Market Overview

A Peek Into The Markets: U.S. Stock Futures Edge Lower; All Eyes On Apple Earnings

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A Peek Into The Markets: U.S. Stock Futures Edge Lower; All Eyes On Apple Earnings

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. Apple Inc. (NASDAQ: AAPL), Starbucks Corporation (NASDAQ: SBUX) and American International Group Inc (NYSE: AIG) will release earnings after the closing bell. The Challenger job-cut report for October is schedule for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week and nonfarm productivity for the third quarter will be released at 8:30 a.m. ET. New York Federal Reserve Bank President William Dudley is set to speak in New York at 12:20 p.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in Chicago at 6:15 p.m. ET.

Futures for the Dow Jones Industrial Average declined 13 points to 23,359, while the Standard & Poor’s 500 index futures fell 2.50 points to 2,572.25. Futures for the Nasdaq 100 index slipped 4.25 points to 6,236.50.

Oil prices traded lower as Brent crude futures fell 0.63 percent to trade at $60.11 per barrel, while US WTI crude futures dropped 0.24 percent to trade at $54.17 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.18 percent, STOXX Europe 600 Index declining 0.20 percent and German DAX 30 index dropping 0.22 percent. The UK's FTSE index was trading higher by 0.31 percent, while French CAC 40 Index slipped 0.13 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.53 percent, Hong Kong’s Hang Seng Index fell 0.26 percent, China’s Shanghai Composite Index slipped 0.37 percent and India’s BSE Sensex slipped 0.08 percent.

Broker Recommendation

Analysts at Cowen & Co. upgraded United States Steel Corporation (NYSE: X) from Underperform to Market Perform.

United States Steel shares rose 0.55 percent to $27.45 in pre-market trading.

Breaking news

  • AutoNation, Inc. (NYSE: AN) posted better-than-expected earnings for its third quarter.
  • Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) reported downbeat results for its third quarter and lowered its 2017 guidance.
  • Yum! Brands, Inc. (NYSE: YUM) reported stronger-than-expected results for its third quarter.
  • Tesla Inc (NASDAQ: TSLA) reported a third-quarter loss of $2.92 per share. The electric carmaker delivered third-quarter sales of $2.98 billion, beating estimates by $680 million.

Posted-In: A Peek Into The Markets Cowen & Co.News Eurozone Futures Global Pre-Market Outlook Markets

 

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