A Peek Into The Markets: US Stock Futures Gain Ahead Of Producer Price, Consumer Sentiment Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after recording losses in the previous session due to rise in Covid-19 cases. Investors are awaiting earnings from Spectrum Brands Holdings Inc SPB and Li Auto Inc. LI.

The Producer Price Index for October is scheduled for release at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for November will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 241 points to 29,233.00 while the Standard & Poor’s 500 index futures traded rose 29.50 points to 3,562.00. Futures for the Nasdaq 100 index gained 90.50 points to 11,910.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 10,554,800 with around 242,430 deaths. India reported a total of at least 8,728,790 confirmed cases, while Brazil confirmed over 5,781,580 cases.

Oil prices traded lower as Brent crude futures fell 0.9% to trade at $43.14 per barrel, while US WTI crude futures fell 1.2% to trade at $40.64 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index rose 0.5% and STOXX Europe 600 Index fell 0.2%. The French CAC 40 Index rose 0.2%, while German DAX 30 declined 0.1% and London’s FTSE 100 fell 0.5%. Wholesale prices in Germany declined 1.9% year-over-year in October versus a 1.8% drop in September. Spain's consumer prices fell 0.8% year-over-year in October.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.53%, China’s Shanghai Composite fell 0.86%, Hong Kong’s Hang Seng Index fell 0.05% and India’s BSE Sensex rose 0.2%. Australia's S&P/ASX 200 traded lower by 0.2%. Hong Kong’s GDP expanded 2.8% in the third quarter, versus initial estimates for a 3% increase.

Broker Recommendation

Analysts at Deutsche Bank downgraded Dow Inc DOW from Buy to Hold and announced a $56 price target.

Dow shares fell 2.2% to close at $51.04 on Thursday.

Breaking News

• Walt Disney Co DIS reported a narrower-than-expected loss for its fourth quarter, while sales also exceeded estimates.
• Cisco Systems, Inc. CSCO reported better-than-expected results for its first quarter and issued strong earnings forecast for the current quarter.
• A hundred million doses of AstraZeneca Plc’s AZN COVID-19 vaccine would be ready for distribution in India by December and an inoculation drive could begin the same month, Bloomberg reported.
• Applied Materials, Inc. AMAT posted upbeat results for its fourth quarter and issued strong outlook for the first quarter.