, Inc. (NYSE: DHI) reported better-than-expected earnings for its fourth quarter and raised its FY2020 sales guidance.
- Tanger Factory Outlet Centers, Inc. (NYSE: SKT) reported stronger-than-expected earnings for its fourth quarter and raised its quarterly dividend from $0.355 to $0.3575 per share.
- Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) agreed to sell KSNET for $237 million.
- Merck & Co., Inc. (NYSE: MRK) disclosed that its DIFICID received FDA approval to treat clostridioides in children aged six months and older.