A Peek Into The Markets: U.S. Stock Futures Rise Following Strong Chinese Manufacturing Report

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, following strong manufacturing report from China. Data on motor vehicle sales for October will be released today. The Federal Open Market Committee will begin two-day policy meeting today. The Markit manufacturing PMI for October will be released at 9:45 a.m. ET, while the ISM manufacturing index for October and construction spending data for September will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 26 points to 18,088.00, while the Standard & Poor’s 500 index futures gained 4.50 points to 2,124.25. Futures for the Nasdaq 100 index rose 8.75 points to 4,805.25.

Oil prices traded lower as US WTI crude futures fell 0.30 percent to trade at $46.72 a barrel.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index rising 0.13 percent, STOXX Europe 600 Index falling 0.14 percent and German DAX 30 index dropping 0.13 percent. The UK's FTSE index was trading higher by 0.15 percent, while French CAC 40 Index fell 0.13 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.10 percent, Hong Kong’s Hang Seng Index climbed 0.93 percent, China’s Shanghai Composite Index climbed 0.71 percent and India’s BSE Sensex fell 0.19 percent. China's official manufacturing PMI rose to 51.2 in October, versus a reading of 50.4 in September.

Broker Recommendation

Analysts at Raymond James downgraded Baker Hughes Incorporated BHI from Strong Buy to Outperform.

Baker Hughes shares fell 0.42 percent to $55.17 in pre-market trading.

Breaking news

• Coach Inc COH reported mixed results for the first quarter. While adjusted EPS came in line, revenue fell shy of expectations. The company maintained its fiscal year 2017 outlook. To read the full news, click here.



• Pfizer Inc PFE delivered lower than expected earnings for the third quarter sending the stock lower in pre-market trading. To read the full news, click here.



• Valeant Pharmaceuticals Intl Inc VRX plummeted more than 12 percent Monday afternoon and hit a new 52-week low of $17.75 following a Bloomberg report that U.S. prosecutors are focusing on the company's ex-CEO and ex-CFO. To read the full news, click here.



• L Brands Inc LB lowered its earnings outlook for the third quarter. To read the full news, click here.