Market Overview

US Stock Futures Up; ADP Report, Fed Decision In Focus

US Stock Futures Up; ADP Report, Fed Decision In Focus
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Benzinga's Top Downgrades
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Morning Market Losers

Pre-open movers

US stock futures gained in early pre-market trade, ahead of the ADP jobs report. The ADP national employment report for October will be released at 8:15 a.m. ET, while the consumer price index for September will be released at 8:30 a.m. ET. The FOMC is scheduled to announce its policy decision at 2:00 p.m. ET. Futures for the Dow Jones Industrial Average surged 49 points to 15,665.00, while the Standard & Poor's 500 index futures gained 4.60 points to 1,772.00. Futures for the Nasdaq 100 index rose 14 points to 3,398.00.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index gaining 0.63%, London's FTSE 100 index rising 0.48% and STOXX Europe 600 Index climbing 0.55%. German DAX 30 index rose 0.40% and French CAC 40 Index climbed 0.50%. Germany jobless claims rose 2,000 in October from September.

Asian markets ended higher today. Japan's Nikkei Stock Average rose 1.23%, China's Shanghai Composite surged 1.48% and Hong Kong's Hang Seng Index jumped 2%. Australia's ASX/S&P500 rose 0.27% and India's Sensex jumped 0.50%. Japan's industrial production climbed by 1.5% in September.

Broker Recommendation

Analysts at Bank of America downgraded SanDisk (NASDAQ: SNDK) from “buy” to “neutral.” The target price for SanDisk is set to $75.

SanDisk's shares closed at $70.80 yesterday.

Breaking news

  • Wi-LAN (NASDAQ: WILN) today announced that its Board of Directors has initiated a process to explore and evaluate a broad range of strategic alternatives for the Company to enhance shareholder value. To read the full news, click here.
  • MannKind (NASDAQ: MNKD) today announced that the U.S. Food and Drug Administration (FDA) has acknowledged the resubmission of a New Drug Application (NDA) for AFREZZA® (insulin human [rDNA origin]) Inhalation Powder. To read the full news, click here.
  • lululemon athletica (NASDAQ: LULU) today announced that Tara Poseley has been appointed to its Senior Leadership Team as Chief Product Officer. To read the full news, click here.
  • Nice Systems (NASDAQ: NICE) reported a drop in its third-quarter profit. To read the full news, click here.

Posted-In: Bank of America FOMC US Stock FuturesNews Eurozone Futures Pre-Market Outlook Markets


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