A Peek Into The Markets: US Stock Futures Rise Ahead Of Big Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones and S&P 500 closed at record highs in the previous session. Investors are awaiting earnings results from General Electric Company GE, Microsoft Corporation MSFT, Eli Lilly and Company LLY, Alphabet Inc GOOGL and Visa Inc V.

The S&P Corelogic Case-Shiller home price index and Federal Housing Finance Agency house price index for August will be released at 9:00 a.m. ET. Data on new home sales for September, the Conference Board’s consumer confidence index for October and the Richmond Fed's manufacturing index for October will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average rose 92 points to 35,712.00 while the Standard & Poor’s 500 index futures gained 17.75 points to 4,575.75. Futures for the Nasdaq 100 index gained 102.25 points to 15,598.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,417,520 with around 757,840 deaths. India reported a total of at least 34,202,200 confirmed cases, while Brazil confirmed over 21,735,560 cases.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $84.73 per barrel, while US WTI crude futures fell 0.8% to trade at $83.13 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.7% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index climbed 0.6%, London’s FTSE 100 rose 0.7% while German DAX 30 gained 0.9%. Spain's producer price inflation rose to 23.6% year-over-year in September from a revised 17.9% in the prior month.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.77%, while Hong Kong’s Hang Seng Index fell 0.36% and China’s Shanghai Composite fell 0.34%. Australia’s S&P/ASX 200 rose 0.1%, while India’s BSE Sensex rose 0.5%.

Broker Recommendation

Credit Suisse downgraded Beyond Meat, Inc. BYND from Neutral to Underperform and lowered the price target from $123 to $75.

Beyond Meat shares fell 2.5% to $93.64 in pre-market trading.

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Breaking News

• Facebook Inc FB reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued weak sales forecast for the current quarter and announced plans to break out its Facebook Reality Labs as a separate reporting segment, beginning with the fourth quarter. Facebook also announced a $50 billion increase in buyback authorization.
• Tesla Inc TSLA on Monday joined the club of a select few companies that have traded with a market capitalization of $1 trillion but CEO Elon Musk finds it "strange."
• Universal Health Services, Inc. UHS reported weaker-than-expected earnings for its third quarter, while sales exceeded views.
• Crane Co. CR reported better-than-expected earnings for its third quarter on Monday.

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