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A Peek Into The Markets: US Stock Futures Gain; FDA Approves Gilead's Covid-19 Drug

A Peek Into The Markets: US Stock Futures Gain; FDA Approves Gilead's Covid-19 Drug

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. Gilead Sciences, Inc. (NASDAQ: GILD) reported the FDA approval of remdesivir for the treatment of hospitalized patients with COVID-19. The second and final 2020 presidential debate between President Donald Trump and his Democratic rival Joe Biden took place Thursday night at the Belmont University in Nashville, Tennessee. Wall Street closed higher in the prior session with the U.S. seems close to finalizing a fiscal stimulus deal.

Investors are awaiting earnings from American Express Company (NYSE: AXP), Illinois Tool Works (NYSE: ITW) and Autoliv (NYSE: ALV). The flash Composite Purchasing Managers' Index for October is scheduled for release at 9:45 a.m. ET. Analysts expect October's flash manufacturing index to decline slightly to 53.2 from 53.5 in September, while services index is likely to come in unchanged at 54.6.

Futures for the Dow Jones Industrial Average climbed 95 points to 28,363 while the Standard & Poor’s 500 index futures traded rose 9.25 points to 3,458.50. Futures for the Nasdaq 100 index climbed 14 points to 11,663.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 8,409,220 with around 223,050 deaths. India reported a total of at least 7,761,310 confirmed cases, while Brazil confirmed over 5,323,630 cases.

Oil prices traded lower as Brent crude futures fell 0.1% to trade at $42.42 per barrel, while US WTI crude futures fell 0.2% to trade at $42.42 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today after closing mostly lower in the previous session. The Spanish Ibex Index rose 1% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index rose 1.2%, while German DAX 30 gained 0.8% and London’s FTSE 100 rose 1.1%. Eurozone consumer confidence index for October declined to minus 15.5, missing the consensus of minus 15. Europe's October's manufacturing PMI rose to 54.4, beating the consensus of 53.1, The composite PMI declined to 49.4 in October from 50.4 in September, while the services PMI slipped to 46.2.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.18%, China’s Shanghai Composite fell 1.04%, Hong Kong’s Hang Seng Index climbed 0.54% and India’s BSE Sensex rose 0.3%. Australia's S&P/ASX 200 is trading lower by 0.1%. Japanese September's consumer price index fell 0.1% month-over-month, while the manufacturing PMI for October improved to 48.

Broker Recommendation

Analysts at RBC Capital upgraded Whirlpool Corporation (NYSE: WHR) from Underperform to Sector Perform and raised the price target from $163 to $183.

Whirlpool shares rose 0.1% to $194.01 in pre-market trading.

Breaking News

  • Intel Corporation (NASDAQ: INTC) reported better-than-expected earnings and sales for its third quarter, while also raising forecast for FY20. However, the company’s margins dropped in the latest quarter.
  • Seagate Technology PLC (NASDAQ: STX) reported upbeat earnings for its first quarter, while sales missed views. The company also said it expects Q2 adjusted earnings of $0.95 to $1.25 per share on sales of $2.35 billion to $2.75 billion.
  • Mattel, Inc. (NASDAQ: MAT) reported better-than-expected results for its third quarter.
  • Hasbro, Inc. (NASDAQ: HAS) reported better-upbeat earnings and sales for its third quarter.

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