Market Overview

A Peek Into The Markets: US Stock Futures Gain; All Eyes On Jobs Report

A Peek Into The Markets: US Stock Futures Gain; All Eyes On Jobs Report

Pre-open movers

U.S. stock futures traded higher in early pre-market trade ahead of much-awaited jobs report. Analysts expect nonfarm payrolls increasing 500,000 in November versus a 638,000 rise in October. Investors are awaiting earnings from Big Lots, Inc. (NYSE: BIG), HD Supply Holdings Inc (NASDAQ: HDS) and Genesco Inc. (NYSE: GCO).

International trade report for October is scheduled for release at 8:30 a.m. ET, while data on factory orders for October will be released at 10:00 a.m. ET. New York Fed President John Williams is set to speak at 8:05 a.m. ET, while Federal Reserve Bank of Chicago President Charles Evans will speak at 9:00 a.m. ET. Fed Governor Michelle Bowman is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 149 points to 30,081.00 while the Standard & Poor’s 500 index futures traded rose 14.50 points to 3,679.00. Futures for the Nasdaq 100 index gained 51 points to 12,513.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 14,147,240 with around 276,380 deaths. India reported a total of at least 9,571,550 confirmed cases, while Brazil confirmed over 6,487,080 cases.

Oil prices traded higher as Brent crude futures rose 1.8% to trade at $46.44 per barrel, while US WTI crude futures rose 1.7% to trade at $49.54 a barrel. The OPEC+ agreed to raise oil output by 500,000 barrels per day. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.3% and STOXX Europe 600 Index gained 0.2%. The French CAC 40 Index gained 0.4%, while German DAX 30 rose 0.1% and London’s FTSE 100 rose 0.7%. The Eurozone construction PMI increased to 45.6 in November versus 44.9 in the earlier month. The UK construction PMI climbed to 54.7 in November versus a five-month low reading of 53.1 in the prior month, while German construction PMI rose to 45.6 from 45.2.

Asian markets traded mostly higher today. Japan’s Nikkei 225 fell 0.22%, China’s Shanghai Composite rose 0.07%, Hong Kong’s Hang Seng Index gained 0.40% and India’s BSE Sensex rose 1%. Australia's S&P/ASX 200 traded higher by 0.3%. The Reserve Bank of India held its benchmark repurchase rate at 4%, while Australian retail sales rose by 1.4% during October.


Broker Recommendation

Analysts at KeyBanc upgraded Oshkosh Corporation (NYSE: OSK) from Sector Weight to Overweight and announced a $104 price target.

Oshkosh shares rose 1% to close at $81.56 on Thursday.


Breaking News

  • Moderna Inc (NASDAQ: MRNA) said it projects to make 100 million to 125 million doses of its COVID-19 vaccine available worldwide during the first quarter of 202.
  • Ulta Beauty Inc (NASDAQ: ULTA) reported upbeat earnings for its third quarter, while sales slightly missed views. Ulta Beauty’s comparable sales dropped 8.9% year over year, while the company expects Q4 comparable-store sales to drop 12% to 14%..
  • Marvell Technology Group Ltd. (NASDAQ: MRVL) reported in-line earnings for its third quarter, while sales missed estimates. The company also issued guidance for the current quarter.
  • Boeing Co (NYSE: BA) received an order from Irish airliner Ryanair Holdings Plc (NASDAQ: RYAAY) for the 737 Max jet. The 737 Max airplanes were grounded in March 2019 after two fatal crashes involving the line within six months.

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