Market Overview

A Peek Into The Markets: US Stock Futures Tumble; GE, Ford Earnings In Focus

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A Peek Into The Markets: US Stock Futures Tumble; GE, Ford Earnings In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade as investors are awaiting earnings from General Electric Company (NYSE: GE), Ford Motor Company (NYSE: F), United Parcel Service, Inc. (NYSE: UPS), Mastercard Inc (NYSE: MA) and Visa Inc (NYSE: V). Wall Street closed mostly lower in the prior session as Covid-19 cases continued to witness a rise.

Data on international trade in goods and wholesale inventories for September will be released at 8:30 a.m. ET. The US goods deficit is likely to increase to $85.0 billion in September from $83.1 billion in August.

Futures for the Dow Jones Industrial Average dipped 411 points to 26,954 while the Standard & Poor’s 500 index futures traded fell 41.60 points to 3,341.50. Futures for the Nasdaq 100 index declined 110.25 points to 11,477.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 8,779,700 with around 226,720 deaths. India reported a total of at least 7,990,320 confirmed cases, while Brazil confirmed over 5,439,640 cases.

Oil prices traded lower as Brent crude futures fell 2.9% to trade at $40.42 per barrel, while US WTI crude futures fell 3.7% to trade at $38.10 a barrel. The American Petroleum Institute reported a rise of 4.6 million barrels in U.S. crude supplies for the week ended October 23. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

 

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.7% and STOXX Europe 600 Index dropped 1.9%. The French CAC 40 Index fell 2.6%, while German DAX 30 declined 2.7% and London’s FTSE 100 fell 1.8%. Spain's retail sales dropped 3.3% year-over-year in September, while French consumer confidence declined to 94 in October from 95 in September.

 

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.29%, China’s Shanghai Composite gained 0.46%, Hong Kong’s Hang Seng Index declined 0.32% and India’s BSE Sensex fell 1.5%. Australia's S&P/ASX 200 traded higher by 0.1%. Japan’s core consumer price index fell 0.1% year-over-year, missing the consensus of flat growth. Australia’s third-quarter consumer price index grew 1.6% quarter-over-quarter, better than a consensus of 1.5% growth.

 

 

Broker Recommendation

Analysts at Piper Sandler downgraded Livongo Health, Inc. (NASDAQ: LVGO) from Overweight to Neutral and raised the price target from $55 to $143.

Livongo Health shares fell 2% to $139.97 in pre-market trading.

 

Breaking News

  • Microsoft Corporation (NASDAQ: MSFT) reported upbeat earnings and sales for its first quarter. The company’s workplace collaboration software, called "Teams," has 115 million daily active users (DAUs) as of 2021 first quarter's end, CEO Satya Nadella said.
  • Novartis AG (NYSE: NVS) reported that it has received the license for global rights to develop, manufacture, and commercialize two antiviral therapies of Molecular Partners, which may be efficacious against COVID-19.
  • FireEye Inc (NASDAQ: FEYE) reported stronger-than-expected results for its third quarter and raised its FY20 sales guidance.
  • Biodesix, Inc. (NASDAQ: BDSX) said it priced 4 million share IPO at $18 per share.
 

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