A Peek Into The Markets: US Stock Futures Gain; All Eyes On Fed Decision
Pre-open movers
U.S. stock futures traded higher in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from General Mills, Inc. (NYSE: GIS), KB Home (NYSE: KBH), H.B. Fuller Company (NYSE: FUL) and Steelcase Inc. (NYSE: SCS).
Data on existing home sales for August will be released at 10:00 a.m. ET. The Federal Reserve will announce its policy decision at 2:00 p.m. ET, while Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
Futures for the Dow Jones Industrial Average jumped 168 points to 33,966.00 while the Standard & Poor’s 500 index futures gained 19.75 points to 4,363.00. Futures for the Nasdaq 100 index rose 43 points to 15,067.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 42,413,480 with around 678,500 deaths. India reported a total of at least 33,531,490 confirmed cases, while Brazil confirmed over 21,247,090 cases.
Oil prices traded higher as Brent crude futures rose 1% to trade at $75.13 per barrel, while US WTI crude futures rose 1.3% to trade at $71.38 a barrel. The American Petroleum Institute, late Tuesday, reported a decline of 6.108 million barrels in crude oil inventories for the week ending September 17. The Energy Information Administration’s weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.3% and STOXX Europe 600 Index climbed 0.4%. The French CAC 40 Index surged 0.8%, London’s FTSE 100 gained 0.8% while German DAX 30 gained 0.2%.
Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.67%, while Hong Kong’s Hang Seng Index gained 0.51% and China’s Shanghai Composite Index added 0.4%. Australia’s S&P/ASX 200 gained 0.3% and India’s BSE Sensex rose 0.1%. The Bank of Japan held its key short-term interest rate at -0.1%, while China’s central bank also maintained its benchmark interest rates for corporate and household loans. The Westpac-Melbourne Institute Leading Economic Index for Australia slipped 0.3% in August.
Broker Recommendation
Keybanc upgraded Ambarella, Inc. (NASDAQ: AMBA) from Sector Weight to Overweight and announced a $185 price target.
Ambarella shares rose 2.7% to close at $148.92 on Tuesday.
Check out other major ratings here
Breaking News
FedEx Corporation (NYSE: FDX) reported weaker-than-expected earnings for its first quarter, while sales exceeded estimates. The company also lowered its guidance for FY21.
Zoom Video Communications Inc’s (NASDAQ: ZM) deal to buy customer-service software company Five9 Inc (NASDAQ: FIVN) is being investigated by a U.S. Department of Justice-led panel over the former's ties with China, The Wall Street Journal reported, citing a Federal Communications Commission letter.
Adobe Inc (NASDAQ: ADBE) reported upbeat earnings for its third quarter and issued strong forecast for the current quarter.
Stitch Fix Inc (NASDAQ: SFIX) reported a surprise profit for its fourth quarter, while sales also surpassed market expectations. The company said it sees Q1 net sales of $560 million to $575mn and adjusted EBITDA of $15 million to $20 million.
Check out other breaking news here
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