U.S. futures are falling in premarket trading Tuesday, with the S&P 500 and Dow Jones Industrial Average reversing the nominal gains they made in the previous trading session. The S&P and Dow have had five straight sessions of gains.
World markets are leading the way down today with the Shanghai Composite being the only Asian market to close trading in the green. The Hang Seng and Nikkei both fell 0.8% today.
In Europe, the FTSE 100 and DAX were both down 0.5% while the CAC 40 was down 0.7% with about three hours left in trading.
Commodities across the board are rising today, with gold continuing its stellar run. The precious yellow metal has spiked 20% year to date as investors look for a safe haven amid market instability. Industrial metals such as aluminum and copper are also climbing while iron ore is correcting slightly from the 17% jump in the previous session.
Oil prices continued their strong showing today, with Brent crude prices rising $0.17 to $41.01 per barrel. West Texas crude futures contracts for April were up $0.02 to $37.92 per barrel. Brent crude prices topped $40 for the first time all year on Monday.
Shares of Shake Shack (SHAK) were dropping premarket following the release of the company's latest earnings results. Despite topping analysts' top- and bottom-line expectations, the New York City-based restaurant chain fell after providing light revenue guidance. The company said that it expects comparable store sales to increase between 2.5% and 3% this year, a large dropoff from the 13% increase that was reported last year.
On the other side of the premarket trading dial, Urban Outfitters (URBN) was spiking 9% after the company topped analysts' fourth-quarter expectations. The company's shares have climbed 24% this year.
Dick's Sporting Goods (DKS) shares were off 5% premarket after the sports apparel retailer missed analysts' bottom-line expectations by $0.02 per share while also issuing downside current quarter and full-year earnings guidance.
Shares of JetBlue (JBLU) were descending premarket after the company reported that it expects revenue per available seat mile -- a key financial metric for airlines -- to decrease between 7% and 8% in the first quarter. Meanwhile, Southwest Airlines (LUV) reported a 14.7% increase in revenue per available seat mile. Southwest was falling 0.3% premarket.