A Peek Into The Markets: Dow Futures Tumble Over 100 Points

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Atlanta Federal Reserve Bank President Dennis Lockhart is set to speak in Atlanta at 8:00 a.m. ET, while Minneapolis Federal Reserve President Neel Kashkari will speak in Saint Paul, Minnesota at 1:00 p.m. ET. Federal Reserve Governor Lael Brainard is set speak in Chicago at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 109 points to 17,858.00, while the Standard & Poor’s 500 index futures fell 12.50 points to 2,103.50. Futures for the Nasdaq 100 index declined 35.75 points to 4,632.00.

Oil prices traded lower as Brent crude futures fell 1.85 percent to trade at $47.12 per barrel, while US WTI crude futures also fell 1.98 percent to trade at $44.97 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 2.34 percent, STOXX Europe 600 Index declining 1.64 percent and German DAX 30 index dropping 2.01 percent. The UK's FTSE index was trading lower by 1.65 percent, while French CAC 40 Index declined 1.94 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 1.73 percent, Hong Kong’s Hang Seng Index dropped 3.36 percent, China’s Shanghai Composite Index declined 1.85 percent and India’s BSE Sensex declined 1.54 percent.

Broker Recommendation

Analysts at JP Morgan upgraded ConocoPhillips COP from Neutral to Overweight.

ConocoPhillips shares fell 0.26 percent to $42.14 in pre-market trading.

Breaking news

• Akari Therapeutics PLC (ADR) AKTX disclosed today that the FDA has granted to Akari an Orphan Drug Designation for recombinant protein inhibitor of complement factor 5 for the treatment of Paroxysmal Nocturnal Hemoglobinuria.



• Celgene Corporation CELG today announced interim topline data from a randomized, double-blind, multicenter, exploratory phase 1b study evaluating the effects of oral GED-0301 on both endoscopic and clinical outcomes in patients with active Crohn's disease.



• Novocure Ltd NVCR announced today that long-term survival analysis of the full 695 patient dataset from the phase 3 pivotal EF-14 trial of Optune in combination with temozolomide for the treatment of newly diagnosed glioblastoma (GBM) will be presented as a late-breaking oral presentation at the 21st Annual Scientific Meeting of the Society for Neuro-Oncology (SNO) in Scottsdale, Arizona, on Friday, Nov. 18, 2016.



• Foamix Pharmaceuticals Ltd. FOMX today announced the topline results of its Phase 2 clinical trial of FMX103 for the treatment of papulopustular rosacea.