A Peek Into The Markets: US Stock Futures Slightly Lower Ahead Of Earnings, Fed Speakers

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, after recording losses in the earlier session following an increase in Covid-19 cases. Investors are awaiting earnings from Foot Locker, Inc. FL, Buckle Inc BKE and Hibbett Sports, Inc. HIBB.

Federal Reserve Bank of Richmond President Thomas Barkin and Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 9:00 a.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 9:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 37 points to 29,406.00 while the Standard & Poor’s 500 index futures traded fell 2.25 points to 3,577.75. Futures for the Nasdaq 100 index gained 8.50 points to 11,995.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 11,717,940 with around 252,550 deaths. India reported a total of at least 9,004,360 confirmed cases, while Brazil confirmed over 5,981,760 cases.

Oil prices traded mostly flat as Brent crude futures rose 0.2% to trade at $44.30 per barrel, while US WTI crude futures fell 0.1% to trade at $41.69 a barrel. 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 higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.4%, while German DAX 30 gained 0.1% and London’s FTSE 100 rose 0.3%. Retail sales in the UK rose 1.2% in October, while German producer prices fell 0.7% year-over-year last month.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.42%, China’s Shanghai Composite rose 0.44%, Hong Kong’s Hang Seng Index gained 0.36% and India’s BSE Sensex rose 0.8%. Australia's S&P/ASX 200 traded lower by 0.1%. Japan’s manufacturing PMI fell to 48.3 in November from 48.7 in the prior month, while services PMI dropped to 46.7 in November from 47.7.

Broker Recommendation

Analysts at KeyBanc downgraded Nucor Corporation NUE from Overweight to Sector Weight.

Nucor shares fell 0.2% to close at $52.83 on Thursday.

Breaking News

• Williams-Sonoma, Inc. WSM reported stronger-than-expected results for its third quarter on Thursday..
• Eli Lilly And Co LLY disclosed that its rheumatoid arthritis drug baricitinib has been issued an emergency use authorization for the treatment of COVID-19 in hospitalized adults and children.
• Ross Stores, Inc. ROST reported upbeat results for its third quarter.
• The United Nations World Health Organization said Thursday that Gilead Sciences Inc’s GILD remdesivir is not recommended for the treatment of COVID-19, the Wall Street Journal reported.