041620 US Pre Open

US futures contract slightly up, watch Morgan Stanley, Bed Bath & Beyond, Gilead Sciences, Alphabet

The S&P 500 Futures are trying to rebound after they closed lower yesterday, as worse-than-expected economic data showed that effects of the coronavirus pandemic is weighing in.

Later today, initial jobless claims for the week ended April 11 (5.100 million expected) and March housing starts (1.300 million units annualized) will be reported. The Philadelphia Federal Reserve will post its Business Outlook Index for April (-30.0 expected). In Canada, February Manufacturing sales are expected at -0.1% on month.

European indices are posting a tentative rebound. The European Commission has reported February industrial production at -0.1% (vs -0.2% on month expected). The German Federal Statistical Office has reported final readings of March CPI at +1.4% on year, as expected.

Asian indices mostly closed in the red. This morning, official data showed that the Australian economy added 5,900 jobs in March (-30,000 jobs expected), while jobless rate edged up to 5.2% (5.4% estimated) from 5.1% in February.

WTI Crude Oil Futures remain under pressure. The U.S. Energy Information Administration (EIA) reported that crude oil stockpiles increased by 19.25 million barrels last week, the largest addition on record.

On the currencies side, the US dollar is consolidating before the release of economic datas

US Equity Snapshot

Morgan Stanley (MS), the banking group, unveiled first quarter adjusted EPS down to 0.99 dollar, below estimates, from 1.33 dollar a year earlier. FICC sales & trading revenue jumped 29% to 2.20 billion dollars, beating consensus.

Bed Bath & Beyond (BBBY), the home furnishing retail chain, soared in extended trading after posting fourth quarter adjusted EPS down to 0.38 dollar, above estimates, down from 1.20 dollar a year ago, on net sales down 3.1 billion dollars, but better than expected, from 3.3 billion dollars last year.

Gilead Sciences (GILD), a biotechnology group, is planning to acquire a significant stake in cancer therapies company Arcus Biosciences (RCUS), reported Bloomberg.

Alphabet (GOOGL), a technology conglomerate, will significantly slow down the pace of hiring for the rest of the year, while recalibrating the focus and pace of its investments in areas like data centers and machines, reported Bloomberg citing an internal email.

BlackRock (BLK), the investment management firm, reported first quarter adjusted EPS nearly flat at 6.60 dollars from 6.61 dollars a year earlier, on sales up to 3.71 billion dollars from 3.35 billion dollars a year earlier. Both figures beat estimates. Quarterly dividend is raised 10% to 3.63 dollars per share.

Bank of New York Mellon (BK), the banking group, unveiled better than expected first quarter adjusted EPS up to 1.05 dollar from 0.94 dollar a year earlier.

Source : Trading View, GAIN Capital

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.