A Peek Into The Markets: US Stock Futures Tumble; Dow Futures Down Over 300 Points

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Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Boston Federal Reserve Bank President Eric Rosengren is set to speak at the “New England Perspectives on Fed Policymaking” conference at 9:05 a.m. ET, while Federal Reserve Board Vice Chairman Richard Clarida will speak at 9:10 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 307 points to 25,657, while the Standard & Poor’s 500 index futures fell 35 points to 2,852.00. Futures for the Nasdaq 100 index fell 126.5 points to 7,483.75.

Oil prices traded higher as Brent crude futures rose 1.6 percent to trade at $71.72 per barrel, while US WTI crude futures gained 1.3 percent to trade at $62.47 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.2 percent, STOXX Europe 600 Index dropped 0.5 percent and German DAX 30 index dropped 0.8 percent. The UK’s FTSE index was trading lower by 0.1 percent, while French CAC 40 Index rose 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.72 percent, Hong Kong’s Hang Seng Index gained 0.84 percent, China’s Shanghai Composite Index rose 1.21 percent and India’s BSE Sensex slipped 0.99 percent.

Broker Recommendation

Analysts at Pivotal Research downgraded Boot Barn Holdings Inc (NYSE: BOOT) from Buy to Hold and raised the price target from $28 to $30.

Boot Barn shares rose 0.96 percent to close at $29.34 on Friday.

Breaking News

  • The Descartes Systems Group Inc (NASDAQ: DSGX) announced plans to acquire CORE Transport Technologies for $21 million in cash.
  • Colfax Corp (NYSE: CFX) is nearing a deal to sell its air and gas unit to KPS Capital Partners, Reuters reported.
  • Eli Lilly And Co (NYSE: LLY) reported the FDA approval for its CYRAMZA for the treatment of patients with hepatocellular carcinoma.
  • Abeona Therapeutics Inc (NASDAQ: ABEO) reported a wider-than-expected loss for its first quarter.

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