January 29, 2023

A Peek Into The Markets: US Stock Futures Up Ahead Of Manufacturing Report



Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones and S&P 500 closed at fresh highs on the first trading day of new year. Investors are awaiting earnings results from SMART Global Holdings, Inc. (NASDAQ: SGH).

The ISM manufacturing composite index for December will be released at 10:00 a.m. ET. Analysts expect manufacturing index declining to 60.5 for December from November’s reading of 61.1. The Labor Department’s JOLTS report for November is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 76 points to 36,531.00 while the Standard & Poor’s 500 index futures rose 10 points to 4,796.00. Futures for the Nasdaq index gained 29.75 points to 16,515.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 57,131,180 with around 848,880 deaths. India reported a total of at least 34,960,260 confirmed cases, while Brazil confirmed over 22,305,070 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $79.36 per barrel, while US WTI crude futures gained 0.5% to trade at $76.47 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.6%, while Spain’s IBEX 35 Index gained 0.3% and London’s FTSE 100 jumped 1.2%. The French CAC 40 Index climbed 1%, while German DAX rose 0.4%. The IHS Markit/CIPS UK manufacturing PMI increased to 57.9 in December from a preliminary reading of 57.6, while consumer credit rose by GBP 1.2 billion in November. The unemployment rate in Germany fell to 5.2% in December from 5.3% in the prior month, while number of people registered as unemployed in the country fell 76,782 from a month ago to 3.106 million in December. The annual inflation rate in France came in steady at 2.8% year-over-year in December. Retail sales in Germany rose 0.6% in November, while unemployment rate fell to 3.2% in November.

Asian markets traded mostly higher today. Japan’s Nikkei jumped 1.77%, while Hong Kong’s Hang Seng Index rose 0.1%. China’s Shanghai Composite fell 0.2%, Australia’s S&P/ASX 200 jumped 1.95% and India’s BSE Sensex jumped 1.1%. The Caixin China general manufacturing PMI climbed to 50.9 in December from 49.9 in the previous month, while Japanese manufacturing PMI rose to 54.3 in December from a preliminary level of 54.2. The IHS Markit Australia manufacturing PMI was revised higher to 57.7 during December from a preliminary of 57.4.

Broker Recommendation

Raymond James upgraded First Solar, Inc. (NASDAQ: FSLR) from Underperform to Market Perform.

First Solar shares rose 2.4% to $90.70 in pre-market trading.

Check out other major ratings here

 

Breaking News

  • Jazz Pharmaceuticals plc (NASDAQ: JAZZ) reported that the FDA has granted Orphan Drug Exclusivity for Xywav oral solution.
  • ASGN Incorporated (NYSE: ASGN) reported a $350 million buyback program and also disclosed several changes to its leadership team.
  • Intra-Cellular Therapies, Inc. (NASDAQ: ITCI) reported a $400 million common stock offering.
  • The chief executive officer of pre-production electric vehicle company Fisker Inc (NYSE: FSR) said on Monday the company expects a $1.3 billion revenue from the current reservations for its Ocean electric sports utility vehicle which goes on sale in November this year.

Check out other breaking news here

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