Benzinga | Sep 21, 2021 06:02AM EDT

A Peek Into The Markets: US Stock Futures Surge; Fed Meeting In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording sharp losses in the previous session. Investors are awaiting earnings results from AutoZone, Inc. (NYSE:AZO), FedEx Corporation (NYSE:FDX) and Adobe Inc (NASDAQ:ADBE).

The Federal Open Market Committee will begin its two-day policy meeting today. Data on housing starts, permits and current account will be released at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 328 points to 34,167.00 while the Standard & Poor's 500 index futures gained 38.75 points to 4,387.00. Futures for the Nasdaq 100 index rose 130.25 points to 15,139.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 42,289,820 with around 676,090 deaths. India reported a total of at least 33,504,530 confirmed cases, while Brazil confirmed over 21,247,660 cases.

Oil prices traded higher as Brent crude futures rose 1.5% to trade at $75.04 per barrel, while US WTI crude futures rose 1.8% to trade at $71.52 a barrel. The API's report on crude oil inventories will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 1.2% and STOXX Europe 600 Index climbed 1.1%. The French CAC 40 Index surged 1.4%, London's FTSE 100 gained 1% while German DAX 30 climbed 1.4%. Public sector net borrowing in the UK fell to GBP 20.5 billion in August, GBP 5.5 billion less than a year ago.

Asian markets traded mostly higher today. Japan's Nikkei 225 dipped 2.17%, while Hong Kong's Hang Seng Index gained 0.69%. Australia's S&P/ASX 200 gained 0.4% and India's BSE Sensex rose 0.5%.



Broker Recommendation

Loop Capital initiated coverage on AT&T Inc. (NYSE:T) with a Hold rating and announced a price target of $30.

AT&T shares rose 0.5% to $27.35 in pre-market trading.

Check out other major ratings here



Breaking News

* General Electric Company (NYSE:GE) and Vietnam's leisure airline Bamboo Airways are set to sign a $2 billion deal on Tuesday, Reuters reported citing the airline. As part of the deal, the Vietnamese airline would buy GEnx engines to power the Boeing's 787-9 Dreamliner aircraft.

* Amazon.com Inc (NASDAQ:AMZN) and Ford Motor Co (NYSE:F) backed electric vehicle maker Rivian has filed for a patent with the U.S. Patent and Trademark office for a sliding door for a minivan-styled vehicle.

* Lennar Corporation (NYSE:LEN) reported adjusted earnings of $3.27 per share on sales of $6.94 billion for the third quarter. The company also said it expects deliveries to be roughly 18,000 for the current quarter.

* Netflix Inc (NASDAQ:NFLX) said it is launching a free mobile plan with limited TV shows and movies in Kenya as it looks to score new subscribers in the key African country.

Check out other breaking news here