A Peek Into The Markets: US Stock Futures Down; Apple Posts Downbeat Sales

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped more than 200 points in the previous session. Investors are awaiting earnings results from Colgate-Palmolive Company CL, Chevron Corporation CVX, Charter Communications Inc CHTR, Exxon Mobil Corp XOM and Phillips 66 PSX.

Data on personal income, consumption expenditures and employment cost index will be released at 8:30 a.m. ET. The Chicago PMI for October is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for October will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 81 points to 35,532.00 while the Standard & Poor’s 500 index futures fell 23.50 points to 4,564.00. Futures for the Nasdaq 100 index dipped 130.75 points to 15,634.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,685,140 with around 763,780 deaths. India reported a total of at least 34,246,150 confirmed cases, while Brazil confirmed over 21,781,430 cases.

Oil prices traded mostly flat as Brent crude futures rose 0.1% to trade at $83.74 per barrel, while US WTI crude futures fell 0.1% to trade at $82.75 a barrel. US natural gas supplies climbed 87 billion cubic feet last week, the Energy Information Administration said Thursday. 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 lower today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index declined 0.6%. The French CAC 40 Index fell 0.5%, London’s FTSE 100 fell 0.4% while German DAX 30 dropped 0.8%. Annual inflation rate in the Eurozone increased to 4.1% in October from 3.4% in September. Consumer credit in the UK rose by GBP 0.2 billion in September, while net mortgage borrowing rose to GBP 9.5 billion in September. Italian gross domestic product expanded by 2.6% quarter-on-quarter during the three months to September, while German economy grew by 1.8% on quarter. Spain's retail sales declined 0.1% from a year ago in September, while the country’s economy grew by 2.0% on quarter in the three months to September. The annual inflation rate in France increased to 2.6% in October from 2.2% in September, while economy grew by 3% quarter-on-quarter in the third quarter.

Asian markets traded lower today. Japan’s Nikkei 225 rose 0.25%, while Hong Kong’s Hang Seng Index fell 0.7% and China’s Shanghai Composite gained 0.82%. Australia’s S&P/ASX 200 fell 1.4%, while India’s BSE Sensex fell 0.8%. Japan's housing starts climbed 4.3% year-over-year in September, while consumer confidence index rose 1.4 points from the prior month to 39.2 in October. Industrial production in Japan fell 5.4% in September, while unemployment rate came in at 2.8% in September. Retail sales in Australia increased 1.3% in September, while final demand producer price index rose 1.1% on quarter in the third quarter.

Broker Recommendation

Guggenheim upgraded argenx SE ARGX from Neutral to Buy and announces $330 price target.

argenx shares rose 5.7% to $296.76 in pre-market trading.

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Breaking News

  • Apple Inc AAPL posted in-line earnings for its fourth quarter, while sales missed expectations. Revenues from iPhone came in at $38.87 billion, shy of the consensus estimate of $41.2 billion.
  • Amazon.com, Inc. AMZN reported weaker-than-expected results for its third quarter and issued downbeat sales guidance for the fourth quarter.
  • Starbucks Corporation SBUX reported upbeat earnings for its fourth quarter, while sales missed estimates. The company said it projects consolidated sales to be $32.5 billion to $33 billion in FY22, growing above the long-term guidance of 8%-10% growth.
  • Facebook Inc FB announced recently it would be getting a new name to better coincide with the company’s vision of betting big on the metaverse. On Thursday, the company shared its new name and announced plans to change its stock symbol. Facebook Inc will change its name to Meta, a name that encompasses its full investment in growth through the metaverse.


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