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A Peek Into The Markets: US Stock Futures Drop Ahead Of Jobs Data

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A Peek Into The Markets: US Stock Futures Drop Ahead Of Jobs Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade as Joe Biden edges closer to a win. Investors are awaiting earnings from CVS Health Corp (NYSE: CVS) and Hershey Co (NYSE: HSY).

Data on nonfarm payrolls and unemployment rate for October will be released at 8:30 a.m. ET, while wholesale inventories report for September is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average fell 147 points to 28,150.00 while the Standard & Poor’s 500 index futures traded fell 25.25 points to 3,479.50. Futures for the Nasdaq 100 index fell 122.25 points to 11,954.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 9,609,260 with around 234,930 deaths. India reported a total of at least 8,411,720 confirmed cases, while Brazil confirmed over 5,590,020 cases.

Oil prices traded lower as Brent crude futures fell 2.6% to trade at $39.85 per barrel, while US WTI crude futures fell 3% to trade at $37.61 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index declined 0.6% and STOXX Europe 600 Index fell 0.3%. The French CAC 40 Index fell 0.5%, while German DAX 30 fell 0.7% and London’s FTSE 100 rose 0.1%. Industrial production in Germany rose 1.6% in September.

 

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.91%, China’s Shanghai Composite fell 0.24%, Hong Kong’s Hang Seng Index rose 0.1% and India’s BSE Sensex rose 1.3%. Australia's S&P/ASX 200 traded higher by 0.8%. Japan’s household spending fell 10.2% in real terms for September.

 

 

Broker Recommendation

Analysts at Wells Fargo upgraded Advanced Micro Devices, Inc. (NASDAQ: AMD) from Equal-Weight to Overweight and announced a $100 price target.

AMD shares fell 0.3% to $82.78 in pre-market trading.

 

Breaking News

  • Herbalife Nutrition Ltd (NYSE: HLF) reported stronger-than-expected earnings for its third quarter.
  • Dropbox Inc (NASDAQ: DBX) reported better-than-expected earnings for its third quarter.
  • DISH Network Corp (NASDAQ: DISH) reported stronger-than-expected earnings for its third quarter.
  • Uber Technologies Inc (NYSE: UBER) reported upbeat earnings for its third quarter.
 

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