Market Overview

A Peek Into The Markets: US Stock Futures Gain Following President Trump's Health Improvement

A Peek Into The Markets: US Stock Futures Gain Following President Trump's Health Improvement

Pre-open movers

U.S. stock futures traded higher in early pre-market trade as President Donald Trump's healthcare providers suggested improvement in his health. Trump’s medical team member Dr. Brian Garibaldi said the President could be discharged from the Walter Reed Medical Center as early as Monday.

Investors are awaiting the services data from the US. Services Purchasing Managers' Index for September is scheduled for release at 9:45 a.m. ET, while the ISM services index for September will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average surged 177 points to 27,742 while the Standard & Poor’s 500 index futures traded rose 20.75 points to 3,360.00. Futures for the Nasdaq 100 index climbed 104 points to 11,337.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 7,418,100 with around 209,720 deaths. India reported a total of at least 6,623,810 confirmed cases, while Brazil confirmed over 4,915,280 cases.

Oil prices traded higher as Brent crude futures rose 1.8% to trade at $39.96 per barrel, while US WTI crude futures rose 2% to trade at $37.78 a barrel. The total number of active U.S. oil rigs rose by 6 to 189 rigs this week, Baker Hughes reported late Friday.

A Peek Into Global Markets

European markets were higher today on hopes of stimulus before the US elections and an improvement in President Trump’s health. The Spanish Ibex Index rose 0.9% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index surged 0.6%, while German DAX 30 gained 0.5% and London’s FTSE 100 rose 0.7%. French services PMI tumbled to 47.5 in September versus a reading of 51.5 in the earlier month.

Asian markets traded higher today. Japan’s Nikkei 225 gained 1.23%, Hong Kong’s Hang Seng Index gained 1.25% and India’s BSE Sensex rose 0.6%. Japanese services PMI gained to 46.9 in September versus a reading of 45.0 in August.

Broker Recommendation

Analysts at KeyBanc downgraded AT&T Inc. (NYSE: T) from Sector Weight to Underweight and announced a $25 price target.

AT&T shares fell 1.2% to $28.35 in pre-market trading.

Breaking News

  • Alibaba Group Holding Ltd – ADR (NYSE: BABA) announced plans to acquire up to 9.99% stake in Switzerland-based travel retailer Dufry AG.
  • Xpeng Inc – ADR (NASDAQ: XPEV) achieved a record month and quarter in terms of electric vehicle deliveries. The company reported a 266% year-over-year surge in EV deliveries in the third quarter, while September deliveries climbed 145%.
  • HMS Holdings Corp (NASDAQ: HMSY) is exploring feasible options while braving headwinds due to the Covid-19 pandemic, including a sale, according to Bloomberg.
  • Coca-Cola Co (NYSE: KO) will review its range of soft drinks products and drop Zico coconut water brand from its line of products, the Wall Street Journal reported.

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