A Peek Into The Markets: US Stock Futures Mixed Following Friday's Rally

Author: Lisa Levin | January 31, 2022 06:30am

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Nasdaq jumped by more than 400 points in the previous session. Apple Inc. (NASDAQ:AAPL) reported upbeat results for its first quarter after the closing bell on Thursday. Investors are awaiting earnings results from L3Harris Technologies, Inc. (NYSE:LHX), NXP Semiconductors N.V. (NASDAQ:NXPI), Trane Technologies plc (NYSE:TT) and Sanmina Corporation (NASDAQ:SANM).

The Chicago PMI for January is scheduled for release at 9:45 a.m. ET, while the Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET. Data on farm prices for December will be released at 3:00 p.m. ET. San Francisco Federal Reserve President Mary Daly is set to speak at 11:30 a.m. ET, while Kansas City Fed President Esther George will speak at 12:40 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 53 points to 34,542.00 while the Standard & Poor’s 500 index futures rose 1.25 points to 4,424.50. Futures for the Nasdaq index climbed 70.25 points to 14,503.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 75,578,070 with around 907,190 deaths. India reported a total of at least 41,302,440 confirmed cases, while Brazil confirmed over 25,351,480 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $89.18 per barrel, while US WTI crude futures rose 0.8% to trade at $87.47 a barrel. The total number of active U.S. oil rigs gained by 4 to 495 rigs this week, Baker Hughes Inc reported Friday.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 1%, while Spain’s IBEX 35 Index rose 0.3% and London’s FTSE 100 rose 0.2%. The French CAC 40 Index rose 0.8%, while German DAX climbed 1.3%. Spanish retail trade dropped 2.3% year-over-year in December following a revised 5.1% increase in the prior month, while annual inflation rate eased to 6% in January.

Asian markets traded mostly higher today. Japan’s Nikkei jumped 1.07%, while Hong Kong’s Hang Seng Index gained 1.07%. Australia’s S&P/ASX 200 fell 0.2%, while India’s BSE SENSEX gained 1.5%. Japanese housing starts climbed 4.2% year-over-year in December, while consumer confidence index fell to a five-month low of 36.7 in January. Retail sales in Japan rose 1.4% in December, while industrial production fell 1.0%. The official NBS Manufacturing PMI for China slipped to 50.1 in January from 50.3 in the previous month, while non-manufacturing PMI fell to a five-month low of 51.1 in January.

Broker Recommendation

Credit Suisse upgraded Tesla, Inc. (NASDAQ:TSLA) From Neutral to Outperform.

Tesla shares rose 2.3% to $865.69 in pre-market trading.

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Breaking News

• Xpeng Inc (NYSE:XPEV) is expected to deliver 13,000 units in January, cnEVpost reported on Sunday, citing a local publication.
• Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has intensified his criticism of the Canadian government for its COVID-19 vaccine mandate, saying that the so-called “fringe minority” seemed to actually be the government.
• Elliott Management Corp and Vista Equity Partners are nearing a deal to pay about $104 per share for Cloud-computing company Citrix Systems, Inc. (NASDAQ:CTXS).
• SJW Group (NYSE:SJW) named Andrew F. Walters as its CFO. The company also appointed James P. Lynch as chief accounting officer. Peter Fletcher was named vice president - information security officer of San Jose Water Co, a subsidiary of SJW Group.

Check out other breaking news here

Posted In: AAPL CTXS LHX NXPI SANM SJW TSLA TT XPEV