Market Overview

A Peek Into The Markets: US Stock Futures Surge; PepsiCo Tops Q3 Views

A Peek Into The Markets: US Stock Futures Surge; PepsiCo Tops Q3 Views

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after recording sharp gains in the previous session. President Donald Trump and former Vice President Joe Biden came face-to-face Tuesday night in the first presidential debate held in Cleveland.

Investors are awaiting various economic reports from the US. The Challenger job-cut report for September is scheduled for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week, and personal income and outlays for August will be released at 8:30 a.m. ET. The manufacturing PMI for September is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing composite index for September will be released at 10:00 a.m. ET. Data on construction spending for August will be released at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 11:00 a.m. ET, while Fed Governor Michelle Bowman is set to speak at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 236 points to 27,900 while the Standard & Poor’s 500 index futures traded rose 30 points to 3,382.00. Futures for the Nasdaq 100 index surged 126.75 points to 11,534.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 7,233,940 with around 206,950 deaths. India reported a total of at least 6,312,580 confirmed cases, while Brazil confirmed over 4,810,930 cases.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $41.99 per barrel, while US WTI crude futures fell 0.8% to trade at $39.90 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, after closing mostly lower in the prior session. The Spanish Ibex Index rose 0.3% and STOXX Europe 600 Index climbed 0.6%. The French CAC 40 Index climbed 0.8%, while German DAX 30 gained 0.2% and London’s FTSE 100 rose 1%. The Eurozone unemployment rate climbed to 8.1% in August from revised 8% in the previous month.

Asian markets traded mostly higher following a rally on the Wall Street in the previous session. Japan’s Nikkei 225 dropped 0.1%, Hong Kong’s Hang Seng Index rose 0.79% China’s Shanghai Composite Index slipped 0.2% and India’s BSE Sensex rose 1.7%.

Broker Recommendation

Analysts at Cowen & Co. downgraded Textron Inc. (NYSE: TXT) from Outperform to Market Perform and lowered the price target from $39 to $38.

Textron shares fell 1.9% to close at $36.09 on Wednesday.

Breaking News

  • PepsiCo, Inc. . (NASDAQ: PEP) reported better-than-expected results for its third quarter.
  • Selecta Biosciences Inc (NASDAQ: SELB) disclosed that its Phase 2 COMPARE trial did not meet its primary endpoint of statistical superiority.
  • Enlivex Therapeutics Ltd. (NASDAQ: ENLV) reported positive trial results for its allcetra in coronavirus patients in severe/critical condition.
  • LogicBio Therapeutics Inc (NASDAQ: LOGC) reported a proposed public offering of common stock. However, no size of the offering was disclosed.

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