US futures are pointing to a higher open today after ending lower on Friday as investors are keeping an eye on the rising interest rates. Traders are looking ahead to this week’s earnings from major technology companies including Alphabet (GOOGL), Facebook (FB) and Twitter (TWTR).
The S&P futures rose 0.22% to 2,677.25, Dow futures gained 0.18% to 24,476, and Nasdaq advanced 0.39% to 6,702. Elsewhere, shares at Asian markets closed lower on Monday and European stocks are trading lower.
On the European economic front, data from the Central Statistical Office showed that Poland’s retail sales grew 8.8% on year in March after rising 7.7% in February. Eurostat data revealed that euro area government deficit narrowed to EUR 98.92 billion from EUR 159.01 billion last year. IHS Markit data showed that Eurozone private sector composite output index remained unchanged at 55.2 in March. IHS Markit data revealed that Germany’s private sector composite output index rose to 55.3 in April from 55.1 in March, and France’s private sector composite output index grew to 56.9 in April from 56.3 in March.
On the Asian economic front, data from the Ministry of Economic Affairs showed that Taiwan’s industrial production rose 3.09% on year in March after falling 2.22% in February, and Taiwan’s unemployment rate remained unchanged at 3.7% in March. Census and Statistics Department data revealed that Hong Kong’s consumer price inflation accelerated to 2.6% in March from 2.4% in January to February period.
The Ministry of Trade and Industry and Monetary Authority of Singapore showed that Singapore consumer price inflation eased to 0.2% in March from 0.5% in February. Nikkei data revealed that manufacturing sector purchasing managers’ index in Japan rose to 53.3 in April from 53.1 in March.
On April 20, US ended lower, with Dow down 0.82% to 24,462.94. Nasdaq fell 1.27% to 7,146.13, and the S&P 500 tumbled 0.85% to 2,670.14. Markets remained concerned on weakness for technology and consumer staples shares. Brokerage firm Morgan Stanley warned of discouraging iPhone sales in the June quarter, hurting Apple (AAPL) stock, which slumped 4.1% on Friday.
Meanwhile, key economic events scheduled for today include the Chicago Fed national activity index, composite purchasing managers’ index and existing home sales. New York Fed President William Dudley will give a speech today.
Key companies reporting earnings today include Whirlpool (WHR), Sanmina (SANM), Heidrick & Struggles International (HSII), FirstEnergy (FE), Helix Energy Solutions (HLX), Zions Bancorp (ZION), Cadence Design Systems (CDNS), SLM Corp. (SLM), Kimberly-Clark (KMB), Lennox International (LII), TD Ameritrade Holding (AMTD), Lincoln Electric (LECO), Alaska Air Group (ALK), Brown & Brown (BRO), Crane (CR), Ameriprise Financial (AMP), Halliburton (HAL), and Barrick Gold (ABX).
Brokerage firm Morgan Stanley warned of discouraging iPhone sales in the June quarter, hurting Apple (AAPL) stock, which slumped 4.1% on Friday.
On the corporate front, Michael Kors Holdings (KORS) stock rose 1.85% in the premarket after brokerage firm Deutsche Bank upgraded the shares to “buy” from “hold”. Hasbro (HAS) stock fell 6.77% in premarket after weaker-than-expected first-quarter results. McDermott International (MDR) stock climbed 18.35% in the premarket after Subsea 7 S.A. confirmed a $7 per share proposal to buy McDermott.
Vectren (VVC) stock increased 5.42% in premarket after CenterPoint Energy (CNP) agreed to buy Vectren for $72 per share in cash. Henry Schein (HSIC) rose 4.24% in premarket after it announced plans to spin-off its animal health business for an expected $1-$1.25 billion in tax-free cash.
Crude oil futures are down 1.45% to $67.41. Gold is trading down 0.88% to $1,326.50, and silver is down 1.94% to $16.83. On the currency front, the US dollar is trading up 0.55% at 108.242 yen. Against the euro, the dollar is down 0.42% to $1.2234. Against the pound, the dollar is down 0.28% to $1.3958.