A Peek Into The Markets: US Stock Futures Edge Lower Following Friday's Rally

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones climbed more than 480 points in the previous session. Investors are awaiting earnings results from Comtech Telecomm. Corp. CMTL.

Data on factory orders for August will be released at 10:00 a.m. ET. Analysts expect factory orders increasing 1.0% in August. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Boston President Eric Rosengren will speak at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 50 points to 34,117.00 while the Standard & Poor’s 500 index futures slipped 8.75 points to 4,335.00. Futures for the Nasdaq 100 index fell 46.75 points to 14,715.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 43,683,070 with around 701,170 deaths. India reported a total of at least 33,834,700 confirmed cases, while Brazil confirmed over 21,468,120 cases.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $79.47 per barrel, while US WTI crude futures rose 0.1% to trade at $75.99 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 slightly higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 gained 0.1% while German DAX 30 gained 0.1%. The number of people registered as unemployed in Spain fell by 76,113 to 3.3 million in September.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.13%, while Hong Kong’s Hang Seng Index fell 2.19%. Australia’s S&P/ASX 200 gained 1.3% and India’s BSE Sensex rose 0.9%.

Broker Recommendation

Barclays upgraded Union Pacific Corporation UNP from Equal-Weight to Overweight and raised the price target from $240 to $260.

Union Pacific shares rose 1.6% to $204.87 in pre-market trading.

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Breaking News

• Apple Inc. AAPL is likely to unveil its new MacBook Pro models in the “coming weeks,” according to leading Apple watcher Mark Gurman.
• Tesla, Inc. TSLA reported strong third-quarter deliveries that beat expectations of most analysts. The company reported quarterly deliveries of 241,300 vehicles, beating the consensus estimate of 233,000. The metric represents a 73.2% year-over-year growth and a 20% quarter-over-quarter increase.
• Jeff Bezos, the founder of Amazon.com Inc AMZN, is among the investors in a new funding round for Indonesian ecommerce startup Ula, according to TechCrunch.
• Southwest Gas Holdings Inc SWX is in advanced talks to buy Dominion Energy Inc’s D gas transportation and storage business, Questar Pipeline Company.

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