A Peek Into The Markets: US Stock Futures Gain Ahead Of CPI, Fed Minutes

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones dropped more than 100 points in the previous session. Investors are awaiting earnings results from JPMorgan Chase JPM, Delta Air Lines DAL and BlackRock (NY BLK).

The Consumer Price Index for September will be released at 8:30 a.m.ET, while the Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. The U.S. Treasury statement for September is scheduled for release at 2:00 p.m. ET. Federal Reserve Governor Lael Brainard is set to speak at 3:30 p.m. ET, while Federal Reserve Governor Michelle Bowman will speak at 8:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 48 points to 34,308.00 while the Standard & Poor’s 500 index futures gained 8.75 points to 4,349.50. Futures for the Nasdaq 100 index rose 63.75 points to 14,717.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 45,431,160 with around 737,580 deaths. India reported a total of at least 34,001,740 confirmed cases, while Brazil confirmed over 21,590,090 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $83.08 per barrel, while US WTI crude futures fell 0.4% to trade at $80.35 a barrel. The API’s report in crude oil inventories will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index rose 0.2%, London’s FTSE 100 fell 0.2% while German DAX 30 gained 0.7%. Industrial output in the Eurozone fell 1.6% in August, while factory output in the UK rose 4.1% year-over-year in August. Exports from the UK fell 2% to GBP 49.8 billion in August, while imports slipped 0.5% to GBP 53.5 billion. Industrial production in the UK increased 0.8% in August, while the country’s gross domestic product grew 2.9% on quarter during the three months to August. German consumer price inflation rate was confirmed at 4.1% year-over-year in September.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.32%, while Hong Kong’s Hang Seng Index slipped 0.01% and China’s Shanghai Composite gained 0.42%. Australia’s S&P/ASX 200 fell 0.1% and India’s BSE Sensex gained 0.8%. Exports from China surged 28.1% year-over-year to $305.7 billion in September, while Imports to China climbed 17.6% to $239.0 billion. Core machinery orders in Japan fell 2.4% month-over-month in August.

Broker Recommendation

Jefferies downgraded Monster Beverage Corporation MNST from Buy to Hold and lowered the price target from $113 to $92.

Monster Beverage shares fell 2% to $86.20 in pre-market trading.

Check out other major ratings here

Breaking News

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• Accounts payable and payment automation solutions provider AvidXchange Holdings Inc AVDX priced 26.4 million shares at $25 per share in an upsized initial public offering.
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• Vistra Corp VST reported a $2 billion buyback program.

Check out other breaking news here