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A Peek Into The Markets: US Stock Futures Edge Lower Following Monday's Rally

Pre-open movers

Benzinga · 05/19/2020 10:00

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, following a surge in the equity markets on Monday. Investors are awaiting earnings results from Walmart Inc. (NYSE: WMT), Advance Auto Parts, Inc. (NYSE: AAP) and The Home Depot, Inc. (NYSE: HD). Data on housing starts and permits for April will be released at 8:30 a.m. ET. Investors also await congressional testimony from Fed Chairman Jerome Powell. Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:00 p.m. ET.

The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases and deaths around the world. Total COVID-19 cases in the U.S. exceeded 1,508,950 with around 90,360 deaths. Russia reported a total of at least 299,940 confirmed cases, while Brazil confirmed over 255,360 cases.

Futures for the Dow Jones Industrial Average dropped 49 points to 24,458 while the Standard & Poor’s 500 index futures traded fell 8 points to 2,940. Futures for the Nasdaq 100 index fell 2.25 points to 9,323.25.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $34.93 per barrel, while US WTI crude futures rose 1.7% to trade at $32.35 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.6%, STOXX Europe 600 Index dropping 0.7% and German DAX 30 index dropping 0.4%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index fell 0.8%.

In Asian markets, Japan’s Nikkei rose 1.49%, Hong Kong’s Hang Seng Index rose 1.89%, China’s Shanghai Composite Index gained 0.81% and India’s BSE Sensex rose 0.9%.

Broker Recommendation

Analysts at Wells Fargo upgraded Mantech International Corp (NASDAQ: MANT) from Equal-Weight to Overweight and lowered the price target from $87 to $83.

Mantech shares rose 0.2% to $71.45 in pre-market trading.

Breaking News

  • Moderna Inc (NASDAQ: MRNA) announced Monday it is planning to raise more than $1.3 billion in a secondary public offering after reporting positive interim data from phase one of its clinical trials.
  • Tesla Inc’s (NASDAQ: TSLA) new car registrations dropped 64% to 4,633 units in April versus 12,709 units in March, reported Reuters.
  • Baidu Inc (NASDAQ: BIDU) reported upbeat results for its first quarter on Monday.
  • Bellerophon Therapeutics Inc (NASDAQ: BLPH) announced a common stock offering.