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A Peek Into The Markets: US Stock Futures Drop After Tuesday's Market Rally

Pre-open movers U.S. stock futures traded lower in early pre-market trade. The Consumer Price Index for February will be released at 8:30 a.m. ET, while the U.S. Treasury budget report for February is scheduled for release at 2:00 p.m. ET.

Benzinga · 03/11/2020 10:20

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Consumer Price Index for February will be released at 8:30 a.m. ET, while the U.S. Treasury budget report for February is scheduled for release at 2:00 p.m. ET.

South Korea confirmed a total of 7,755 coronavirus cases, while Italy reported a total of at least 10,000 confirmed cases and 631 deaths. Mainland China reported 24 additional confirmed cases with 22 new deaths.

Futures for the Dow Jones Industrial Average dropped 328 points to 24,521 while the Standard & Poor’s 500 index futures traded fell 43.6 points to 2,822.25. Futures for the Nasdaq 100 index dipped 120.25 points to 8,211.25.

Oil prices traded lower as Brent crude futures fell 2% to trade at $36.47 per barrel, while US WTI crude futures fell 2.1% to trade at $33.63 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 2%, STOXX Europe 600 Index climbing 1.5% and German DAX 30 index gaining 1.7%. The UK's FTSE index was trading higher by 0.4%, while French CAC 40 Index rose 1.7%.

In Asian markets, Japan’s Nikkei Stock Average fell 2.27%, Hong Kong’s Hang Seng Index dropped 0.63%, China’s Shanghai Composite Index fell 0.94% and India’s BSE Sensex rose 0.26%.

Broker Recommendation

Analysts at Goldman Sachs upgraded Sanofi (NASDAQ: SNY) from Neutral to Buy.

Sanofi shares fell 2.1% to $45.20 in pre-market trading.

Breaking News

  • The Bank of England lowered its main interest rate from 0.75% to 0.25%.
  • Korn Ferry (NYSE: KFY) reported better-than-expected earnings for its third quarter. However, the company said it will not issue specific sales and earnings guidance for the fourth quarter, citing uncertainty related to coronavirus.
  • Amazon.com Inc. (NASDAQ: AMZN) on Tuesday announced a $5 million fund to help small businesses in Seattle deal with the economic impact of the novel coronavirus (COVID-19) outbreak.
  • Turtle Beach Corp (NASDAQ: HEAR) reported upbeat results for its fourth quarter and issued strong Q1 sales guidance.