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A Peek Into The Markets: US Stock Futures Down Ahead Of Manufacturing Reports

Pre-open movers

Benzinga · 03/02/2020 11:46

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade. South Korea confirmed 123 new coronavirus cases today, while Iran reported an additional 523 new cases. The manufacturing PMI for February is scheduled for release at 9:45 a.m. ET. The ISM manufacturing index for February and data on construction spending for January will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 49 points to 25,315 while the Standard & Poor’s 500 index futures traded fell 13.9 points to 2,937.25. Futures for the Nasdaq 100 index declined 5.75 points to 8,448.25.

Oil prices traded higher as Brent crude futures rose 1.6% to trade at $50.46 per barrel, while US WTI crude futures rose 1.3% to trade at $45.32 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 0.9%, STOXX Europe 600 Index dropping 0.5% and German DAX 30 index declining 0.8%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index slipped 0.6%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.95%, Hong Kong’s Hang Seng Index rose 0.62%, China’s Shanghai Composite Index climbed 3.15% and India’s BSE Sensex fell 0.40%.

Broker Recommendation

Analysts at Oppenheimer upgraded Apple Inc. (NASDAQ: AAPL) from Perform to Outperform and announced a $320 price target.

Apple shares rose 0.8% to $275.50 in pre-market trading.

Breaking News

  • DENTSPLY SIRONA Inc. (NASDAQ: XRAY) reported downbeat earnings for its fourth quarter, while sales exceeded views.
  • Merck & Co., Inc. (NYSE: MRK) disclosed that its Phase 3 KEYNOTE-204 trial of KEYTRUDA met one of its primary endpoints.
  • Acorn International, Inc. (NYSE: ATV) announced plans to suspend quarterly dividend due to concerns corona virus will materially impact business.
  • WillScot Corporation (NASDAQ: WSC) and Mobile Mini, Inc. (NASDAQ: MINI) announced plans to merge.