A Peek Into The Markets: US Stock Futures Tumble Ahead Of Producer Price Index

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Producer Price Index for September will be released at 8:30 a.m. ET. Chicago Federal Reserve Bank President Charles Evans is set to speak in Chicago, Illinois at 1:35 p.m. ET, while Federal Reserve Chairman Jerome Powell will speak in Denver, Colorado at 1:50 p.m. ET. Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in St. Cloud, Minnesota at 5:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 214 points to 26,225 while the Standard & Poor’s 500 index futures traded fell 23.25 points to 2,914.25. Futures for the Nasdaq 100 index declined 62.75 points to 7,677.25.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $58.12 per barrel, while US WTI crude futures fell 0.6% to trade at $52.44 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.3%, STOXX Europe 600 Index declining 0.9% and German DAX 30 index dropping 1.1%. The UK's FTSE index was trading lower by 0.4%, while French CAC 40 Index fell 0.9%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.99%, Hong Kong’s Hang Seng Index rose 0.28%, China’s Shanghai Composite Index rose 0.29% and India’s BSE Sensex fell 0.38%.

Broker Recommendation

Analysts at Jefferies downgraded Oracle Corporation ORCL from Buy to Hold and lowered the price target from $66 to $60.

Oracle shares fell 1.2% to $54.13 in pre-market trading.

Breaking News

• Helen of Troy Limited HELE reported better-than-expected results for its second quarter and raised its 2020 forecast.
• Evoqua Water Technologies Corp. AQUA announced the acquisition of majority stake in Frontier Water.
• NIO Inc. NIO shares climbed around 9% in pre-market trading after the company reported Q3 vehicle sales up 35% from Q2..
• Ambarella, Inc. AMBA shares dropped around 11% in pre-market trading after its customer, Hangzhou Hikvision, was put on a blacklist by the Trump administration.