A Peek Into The Markets: US Stock Futures Down Following Thursday's Selloff

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones tumbled more than 500 points in the previous session. Investors are awaiting earnings results from HNI Corp HNI.

Data on personal income and outlays for August will be released at 8:30 a.m. ET, while the Markit manufacturing PMI for September is scheduled for release at 9:45 a.m. ET. The ISM manufacturing index and construction spending will be released at 10:00 a.m. ET. The University of Michigan's consumer sentiment index for September is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Philadelphia President Patrick Harker is set to speak at 11:30 a.m. ET, while Cleveland Fed President Loretta Mester will speak at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 225 points to 33,497.00 while the Standard & Poor’s 500 index futures slipped 25.75 points to 4,272.00. Futures for the Nasdaq 100 index fell 78 points to 14,604.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 43,459,840 with around 697,840 deaths. India reported a total of at least 33,766,700 confirmed cases, while Brazil confirmed over 21,427,070 cases.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $77.81 per barrel, while US WTI crude futures fell 0.8% to trade at $74.45 a barrel. US natural-gas supplies climbed 88 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1% and STOXX Europe 600 Index declined 1%. The French CAC 40 Index fell 0.9%, London’s FTSE 100 dropped 0.7% while German DAX 30 dipped 1%. The IHS Markit manufacturing PMI for Eurozone fell to 58.6 in September from 61.4 in August. The IHS Markit manufacturing PMI for France dropped to 55 in September from 57.5 in the previous month, while Spain manufacturing PMI slipped to 58.1 in September from 59.5 in August. Germany's retail sales increased 1.1% in August, while manufacturing PMI fell to 58.4 in September from a preliminary level of 58.5.

Asian markets traded lower today. Japan’s Nikkei 225 fell 2.31%, while Hong Kong’s Hang Seng Index fell 0.36%. Australia’s S&P/ASX 200 dipped 2% and India’s BSE Sensex fell 0.7%. The IHS Markit India manufacturing PMI rose to 53.7 in September versus 52.3 a month ago. The consumer confidence index in Japan rose 1.1 points to a reading of 37.8 in September, while unemployment rate came in unchanged at 2.8% in August. Australian manufacturing PMI slipped to 56.8 in September from a preliminary reading of 57.3.

Broker Recommendation

Keybanc downgraded Dollar Tree, Inc. DLTR from Overweight to Sector Weight.

Dollar Tree shares fell 1.6% to $94.18 in pre-market trading.

Check out other major ratings here

Breaking News

• Five9 Inc FIVN shareholders shot down Zoom Video Communications Inc’s ZM $14.7 billion deal to acquire the customer-service software company.
• Nio Inc - ADR NIO reported that its global deliveries more than doubled in September as it completed the first batch of deliveries in Norway. The company delivered 10,628 vehicles globally during the month, a jump of 125.7% year-over-year.
• Jefferies Financial Group Inc JEF reported better-than-expected earnings for its third quarter on Thursday.
• XPeng Inc. XPEV said it delivered a record 10,412 vehicles in September, representing a 199% increase year over year.

Check out other breaking news here