Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Wednesday after the Nasdaq index closed lower by more than 100 points in the previous session amid a decline in Meta Platforms, Inc. (NASDAQ:META) shares.

The Producer Price Index for September will be released at 8:30 a.m. ET. Producer prices, which declined 0.1% in August, are expected to increase 0.2% in September.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. Minneapolis Fed President Neel Kashkari is set to speak at 10:00 a.m. ET, while Michael Barr, the Fed's vice chair for supervision will speak at 1:45 p.m. ET. Federal Reserve Governor Michelle Bowman is set to speak at 6:30 p.m. ET.

Investors are also awaiting earnings results from PepsiCo, Inc. (NASDAQ:PEP) and Wipro Limited (NYSE:WIT).
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Futures for the Dow Jones Industrial Average climbed 101 points to 29,367.00 while the Standard & Poor’s 500 index futures rose 16 points to 3,615.25. Futures for the Nasdaq index rose 70.25 points to 10,915.25.

Commodities

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $94.63 per barrel, while US WTI crude futures rose 0.2% to trade at $89.51 a barrel.

Gold futures fell 0.4% to trade at $1,678.50 an ounce, while silver traded down 1.3% at $19.23 an ounce on Wednesday.

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.4%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1%. The French CAC 40 Index fell 0.2%, while German DAX dropped 0.3%.

Industrial production in the UK fell by 1.8% from a month ago in August versus a revised 1.1% drop in the previous month, while the country’s trade deficit increased to GBP 7.1 billion in August versus a revised GBP 5.4 billion in the prior month. The UK economy shrank by 0.3% month-over-month in August versus a revised 0.1% increase in July. Manufacturing output in the UK dropped by 1.6 percent from a month ago in August.

Asia-Pacific Markets

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.02%, China’s Composite Index rose 1.53%, while Hong Kong’s Hang Seng Index fell 0.78%. Australia’s S&P/ASX 200 rose 0.1%, while India’s BSE Sensex rose 0.5%.

Japan's core machinery orders fell 5.8% from the previous month in August 2022, while Reuters Tankan sentiment index for manufacturers fell to 5 in October.

Broker Recommendation

Jefferies downgraded The Cooper Companies, Inc. (NYSE:COO) from Buy to Hold and lowers the price target from $400 to $295.

Cooper Companies shares fell 2.5% to $250.00 in pre-market trading.

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