The stock market is on track for a higher start as futures on the S&P 500 trade 20 points above fair value, which will give the benchmark index another chance at reclaiming its 200-day moving average.
The early gains in equity futures follow an overnight session that saw a mostly positive showing from Asian equities while European stocks are on the rise.
Commodities trade on a mostly lower note after yesterday’s gains with crude oil down $0.10, or 0.1%, at $112.02/bbl.
The overnight session saw a limited set of economic data while the U.S. session will not feature any noteworthy releases.
Treasuries are on track for a lower start with the 10-yr yield rising two basis points to 2.34%.
In U.S. corporate news:
- NIKE ( NKE 138.40, +8.21): +6.3% after beating Q3 expectations.
- Alibaba ( BABA 111.95, +8.36): +8.1% after increasing its buyback by $10 bln.
- Dave ( DAVE 9.68, -0.92): -8.7% after reporting a Q4 loss.
- Yext ( YEXT 6.82, +0.23): +3.5% after authorizing a $100 mln buyback.
- Okta ( OKTA 156.86, -12.55): -7.4% amid reports that the company’s data has been breached.
Reviewing overnight developments:
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Asian markets ended higher. Japan’s Nikkei +1.5%, China’s Shanghai Composite +0.2%, and Hong Kong’s Hang Seng +3.2%
- In economic data:
- New Zealand’s Q1 Westpac Consumer Sentiment 92.1 (prior 99.1)
- In news:
- Japan’s government is looking into establishing another fiscal stimulus package
- Several Chinese property developers, including Evergrande, are reportedly delaying their earnings reports because of audit issues
- In economic data:
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Major European indices trade in the green. Germany’s DAX +0.7%, France’s CAC +0.6%, and the U.K.'s FTSE +0.4%
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In economic data:
- Eurozone’s January Construction Output +3.94% m/m (prior -1.54%)
- UK’s March CBI Industrial Trends Orders 26 (expected 16; prior 20)
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In news:
- EU officials were said to be considering an embargo on Russian oil, yet the latest reports suggest there are divisions over such a plan with primary resistance coming from Germany and Hungary
- ECB member Nagel is warning of the rising risks associated with moving too late to normalize monetary policy and ECB member Rehn said it is possible rate hikes could start in late 2022 or early 2023, depending on how the economy evolves
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U.S. equity futures:
- S&P 500 Futures: +11 @ 4,472
- DJIA Futures: +152 @ 34,705
- Nasdaq 100 Futures: +12 @ 14,388
Overseas:
- Europe: DAX +0.6%, FTSE +0.4%, CAC +0.5%
- Asia: Nikkei +1.5%, Hang Seng +3.2%, Shanghai Composite +0.2%
Commodities:
- Crude Oil -0.56 @ 109.41
- Nat Gas +0.050 @ 4.950
- Gold -2.10 @ 1927.40
- Silver -0.051 @ 25.262
- Copper +0.0220 @ 4.7325