A Peek Into The Markets: US Stock Futures Rise; Jobless Claims Data In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones gained more than 100 points in the previous session. Investors are awaiting earnings results from Conagra Brands Inc CAG, Helen of Troy Limited HELE and Lamb Weston Holdings Inc LW.

The Challenger job-cut report for September is scheduled for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims dropping to 348,000 in the latest week from 362,000 a week ago. Federal Reserve Bank of New York chief John C Williams is set to speak at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 151 points to 34,442.00 while the Standard & Poor’s 500 index futures gained 26.75 points to 4,380.75. Futures for the Nasdaq 100 index rose 148.25 points to 14,907.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 44,058,900 with around 707,780 deaths. India reported a total of at least 33,894,310 confirmed cases, while Brazil confirmed over 21,516,960 cases.

Oil prices traded lower as Brent crude futures fell 2.3% to trade at $79.22 per barrel, while US WTI crude futures fell 2.9% to trade at $79.22 a barrel. US crude oil inventories climbed 2.346 million barrels in the week ending October 1, the Energy Information Administration said Wednesday. The EIA’s weekly report on natural gas stocks will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 1.2% and STOXX Europe 600 Index gained 0.8%. The French CAC 40 Index climbed 0.9%, London’s FTSE 100 gained 0.7% while German DAX 30 gained 1%. Retail sales in Italy rose 0.4% over a month during August, while industrial production in Germany dropped 4% in August. French current account deficit shrank to EUR 1.3 billion in August from a revised gap of EUR 3.4 billion a month ago, while trade deficit narrowed to EUR 6.67 billion from a revised EUR 7.08 billion. The Halifax House Price Index in the UK surged 7.4% year-over-year in September.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.54%, while Hong Kong’s Hang Seng Index climbed 3.07%. Australia’s S&P/ASX 200 rose 0.7% and India’s BSE Sensex surged 1.2%. Foreign exchange reserves in China dropped to $3.201 trillion in September from $3.232 trillion in the previous month. The index of leading economic indicators in Japan fell to 101.8 in August from a final reading of 104.1 in the prior month, while index of coincident economic indicators declined to 91.5 from 94.4.

Broker Recommendation

Keybanc downgraded Teleflex Incorporated TFX from Overweight to Sector Weight.

Teleflex shares rose 0.8% to close at $378.74 on Wednesday.

Check out other major ratings here

Breaking News

• Twitter Inc TWTR agreed to sell its MoPub mobile ad unit to AppLovin Corporation APP for $1.05 billion in cash.
• Bitcoin BTC/USD continued its ascent on Wednesday night as the global cryptocurrency market capitalization touched $2.28 trillion.
• US Silica SLCA disclosed that it is commencing a review of strategic alternatives for its Industrial & Specialty Products segment.
• IAC/InterActiveCorp’s IAC Dotdash digital publishing unit will acquire Meredith Corporation's MDP National Media Group for $42.18 per share.

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