A Peek Into The Markets: US Stock Futures Climb Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording gains in the previous session. Investors are awaiting earnings results from Accenture Plc ACN, Costco Wholesale Corporation COST and Nike Inc NKE.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims to decline to 309,000 for the September 18 week from 332,000 in the previous week. The Chicago Fed National Activity Index for August is scheduled for release at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for September will be released at 9:45 a.m. ET. The index of leading economic indicators for August is scheduled for release at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for September will be released at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 229 points to 34,358.00 while the Standard & Poor’s 500 index futures gained 31.75 points to 4,415.75. Futures for the Nasdaq 100 index rose 110.25 points to 15,273.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 42,545,220 with around 681,190 deaths. India reported a total of at least 33,563,420 confirmed cases, while Brazil confirmed over 21,283,560 cases.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $75.58 per barrel, while US WTI crude futures rose 0.2% to trade at $72.36 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.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index climbed 1%. The French CAC 40 Index surged 0.9%, London’s FTSE 100 gained 0.6% while German DAX 30 gained 1%. The IHS Markit Eurozone manufacturing PMI declined to 58.7 in September from August’s reading of 61.4, while services PMI slipped to 56.3 from 59. The UK flash composite PMI slipped to 54.1 in September from 54.8 in August, while French composite PMI declined to 55.1 from 55.9. German composite PMI dropped to 55.3 in September versus 60 in August. Spanish gross domestic product grew 1.1% on quarter during the three months to June.

Asian markets traded higher today. Hong Kong’s Hang Seng Index climbed 1.19%, while China’s Shanghai Composite Index added 0.38%. Australia’s S&P/ASX 200 gained 1% and India’s BSE Sensex rose 1.3%. Australian services PMI rose to 44.9 in September from 44.9 in August, while manufacturing PMI climbed to a three-month high of 57.3.

Broker Recommendation

JP Morgan downgraded Eargo, Inc. EAR from Overweight to Underweight and announced a price target of $11.

Eargo shares dipped 55.2% to $9.70 in pre-market trading.

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Breaking News

• BlackBerry Ltd BB reported a narrower-than-expected loss for its second quarter, while sales exceeded estimates.
• The U.S. Food and Drug Administration authorized a booster dose of the Pfizer Inc. PFE COVID-19 vaccine for people aged 65 years and older as well as other high-risk Americans.
• Nio Inc. NIO is delaying the official launch of the ES8 SUV and the opening of the first overseas Nio House in Norway by a week, cnEVpost reported.
• Steelcase Inc. SCS reported weaker-than-expected results for its second quarter.

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