Market Overview

US Stock Futures Mixed Ahead of Economic Data

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Pre-open movers

US stock futures traded mixed in early pre-market trade, ahead of economic data. Data on international trade, weekly jobless claims and nonfarm business productivity will be released at 8:30 a.m. ET. Futures for the Dow Jones Industrial Average gained 8 points to 15,787.00, while the Standard & Poor's 500 index futures rose 2.70 points to 1,781.40. Futures for the Nasdaq 100 index dropped 9.25 points to 3,392.75.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.51%, London's FTSE 100 index gaining 0.41% and STOXX Europe 600 Index gaining 0.37%. German DAX 30 index rose 0.73% and French CAC 40 Index surged 0.66%. UK retail sales declined 0.7% in October versus September. French current-account deficit widened to 3.9 billion euros ($5.23 billion) in September from EUR3.6 billion in August, while the country's consumer prices index dropped 0.1% in October versus September.

Asian markets ended higher today. Japan's Nikkei Stock Average jumped 2.12%, China's Shanghai Composite gained 0.60%, Hong Kong's Hang Seng Index rose 0.82% and India's BSE Sensex surged 1.02%. India's wholesale price index climbed 7.00% y/y, versus a 6.46% rise in September.

Broker Recommendation

Analysts at Deutsche Bank downgraded Cisco Systems (NASDAQ: CSCO) from “buy” to “hold.” The target price for Cisco has been lowered from $28 to $25.

Cisco's shares tumbled 10.98% to $21.36 in pre-market trading.

Breaking news

  • Tyco International (NYSE: TYC) posted a profit in the fourth quarter. Tyco swung to a quarterly profit of $166 million, or $0.35 per share, versus a year-ago loss of $419 million, or $0.91 per share. To read the full news, click here.
  • Eli Lilly and Company (NYSE: LLY) today announced it will invest more than $700 million to enhance its global insulin manufacturing capacity in Puerto Rico, France and China, as well as in Indianapolis, home to Lilly's global headquarters. To read the full news, click here.
  • CDW Corporation (NASDAQ: CDW) today announced the pricing of a public offering of 15,000,000 shares of its common stock held by selling stockholders at a price of $20.50 per share. To read the full news, click here.
  • Boeing (NYSE: BA) forecasts that airlines in the Middle East will require 2,610 new airplanes over the next 20 years, worth an estimated $550 billion. To read the full news, click here.

Posted-In: Deutsche Bank US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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