U.S. stock futures traded higher in early pre-market trade after President Donald Trump said he would ask the Congress to pass payroll tax relief and other measures to dilute the economic impact from the coronavirus outbreak. South Korea confirmed 131 new coronavirus cases, while mainland China reported 19 new confirmed cases. Italy extended quarantine restrictions to the whole country after reporting a total of at least 9,100 cases and 463 deaths.
Futures for the Dow Jones Industrial Average climbed 1,051 points to 24,928 while the Standard & Poor’s 500 index futures traded rose 124 points to 2,872.25. Futures for the Nasdaq 100 index gained 370 points to 8,321.00.
Oil prices traded higher as Brent crude futures rose 6.4% to trade at $36.55 per barrel, while US WTI crude futures rose 7.1% to trade at $33.34 a barrel.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 3.6%, STOXX Europe 600 Index climbing 3.7% and German DAX 30 index gaining 3.4%. The UK's FTSE index was trading higher by 3.7%, while French CAC 40 Index rose 3.8%.
In Asian markets, Japan’s Nikkei Stock Average rose 0.85%, Hong Kong’s Hang Seng Index gained 1.41%, China’s Shanghai Composite Index rose 1.82% and India’s BSE Sensex fell 5.17%.
Analysts at Stifel upgraded United Parcel Service, Inc. (NYSE: UPS) from Hold to Buy and lowered the price target from $118 to $104.
UPS shares rose 3.2% to $90.00 in pre-market trading.
- Stitch Fix Inc (NASDAQ: SFIX) reported upbeat earnings for its second quarter, while sales missed views. The company lowered its guidance for the full year.
- Comfort Systems USA, Inc. (NYSE: FIX) announced plans to acquire TAS Energy Inc.
- Blackstone Group Inc. (NYSE: BX) has offered to take Beijing-based builder SOHO China Ltd. private in a $4 billion deal, Reuters reported Tuesday citing sources.
- Casey's General Stores Inc (NASDAQ: CASY) reported better-than-expected profit for its third quarter, while sales missed estimates.