Market Overview

US Stock Futures Flat; Alcoa Earnings In Focus

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Morning Market Movers

Pre-open movers

US stock futures traded mostly flat in early pre-market trade. Alcoa is scheduled to report its quarterly earnings after the closing bell. Futures for the Dow Jones Industrial Average surged 7 points to 14,858.00, while the Standard & Poor's 500 index futures rose 0.70 points to 1,668.40. Futures for the Nasdaq 100 index gained 2.75 points to 3,207.75.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.48%, London's FTSE 100 index dropping 0.79% and STOXX Europe 600 Index declining 0.43%. German DAX 30 index fell 0.20% and French CAC 40 Index declined 0.31%. German seasonally-adjusted exports surged 1.0% on the month in August, versus economists' expectations for a 1.5% rise. The Bank of France cut its growth view for the third quarter.

Asian markets ended mostly higher today. Japan's Nikkei Stock Average rose 0.30%, China's Shanghai Composite gained 1.08% and Australia's ASX/S&P500 dropped 0.24%. Hong Kong's Hang Seng Index rose 0.89% and India's Sensex surged 0.44%. The HSBC China Services PMI declined to 52.4 in September, versus a reading of 52.8 in August. National Australia Bank's business confidence index climbed to +12 in September, versus a reading of +4 in August.

Broker Recommendation

Analysts at Sterne Agee downgraded J.C. Penney Company (NYSE: JCP) from “buy” to “neutral.” The target price for J.C. Penney has been lowered from $18 to $9.

J.C. Penney's shares closed at $7.71 yesterday.

Breaking news

  • CombiMatrix (NASDAQ: CBMX) today announced that it has entered into a contractual agreement with the health insurer, Three Rivers Provider Network (TRPN), for coverage of its diagnostic laboratory services. To read the full news, click here.
  • One year on from the easing of US sanctions in Myanmar, MasterCard (NYSE: MA) and CB Bank have announced their first payment product in the country – a prepaid travel card for locals called the CB Bank EASI Travel Prepaid MasterCard card. To read the full news, click here.
  • Edwards Group (NASDAQ: EVAC) has completed deliveries against a series of multi-million dollar (USD) orders from BOE Technology Group Co., LTD., a major manufacturer of flat panel displays (FPD) in China. To read the full news, click here.
  • Ceragon Networks (NASDAQ: CRNT) today announced that it has received further orders of $7 million from Vodacom Tanzania, the country's largest mobile operator, to upgrade and support backbone links across the country. To read the full news, click here.

Posted-In: Sterne Agee US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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