U.S. stock futures traded higher in early pre-market trade after recording sharp losses in the previous session. Investors are awaiting earnings results from AutoZone, Inc. AZO, FedEx Corporation FDX and Adobe Inc ADBE.
The Federal Open Market Committee will begin its two-day policy meeting today. Data on housing starts, permits and current account will be released at 8:30 a.m. ET.
Futures for the Dow Jones Industrial Average jumped 328 points to 34,167.00 while the Standard & Poor’s 500 index futures gained 38.75 points to 4,387.00. Futures for the Nasdaq 100 index rose 130.25 points to 15,139.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 42,289,820 with around 676,090 deaths. India reported a total of at least 33,504,530 confirmed cases, while Brazil confirmed over 21,247,660 cases.
Oil prices traded higher as Brent crude futures rose 1.5% to trade at $75.04 per barrel, while US WTI crude futures rose 1.8% to trade at $71.52 a barrel. The API’s report on crude oil inventories will be released later during the day.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 1.2% and STOXX Europe 600 Index climbed 1.1%. The French CAC 40 Index surged 1.4%, London’s FTSE 100 gained 1% while German DAX 30 climbed 1.4%. Public sector net borrowing in the UK fell to GBP 20.5 billion in August, GBP 5.5 billion less than a year ago.
Asian markets traded mostly higher today. Japan’s Nikkei 225 dipped 2.17%, while Hong Kong’s Hang Seng Index gained 0.69%. Australia’s S&P/ASX 200 gained 0.4% and India’s BSE Sensex rose 0.5%.
Loop Capital initiated coverage on AT&T Inc. T with a Hold rating and announced a price target of $30.
AT&T shares rose 0.5% to $27.35 in pre-market trading.
- General Electric Company GE and Vietnam’s leisure airline Bamboo Airways are set to sign a $2 billion deal on Tuesday, Reuters reported citing the airline. As part of the deal, the Vietnamese airline would buy GEnx engines to power the Boeing’s 787-9 Dreamliner aircraft.
- Amazon.com Inc AMZN and Ford Motor Co F backed electric vehicle maker Rivian has filed for a patent with the U.S. Patent and Trademark office for a sliding door for a minivan-styled vehicle.
- Lennar Corporation LEN reported adjusted earnings of $3.27 per share on sales of $6.94 billion for the third quarter. The company also said it expects deliveries to be roughly 18,000 for the current quarter.
- Netflix Inc NFLX said it is launching a free mobile plan with limited TV shows and movies in Kenya as it looks to score new subscribers in the key African country.
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