Market Overview

A Peek Into The Markets: US Stock Futures Mostly Lower; Disney, Cisco Earnings In Focus

A Peek Into The Markets: US Stock Futures Mostly Lower; Disney, Cisco Earnings In Focus

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade, following a sharp rebound in the tech stocks in the previous session. Investors are awaiting earnings from Walt Disney Co (NYSE: DIS), TransDigm Group Incorporated (NYSE: TDG) and Cisco Systems, Inc. (NASDAQ: CSCO).

The Consumer Price Index for October and data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 9:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 165 points to 29,146.00 while the Standard & Poor’s 500 index futures traded fell 5.75 points to 3,562.25. Futures for the Nasdaq 100 index gained 17 points to 11,903.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 10,401,130 with around 241,800 deaths. India reported a total of at least 8,683,910 confirmed cases, while Brazil confirmed over 5,747,660 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $43.64 per barrel, while US WTI crude futures fell 0.3% to trade at $41.31 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.7% and STOXX Europe 600 Index fell 0.5%. The French CAC 40 Index fell 0.7%, while German DAX 30 declined 0.7% and London’s FTSE 100 fell 0.5%. Britain's GDP shrank by 9.6% year-over-year in the third quarter, versus a 21.5% contraction in the prior three-month period. However, the country’s industrial production rose 0.5% in September.

Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 0.68%, China’s Shanghai Composite fell 0.11%, Hong Kong’s Hang Seng Index fell 0.22% and India’s BSE Sensex fell 0.5%. Australia's S&P/ASX 200 traded lower by 0.5%. Producer prices in Japan fell 2.1% year-on-year in October versus a 0.8% drop in September.


Broker Recommendation

Analysts at KeyBanc upgraded Steven Madden, Ltd. (NASDAQ: SHOO) from Sector Weight to Overweight and announced a $36 price target.

Steven Madden shares fell 2.4% to close at $28.00 on Wednesday.


Breaking News

  • Fossil Group Inc (NASDAQ: FOSL) reported better-than-expected results for its third quarter on Wednesday.
  • Boeing Co (NYSE: BA) has revised its forecast for the number of planes Chinese airlines will need through 2039 by 6.3% to 8,600 from the previous estimate of 8,090, Reuters reported Wednesday.
  • Hillenbrand, Inc. (NYSE: HI) reported upbeat results for its fourth quarter. The company also said it expects Q1 adjusted earnings of $0.65 to $0.75 per share.
  • Sony Corporation’s (NYSE: SNE) PlayStation5, which is only available online, has sold out on major sites in Japan after the company launched the console Thursday, Reuters reported.

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