Pre-open movers
U.S. stock futures traded mostly lower in early pre-market trade after the Nasdaq gained more than 90 points in the previous session. Investors are awaiting earnings results from Honeywell International Inc (NYSE:HON), American Express Company (NYSE:AXP), Schlumberger NV (NYSE:SLB), Seagate Technology Holdings plc (NASDAQ:STX) and HCA Healthcare, Inc. (NYSE:HCA).
The flash Composite Purchasing Managers' Index for October is scheduled for release at 9:45 a.m. ET. Analysts expect services index at 55.2, with manufacturing PMI projected at 60.7 for October. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 10:00 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 11:00 a.m. ET.
Futures for the Dow Jones Industrial Average rose 6 points to 35,486.00 while the Standard & Poor’s 500 index futures declined 4 points to 4,537.75. Futures for the Nasdaq 100 index fell 58.75 points to 15,420.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,174,540 with around 753,740 deaths. India reported a total of at least 34,143,230 confirmed cases, while Brazil confirmed over 21,697,340 cases.
Oil prices traded slightly higher as Brent crude futures rose 0.2% to trade at $84.77 per barrel, while US WTI crude futures rose 0.2% to trade at $82.64 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were mostly higher today. The Spanish Ibex Index slipped 0.1% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index climbed 1%, London’s FTSE 100 rose 0.4% while German DAX 30 gained 0.4%. The IHS Markit services PMI for Eurozone declined to 54.7 in October from 56.4 in the earlier month, while manufacturing PMI slipped to 58.5 from 58.6. German manufacturing PMI dropped to 58.2 in October from 58.4 in September, while services PMI slipped to 52.4 in October from 56.2. French manufacturing PMI fell to 53.5 in October from 55, while services PMI rose to 56.6 in October. Retail sales in the UK fell 0.2% in September, while GfK consumer confidence index dropped for the third straight month to a reading of -17 in October. UK’s composite PMI climbed to 56.8 in October from 54.9 in the prior month.
Broker Recommendation
Keybanc maintained Snap Inc. (NYSE:SNAP) with an Overweight and lowered the price target from $90 to $85.
Snap shares fell 20.7% to $59.55 in pre-market trading.
Check out other major ratings here
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