A Peek Into The Markets: US Stock Futures Down Ahead Of Economic Data, Fed Speakers

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after closing mixed in the previous session. Investors are awaiting earnings results from FactSet Research Systems Inc. FDS, United Natural Foods Inc UNFI and Micron Technology, Inc. MU.

Data on wholesale inventories and international trade in goods will be released at 8:30 a.m. ET. The S&P Corelogic Case-Shiller home price index and FHFA's house price index will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index and Richmond Fed's manufacturing index for September will be released at 10:00 a.m. ET. Federal Reserve Bank of Chicago President Charles Evans is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 1:40 p.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:00 p.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 7:00 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 91 points to 34,652.00 while the Standard & Poor’s 500 index futures fell 26 points to 4,407.00. Futures for the Nasdaq 100 index fell 173.25 points to 15,021.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 43,116,440 with around 690,430 deaths. India reported a total of at least 33,697,580 confirmed cases, while Brazil confirmed over 21,366,390 cases.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $79.43 per barrel, while US WTI crude futures rose 1.1% to trade at $76.26 a barrel. The API’s report on crude oil inventories will be released today.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.9% and STOXX Europe 600 Index dipped 1.1%. The French CAC 40 Index declined 1.2%, London’s FTSE 100 fell 0.3% while German DAX 30 dropped 0.8%. The GfK Consumer Climate Indicator for Germany increased to 0.3 for October versus a revised reading of -1.1 in September, while French consumer confidence indicator rose by 3 points to a reading of 102.0 in September.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.19%, Hong Kong’s Hang Seng Index rose 1.2%, while China’s Shanghai Composite Index rose 0.54%. Australia’s S&P/ASX 200 fell 1.5% and India’s BSE Sensex fell 0.9%. Profits earned by Chinese industrial firms jumped 49.5% year-over-year to CNY 5.60 trillion in January-August 2021, while retail sales in Australia fell 1.7% month-over-month in August. The trade deficit in Hong Kong increased to HKD 26.3 billion in August from HKD 14.6 billion in the year-ago period.

Broker Recommendation

Citigroup upgraded Puma Biotechnology, Inc. PBYI from Neutral to Buy.

Puma Biotechnology shares rose 4.4% to close at $7.12 on Monday.

Check out other major ratings here

Breaking News

• Merck & Co MRK is in advanced talks to buy Acceleron Pharma Inc XLRN, the Wall Street Journal reported.
• Pfizer Inc PFE said it has begun late-stage testing for an oral drug that can be taken by persons who are exposed to the virus that causes COVID-19.
• Ford Motor Co F along with its South Korean battery partner SK Innovation on Monday revealed plans to spend $11.4 billion to construct three battery plants and an assembly plant for F-series electric trucks in Tennessee and Kentucky, the largest investment in the Dearborn, Michigan-based automaker’s history..
• Endeavor Group Holdings, Inc. EDR announced it will acquire sports betting company OpenBet from Scientific Games for $1.2 billion in cash and stock.

Check out other breaking news here