A Peek Into The Markets: US Stock Futures Drop Ahead Of Consumer Price Index, Fed Speakers

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Consumer Price Index for October will be released at 8:30 a.m. ET, while the Atlanta Fed's Business Inflation Expectations survey report for November is schedule for release at 10:00 a.m. ET. The U.S. Treasury budget report for October will be released at 2:00 p.m. ET. Federal Reserve Chairman Jerome Powell is set to testify before the Congressional Joint Economic Committee in Washington, DC at 11:00 a.m. ET, while Richmond Federal Reserve Bank President Tom Barkin is set to speak in Greensboro, North Carolina at 12:30 p.m. ET. Minneapolis Federal Reserve Bank President Neel Kashkari will speak in La Crosse, Wisconsin at 1:30 p.m. ET, while Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in Wilmington, Delaware at 7:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 112 points to 27,551 while the Standard & Poor’s 500 index futures traded fell 12.7 points to 3,079.25. Futures for the Nasdaq 100 index declined 44.5 points to 8,230.50.

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $61.29 per barrel, while US WTI crude futures fell 0.9% to trade at $56.30 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.5%, STOXX Europe 600 Index declining 0.6% and German DAX 30 index dropping 0.8%. The UK's FTSE index was trading lower by 0.6%, while French CAC 40 Index fell 0.5%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.85%, Hong Kong’s Hang Seng Index dropped 1.82%, China’s Shanghai Composite Index fell 0.33% and India’s BSE Sensex fell 0.57%.

Broker Recommendation

Analysts at KeyBanc upgraded ArcelorMittal MT from Sector Weight to Overweight and announced a $21 price target.

ArcelorMittal shares fell 2.2% to $16.63 in pre-market trading.

Breaking News

• Tech Data Corporation TECD agreed to be acquired by funds managed by affiliates of Apollo Global Management for $130 per share in cash.
• Skyworks Solutions Inc SWKS reported upbeat earnings for its fourth quarter.
• Canadian Solar Inc. CSIQ reported worse-than-expected Q3 sales results. The company also issued Q4 guidance below analyst estimates.
• ADT Inc. ADT reported better-than-expected Q3 sales results.