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A Peek Into The Markets: U.S. Stock Futures Dip Following Cohn's Resignation

ADSK | March 7, 2018

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, following the resignation of Gary Cohn, the Director of President Trump’s National Economic Council. The ADP national employment report for February is schedule for release at 8:15 a.m. ET. Data on international trade for January and nonfarm productivity for the fourth quarter will be released at 8:30 a.m. ET. New York Federal Reserve President William Dudley is set to speak in San Juan, Puerto Rico at 7:30 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in Fort Lauderdale, FL at 8:00 a.m. ET. New York Federal Reserve Bank President William Dudley is set to speak in San Juan, Puerto Rico at 8:20 a.m. ET. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average tumbled 306 points to 24,546.00, while the Standard & Poor’s 500 index futures dropped 26.75 points to 2,697.25. Futures for the Nasdaq 100 index fell 61.50 points to 6,846.25.

Oil prices traded lower as Brent crude futures fell 0.70 percent to trade at $65.33 per barrel, while US WTI crude futures declined 0.65 percent to trade at $62.19 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.28 percent, STOXX Europe 600 Index declining 0.48 percent and German DAX 30 index dropping 0.34 percent. The UK's FTSE index was trading lower by 0.04 percent, while French CAC 40 Index fell 0.55 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.77 percent, Hong Kong’s Hang Seng Index dropped 1.03 percent, China’s Shanghai Composite Index slipped 0.55 percent and India’s BSE Sensex slipped 0.85 percent.

Broker Recommendation

Analysts at Morgan Stanley upgraded Synovus Financial Corp. (NYSE: SNV) from Underperform to Equal-Weight.

Synovus Financial shares rose 1.93 percent to close at $51.67 on Tuesday.

Breaking news

H & R Block (NYSE: HRB) reported stronger-than-expected results for its third quarter.
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Autodesk, Inc. (NASDAQ: ADSK) reported better-than-expected earnings for its fourth quarter.
AeroVironment Inc. (NASDAQ: AVAV) posted a loss for its fiscal 2018 third quarter and issued weak FY18 earnings guidance. The company also reported it has won a $44.5 million Puma AE UAS contract from a major country in the Middle East.