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. BIG, HD Supply Holdings Inc HDS and Genesco Inc. 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 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 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 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. MRVL reported in-line earnings for its third quarter, while sales missed estimates. The company also issued guidance for the current quarter.
• Boeing Co BA received an order from Irish airliner Ryanair Holdings Plc 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.