Market Overview

A Peek Into The Markets: US Stock Futures Mostly Lower Ahead Of Economic Reports

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A Peek Into The Markets: US Stock Futures Mostly Lower Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade, after recording a strong rise in the previous session. The United States Centers for Disease Control and Prevention notified public health authorities in all 50 states and five large cities to begin preparations to distribute two unidentified vaccines in late October or early November, the New York Times reported Wednesday.

Investors are awaiting earnings from Five Below Inc (NASDAQ: FIVE), Broadcom Inc (NASDAQ: AVGO), Patterson Companies, Inc. (NASDAQ: PDCO) and Ciena Corporation (NYSE: CIEN). The Challenger job-cut report for August is scheduled for release at 7:30 a.m. ET, while data on international trade for July, initial jobless claims for the latest week, nonfarm productivity and unit labor costs for the second quarter will be released at 8:30 a.m. ET. US Services Purchasing Managers' Index for August is scheduled for release at 9:45 a.m. ET, while the ISM's non-manufacturing index for August will be released at 10:00 a.m. ET. Federal Reserve Bank of Chicago President Charles Evans is set to speak at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 4 points to 29,086 while the Standard & Poor’s 500 index futures traded fell 4.45 points to 3,574.75. Futures for the Nasdaq 100 index fell 53 points to 12,358.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,114,760 with around 185,740 deaths. Brazil confirmed over 3,997,860 cases, while India reported a total of at least 3,853,400 confirmed cases.

Oil prices traded lower as Brent crude futures fell 1.7% to trade at $43.67 per barrel, while US WTI crude futures fell 1.7% to trade at $40.80 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.9% and STOXX Europe 600 Index gaining 1.1%. The French CAC 40 Index climbed 1.9%, while German DAX 30 rose 1.5% and London’s FTSE 100 rose 0.8%. The IHS Markit eurozone services PMI slipped to 50.5 in August from July’s reading of 54.7.

In Asian markets, Japan’s Nikkei rose 0.94%, Hong Kong’s Hang Seng Index fell 0.45% China’s Shanghai Composite Index fell 0.58% and India’s BSE Sensex slipped 0.1%. The Caixin China services PMI slipped to 54.0 in August versus a reading of 54.1 in July. However, the latest reading marked fourth consecutive month of expansion in activity.

Broker Recommendation

Analysts at Baird initiated coverage on Beyond Meat, Inc. (NASDAQ: BYND) with an Outperform rating and a price target of $160.

Beyond Meat shares rose 1% to $131.00 in pre-market trading.

Breaking News

  • Costco Wholesale Corporation (NASDAQ: COST) reported a 15% rise in its sales for August. The discounter’s sales for the month climbed to $13.56 billion.
  • Five Below Inc (NASDAQ: FIVE) reported upbeat results for its second quarter and announced plans to open 110 to 120 net new stores in the year.
  • Amazon.com, Inc (NASDAQ: AMZN) and Verizon Communications Inc (NYSE: VZ) are set to resume negotiations to pick up stake in India’s Vodafone Idea Ltd for more than $4 billion, local media reported Thursday.
  • Sanofi SA (NASDAQ: SNY) and GlaxoSmithKline PLC (NYSE: GSK) announced they had started the early-stage clincial trials for their COVID-19 vaccine candidate the same day.
 

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