Market Overview

A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Fed Speakers

A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Fed Speakers

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after recording gains on Monday following Joe Biden's victory and positive news from Pfizer’s COVID-19 vaccine candidate. Investors are awaiting earnings from D. R. Horton Inc (NYSE: DHI), AerCap Holdings N.V. (NYSE: AER), Rockwell Automation (NYSE: ROK) and Advance Auto Parts, Inc. (NYSE: AAP).

The NFIB small business optimism index for October is scheduled for release at 6:00 a.m, while the Labor Department's JOLTS report for September is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 10:00 a.m. ET, while Federal Reserve Vice Chair for Supervision Randal Quarles will speak at 2:00 p.m. ET. Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 4:00 p.m. ET, while Federal Reserve Governor Lael Brainard will speak at 5:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 96 points to 29,144.00 while the Standard & Poor’s 500 index futures traded fell 17 points to 3,527.00. Futures for the Nasdaq 100 index fell 182.75 points to 11,637.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 10,110,550 with around 238,250 deaths. India reported a total of at least 8,591,730 confirmed cases, while Brazil confirmed over 5,675,030 cases.

Oil prices traded higher as Brent crude futures rose 1.9% to trade at $43.21 per barrel, while US WTI crude futures rose 1.6% to trade at $40.95 a barrel. The API’s weekly report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index gained 2.4% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index rose 1.1%, while German DAX 30 declined 0.3% and London’s FTSE 100 rose 1.2%. UK’s unemployment rate increased to 4.8% in September, in-line with expectations. France's industrial production activity rose 1.4% in September.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.26%, China’s Shanghai Composite fell 0.4%, Hong Kong’s Hang Seng Index rose 1.1% and India’s BSE Sensex rose 1.6%. Australia's S&P/ASX 200 traded higher by 0.7%. Japan’s The Current Account data showed a surplus of ¥1.35 trillion in September, missing the consensus of ¥1.79 trillion. China’s Consumer Price Index fell 0.3% month-over-month in October, while the Producer Price Index declined 2.1% year-over-year.


Broker Recommendation

Analysts at KeyBanc initiated coverage on Thermo Fisher Scientific Inc. (NYSE: TMO) with a Sector Weight rating.

Thermo Fisher Scientific shares rose 0.5% to $487.15 in pre-market trading.


Breaking News

  • Eli Lilly And Co (NYSE: LLY) disclosed that its monoclonal antibody treatment bamlanivimab for use against COVID-19 received an emergency use authorization from the United States Food and Drug Administration.
  • SunOpta Inc. (NASDAQ: STKL) agreed to sell its global ingredients segment to Amsterdam Commodities N.V. for €330 million.
  • Beyond Meat Inc (NASDAQ: BYND) reported downbeat results for its third quarter. The company said it continues to experience meaningful slowdown in its Foodservice Unit.
  • International Flavors & Fragrances Inc (NYSE: IFF) reported weaker-than-expected earnings for its third quarter.

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