A Peek Into The Markets: US Stock Futures Up; Fed Decision In Focus

Pre-open movers

Benzinga · 01/29/2020 11:01

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from McDonald's Corporation (NYSE: MCD), General Electric Company (NYSE: GE), AT&T Inc. (NYSE: T) and The Boeing Company (NYSE: BA). Microsoft Corporation (NASDAQ: MSFT) and Facebook, Inc. (NASDAQ: FB) will release earnings after the closing bell. An advance report on U.S. international trade in goods for December will be released at 8:30 a.m. ET. The pending home sales index for December and the State Street Investor Confidence Index for January will be released at 10:00 a.m. ET. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET, while the Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Futures for the Dow Jones Industrial Average gained 45 points to 28,755 while the Standard & Poor’s 500 index futures traded rose 6.45 points to 3,284.75. Futures for the Nasdaq 100 index climbed 28.25 points to 9,133.50.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $59.32 per barrel, while US WTI crude futures rose 0.9% to trade at $53.96 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.5%, STOXX Europe 600 Index gaining 0.4% and German DAX 30 index gaining 0.1%. The UK's FTSE index was trading higher by 0.2%, while French CAC 40 Index rose 0.3%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.71%, Hong Kong’s Hang Seng Index fell 2.82%, China’s Shanghai Composite Index fell 2.75% and India’s BSE Sensex fell 0.46%.

Broker Recommendation

Analysts at KeyBanc upgraded Harley-Davidson, Inc. (NYSE: HOG) from Underweight to Sector Weight.

Harley-Davidson shares fell 3% to close at $33.79 on Tuesday.

Breaking News

  • Apple Inc. (NASDAQ: AAPL) reported better-than-expected Q1 results and issued Q2 sales guidance above estimates.
  • Starbucks Corporation (NASDAQ: SBUX) reported upbeat earnings for its first quarter. Starbucks said the company's fiscal year 2020 guidance is unchanged from what was provided in its fiscal fourth-quarter earnings report, which excludes any impact of the coronavirus.
  • Xilinx, Inc. (NASDAQ: XLNX) reported upbeat earnings for its third quarter, while sales missed views. The company also issued Q4 sales guidance below estimates.
  • eBay Inc (NASDAQ: EBAY) reported stronger-than-expected results for its fourth quarter, but issued weak sales guidance for the first quarter.