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 DHI, AerCap Holdings N.V. AER, Rockwell Automation ROK and Advance Auto Parts, Inc. 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. 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 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. STKL agreed to sell its global ingredients segment to Amsterdam Commodities N.V. for €330 million.
• Beyond Meat Inc 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 IFF reported weaker-than-expected earnings for its third quarter.