DOW futures moderately higher

31 March 2020

In Tuesday's early trading session, the DOW futures were trading higher along with the S&P500 and Nasdaq futures after the rally that the stock market faced in yesterday's trading session. 

The Dow Jones futures initially extended gains after China unexpectedly reported strong manufacturing activity in March.

Cases in the US reached around 165,000 while the number of cases worldwide is about to reach 800,000 today.

US Pharma stocks gain

Johnson & Johnson (JNJ) gained around 8% in yesterday's trading session while Abbott Laboratories (ABT) climbed by 6.4% after approval from the FDA to authorise a 5-minute coronavirus testing kit.

Abbott, the Illinois-based health-care products maker, says individuals can get tested within 5 minutes and it is one of the fastest testing kits available on the market at the moment.

Also, they received praise from President Trump for developing the test called the ID NOW test.

Saudi Arabia wants to raise oil exports

The Saudis said they will increase oil exports to a record 10.6 million bpd starting from May amid the ongoing price war with Russia.

They will add at least 3.6 million bpd, increasing supplies to the global market even with the current production glut and low oil prices.

WTI fell 5.3% and was trading at $20 per barrel while Brent Crude was off by 6.5% and was trading at $23 per barrel.

The fall in prices continues amidst the ever-rising number of cases around the world and the number of deaths reaching almost 38,000 so far.

Financial Events to watch for today

16:00 OPEC Crude Oil Production