Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on motor vehicle sales for February will be released today. Data on initial jobless claims for the latest week and consumer spending for January will be released at 8:30 a.m. ET. The manufacturing PMI for February is schedule for release at 9:45 a.m. ET. Data on construction spending for January and the ISM manufacturing index for February will be released at 10:00 a.m. ET. Federal Reserve Chairman Jerome Powell is set to speak in Washington at 10:00 a.m. ET, while Federal Reserve Bank of New York President William Dudley will speak in Sao Paulo, Brazil at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average fell 117 points to 24,921.00, while the Standard & Poor’s 500 index futures fell 10 points to 2,704.25. Futures for the Nasdaq 100 index fell 20.50 points to 6,842.75.

Oil prices traded lower as Brent crude futures fell 0.91 percent to trade at $64.14 per barrel, while US WTI crude futures dropped 0.63 percent to trade at $61.25 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage 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 1.11 percent, STOXX Europe 600 Index declining 1.03 percent and German DAX 30 index dropping 1.48 percent. The UK’s FTSE index was trading lower by 0.76 percent, while French CAC 40 Index fell 1.02 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 1.56 percent, Hong Kong’s Hang Seng Index gained 0.65 percent, China’s Shanghai Composite Index rose 0.44 percent and India’s BSE Sensex slipped 0.40 percent.

Broker Recommendation

Analysts at JP Morgan upgraded Eaton Corporation, PLC ETN from Underweight to Neutral.

Eaton shares fell 1.54 percent to close at $80.70 on Wednesday.

Breaking news

  • Best Buy Co Inc BBYreported stronger-than-expected results for its fourth quarter.
  • Kohl’s Corporation KSSreported better-than-expected earnings for its fourth quarter.
  • L Brands IncLB reported better-than-expected earnings for its fourth quarter, but issued a weak forecast for the current quarter.
  •, inc. CRMposted upbeat results for its fourth quarter and issued a strong outlook.