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A Peek Into The Markets: US Stock Futures Drop Ahead Of Earnings, Economic Data

Pre-open movers

Benzinga · 01/31/2020 11:29

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Caterpillar Inc. (NYSE: CAT), Honeywell International Inc. (NYSE: HON), Phillips 66 (NYSE: PSX), Exxon Mobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX). Data on personal income and consumer spending for December and the employment cost index for the fourth quarter will be released at 8:30 a.m. ET. The Chicago PMI for January will be released at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for January is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 126 points to 28,665 while the Standard & Poor’s 500 index futures traded fell 14.7 points to 3,275.00. Futures for the Nasdaq 100 index declined 44 points to 9,172.25.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $57.61 per barrel, while US WTI crude futures rose 0.7% to trade at $52.52 a barrel. The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.8%, STOXX Europe 600 Index falling 0.4% and German DAX 30 index dropping 0.2%. The UK's FTSE index was trading lower by 0.8%, while French CAC 40 Index fell 0.5%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.99%, Hong Kong’s Hang Seng Index fell 0.52%, China’s Shanghai Composite Index fell 2.75% and India’s BSE Sensex fell 0.47%.

Broker Recommendation

Analysts at Baird downgraded Amgen, Inc. (NASDAQ: AMGN) from Neutral to Underperform and raised the price target from $173 to $185.

Amgen shares fell 3.7% to $217.90 in pre-market trading.

Breaking News

  • Aon plc (NYSE: AON) reported better-than-expected Q4 results.
  • Johnson Controls International PLC (NYSE: JCI) reported upbeat earnings for its fourth quarter, while sales missed views.
  • Amazon.com, Inc. (NASDAQ: AMZN) reported stronger-than-expected results for its fourth quarter. Amazon also said it expects first-quarter sales of $69 billion to $73 billion, with analysts expecting $71.6 billion.
  • Western Digital Corp (NASDAQ: WDC) reported better-than-expected Q2 earnings. The company also issued strong Q3 EPS and sales forecast.