Pre-open movers
U.S. stock futures traded higher in early pre-market trade on the election day. Investors are awaiting earnings from McKesson Corporation MCK, Humana Inc HUM, Prudential Financial Inc PRU, Exelon Corporation EXC and Fox Corp FOX. Data on factory orders for September will be released at 10:00 a.m. ET. Factory orders are projected to rise 0.6% in September.
Futures for the Dow Jones Industrial Average climbed 351 points to 27,147.00 while the Standard & Poor’s 500 index futures traded rose 37.50 points to 3,338.00. Futures for the Nasdaq 100 index gained 90.25 points to 11,153.50.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 9,292,510 with around 231,560 deaths. India reported a total of at least 8,267,620 confirmed cases, while Brazil confirmed over 5,554,200 cases.
Oil prices traded higher as Brent crude futures rose 2.6% to trade at $39.97 per barrel, while US WTI crude futures rose 3.1% to trade at $37.94 a barrel. The API’s report on crude stocks will be released later in the day.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 1.1% and STOXX Europe 600 Index gained 1.3%. The French CAC 40 Index rose 1.7%, while German DAX 30 gained 1.7% and London’s FTSE 100 rose 1.5%. UK’s manufacturing activity improved to 53.7 in October, beating the consensus of 53.3, while French government budget deficit widened to EUR 161.6 billion in the first nine months of the year versus EUR 109 billion in the year-ago period.
Asian markets traded higher today. Japan’s Nikkei 225 rose 1.39%, China’s Shanghai Composite rose 1.42%, Hong Kong’s Hang Seng Index gained 1.96% and India’s BSE Sensex rose 1.2%. Australia's S&P/ASX 200 traded higher by 1.9%. The Reserve Bank of Australia lowered its official cash rate to 0.1%.
Broker Recommendation
Analysts at Morgan Stanley upgraded BP plc BP from Underweight to Equal-Weight.
BP shares rose 2.1% to $16.44 in pre-market trading.
Breaking News
- Arista Networks Inc ANET reported better-than-expected results for its third quarter and issued strong sales guidance for the fourth quarter.
- AMC Entertainment Holdings Inc AMC reported massive losses in its third-quarter. However, the company disclosed that, as of October, theatres in about 539 out of 600 domestic locations in the U.S. and approximately 261 out of 358 international locations had reopened.
- Paypal Holdings Inc PYPL reported upbeat earnings and sales for the third quarter, but issued weak profit forecast for the current quarter.
- Alaska Communications ALSK agreed to be acquired by Macquarie Capital and GCM Grosvenor for $3 per share in cash
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