U.S. stock futures declined Friday morning, adding to losses from the prior session. IHS Markit’s February purchasing managers’ indices for the U.S. and coronavirus developments remained a focus for investors.
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7:49 a.m. ET: Deere & Co. shares jump in pre-market trading after company beats 1Q expectations
Heavy equipment seller Deere & Co. (DE) posted better than expected results for its fiscal first quarter as farmer sentiment picked up after U.S.-China trade tensions deescalated.
The company posted adjusted earnings of $1.63 per share on sales of $6.53 billion, better than the $1.25 per share on $6.28 billion in sales anticipated, according to Bloomberg data.
Deere maintained its guidance for the full year, saying it expected net income in a range of between $2.7 billion to $3.1 billion. The midpoint of this range was higher than consensus analysts expected.
“Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports. At the same time, activity in the construction sector has slowed leading to lower sales and profit for our Construction & Forestry division,” CEO John May said in a statement.
“Also impacting results in Deere’s construction equipment business were our actions to reduce factory production and lower inventories in response to current market conditions,” he added. “Additionally, the quarter included costs of a voluntary employee-separation program, which is among the steps Deere is taking to improve flexibility and efficiency.”
Shares of Deere were up 7% in early trading. The stock had been down 4% for the year to date through Thursday’s close.
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7:38 a.m. ET: Stock futures decline in early trading
U.S. stock futures edged lower in early trading, extending losses from Thursday. Each of the three major indices was set to decline for a second straight session.
Friday’s trading day comes on the heels of a volatile session Thursday, with the S&P 500, Dow and Nasdaq each off by more than 1% at the lows of the session. While no single catalyst was necessarily to blame, some analysts suggested a broad-based erosion of investor confidence was at play.
“[Thursday’s’ midday selloff had many root causes, but all signal poorer investor confidence than that reflected in U.S. stock prices,” Nicolas Colas, co-founder of DataTrek, wrote in a note. “3M-10Y Treasury spreads went to new 2020 levels of inversion and 30-Year yields [neared] record lows again.”
Meanwhile, the euro declined, and the Japanese yen and South Korean won fell in response to coronavirus fears, Colas added. “Bottom line: export more turbulence ahead,” he said.
In China, the Hubei province at the epicenter of the coronavirus outbreak revised its method of counting cases for the third time this month, further undermining confidence in the country’s official counts. The province’s health commission said on Friday that the total number of new confirmed cases for Thursday was 631, versus the 411 reported earlier, since prison tallies had not previously been accounted for in the region’s coronavirus reporting network. Globally, the coronavirus has killed more than 2,200 individuals among more than 76,000 cases.
Here were the main moves during the pre-market session, as of 7:38 a.m. ET:
S&P 500 futures (ES=F): 3,357.00, down 12.25 points or 0.36%
Dow futures (YM=F): 29,081, down 90 points or 0.31%
Nasdaq futures (NQ=F): 9,582.25, down 42 points or 0.44%
Crude oil (CL=F): $52.94 per barrel, down $0.94 or 1.74%
Gold (GC=F): $1,636.80 per ounce, up $16.30 or 1.01%
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2020-02-21 12:50:00Z
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