A Peek Into The Markets: US Stock Futures Mostly Higher On Stimulus Optimism

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade. Wall Street recorded gains last week, thanks to talks around fiscal stimulus. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 9:00 a.m. ET.

Futures for the Dow Jones Industrial Average slipped 2 points to 28,516 while the Standard & Poor’s 500 index futures traded rose 9.45 points to 3,482.75. Futures for the Nasdaq 100 index gained 121.75 points to 11,846.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 7,762,800 with around 214,770 deaths. India reported a total of at least 7,120,530 confirmed cases, while Brazil confirmed over 5,094,970 cases.

Oil prices traded lower as Brent crude futures fell 1.5% to trade at $42.19 per barrel, while US WTI crude futures fell 1.7% to trade at $39.91 a barrel. The total number of active U.S. oil rigs rose by 4 to 193 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly higher today after recording gains in the previous session. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.2%, while German DAX 30 gained 0.2% and London’s FTSE 100 fell 0.1%. Wholesale prices in Germany fell 1.8% year-over-year in September after declining 2.2% in the prior month.

Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.26%, Hong Kong’s Hang Seng Index climbed 2.20%, China’s Shanghai Composite rose 2.64% and India’s BSE Sensex rose 0.1%. People's Bank of China lowered the reserve requirement ratio for some foreign exchange forwards.

Broker Recommendation

Analysts at JP Morgan initiated coverage on Snowflake Inc. (NYSE: SNOW) with a Neutral rating and announced a price target of $247.

Snowflake shares rose 2.1% to $242.99 in pre-market trading.

Breaking News

• General Motors Company (NYSE: GM) reported an increase in quarterly sales in China for the first time after two years, Reuters reported. The automaker’s Chinese sales gained 12% year-over-year in the quarter ended September.
• A consortium comprising Carlyle Group Inc (NASDAQ: CG) and Pacific Equity offered to acquire Australia's Link Administration Holdings for $2 billion.
• Mallinckrodt PLC (NYSE: MNK) disclosed that it has initiated Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court, District of Delaware.
• A coronavirus rapid test co-developed by Israel and India that detects COVID-19 virus infection in less than a minute could be rolled out in a "matter of days," reports the Jerusalem Post.