Market Overview

A Peek Into The Markets: US Stock Futures Mixed Ahead of Economic Reports

A Peek Into The Markets: US Stock Futures Mixed Ahead of Economic Reports

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after Dow Jones climbed above 30,000 for the first time in the previous session on hopes of a COVID-19 vaccine rollout and US President Trump agreeing with the transition process with Joe Biden. Investors are awaiting earnings from Deere & Company (NYSE: DE).

Data on durable goods orders for October, GDP growth for the third quarter, international trade in goods for October, initial jobless claims and wholesale inventories for October will be released at 8:30 a.m. ET. New home sales report for October, University of Michigan's consumer sentiment index and personal income for October will be released at 10:00 a.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 41 points to 29,957.00 while the Standard & Poor’s 500 index futures traded fell 1.75 points to 3,631.00. Futures for the Nasdaq 100 index gained 34.25 points to 12,110.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 12,591,160 with around 259,920 deaths. India reported a total of at least 9,222,210 confirmed cases, while Brazil confirmed over 6,118,700 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $46.42 per barrel, while US WTI crude futures rose 1% to trade at $43.47 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly data on natural gas stocks in underground storage will be released at 12:00 p.m. ET. 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 flat today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index declined 0.1%. The French CAC 40 Index rose 0.3%, while German DAX 30 gained 0.1% and London’s FTSE 100 rose 0.3%. Producer prices in Spain fell 4.1% year-over-year in October versus a 3.3% decline in the prior month.

Asian markets traded mixed today. Japan’s Nikkei 225 gained 0.5%, China’s Shanghai Composite fell 1.19%, Hong Kong’s Hang Seng Index gained 0.31% and India’s BSE Sensex fell 1.3%. Australia's S&P/ASX 200 traded higher by 0.6%. Total construction output in Australia slipped 2.6% quarter-on-quarter during the three months to September.


Broker Recommendation

Analysts at Morgan Stanley downgraded Ford Motor Company (NYSE:F) from Overweight to Equal-Weight and announced a $9 price target.

Ford shares fell 1.3% to $9.33 in pre-market trading.


Breaking News

  • HP Inc (NYSE: HPQ) reported better-than-expected results for its fourth quarter and issued a strong profit forecast for the current quarter.
  • Gap Inc (NYSE: GPS) reported weaker-than-projected earnings for its third quarter, while sales exceeded views.
  • Dell Technologies Inc (NYSE: DELL) reported upbeat earnings for its third quarter on Tuesday.
  • Alibaba Group Holding Ltd’s (NYSE: BABA) online shopping apps, alongside 43 other Chinese apps, have been blocked in India, Bloomberg reported Tuesday.

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