Market Overview

A Peek Into The Markets: US Stock Futures Up; Crude Oil Surges 3%

A Peek Into The Markets: US Stock Futures Up; Crude Oil Surges 3%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, continuing the positive trend following Joe Biden's victory in the Presidential election and positive news from Pfizer’s COVID-19 vaccine candidate. Investors are awaiting earnings from Hillenbrand, Inc. (NYSE: HI) and Manulife Financial Corporation (NYSE: MFC).

Futures for the Dow Jones Industrial Average climbed 214 points to 29,533.00 while the Standard & Poor’s 500 index futures traded rose 23.25 points to 3,564.25. Futures for the Nasdaq 100 index surged 110.75 points to 11,729.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 10,257,820 with around 239,680 deaths. India reported a total of at least 8,636,010 confirmed cases, while Brazil confirmed over 5,699,000 cases.

Oil prices traded higher as Brent crude futures rose 3% to trade at $44.90 per barrel, while US WTI crude futures rose 3.1% to trade at $42.66 a barrel. The API reported a drop of 5.147 million barrels in crude oil inventories last week.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index rose 0.6%. The French CAC 40 Index rose 0.3%, while German DAX 30 gained 0.3% and London’s FTSE 100 rose 0.4%. Germany’s economic sentiment declined to 39 for November, versus the consensus of 41.7.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.78%, China’s Shanghai Composite fell 0.53%, Hong Kong’s Hang Seng Index fell 0.28% and India’s BSE Sensex rose 0.7%. Australia's S&P/ASX 200 traded higher by 1.7%. Japan’s machine tool orders fell 5.9% year-over-year for October. Australia’s consumer sentiment improved by 2.5% for November, missing a consensus of 3.8%.


Broker Recommendation

Analysts at Goldman Sachs downgraded American International Group Inc (NYSE: AIG) from Buy to Neutral and announced a $39price target.

AIG shares fell 0.9% to $37.89 in pre-market trading.


Breaking News

  • LYFT Inc (NASDAQ: LYFT) reported downbeat earnings for its third quarter, while sales exceeded expectations.
  • Air Products & Chemicals, Inc. (NYSE: APD) reported weaker-than-expected earnings for its fourth quarter, while sales topped views.
  • Alcon AG (NYSE: ALC) reported stronger-than-expected results for its third quarter on Tuesday.
  • Aurora Cannabis Inc (NYSE: ACB) disclosed plans for a $125 million public offering.

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