A Peek Into The Markets: US Stock Futures Higher Ahead Of Manufacturing Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing at record highs in the previous session. Investors are awaiting earnings results from PG&E Corporation PCG, McKesson Corporation MCK, Clorox Co CLX, and ON Semiconductor Corp ON.

The manufacturing PMI for October is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing index for October and construction spending for September will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 115 points to 35,819.00 while the Standard & Poor’s 500 index futures rose 14.50 points to 4,611.5. Futures for the Nasdaq 100 index climbed 55.25 points to 15,893.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,823,930 with around 766,290 deaths. India reported a total of at least 34,285,810 confirmed cases, while Brazil confirmed over 21,810,850 cases.

Oil prices traded mixed as Brent crude futures rose 0.4% to trade at $ 84.05 per barrel, while US WTI crude futures fell 0.1% to trade at $83.53 a barrel. The total number of active U.S. oil rigs rose by 1 to 444 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.9% and STOXX Europe 600 Index climbed 0.9%. The French CAC 40 Index surged 0.9%, London’s FTSE 100 rose 0.4% while German DAX 30 climbed 0.9%. Germany's retail trade fell 2.5% in September.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 2.61%, while Hong Kong’s Hang Seng Index fell 0.88% and China’s Shanghai Composite slipped 0.08%. Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE Sensex climbed 1.2%. Australia’s manufacturing PMI Index dropped to 50.4 in October from 51.2 in the prior month, while Indian nanufacturing PMI rose to 55.9 in October from 53.7 a month ago. The Caixin China General manufacturing PMI rose to a four-month high of 50.6 in October, while Japanese manufacturing PMI rose to 53.2 in October from a final reading of 51.5 a month earlier.

Broker Recommendation

Keybanc maintained Polaris Inc. PII with an Overweight and lowered the price target from $155 to $145.

Polaris shares fell 0.3% to close at $114.95 on Friday.

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Breaking News

• Xpeng Inc - ADR XPEV said it delivered 10,138 vehicles in October, a 233% surge year-on-year, despite the semiconductor shortage.
• McDonald’s Corp MCD is the latest big name brand to enter the fast-growing non-fungible token market. In celebration of the 40th anniversary of the McRib, McDonald’s is launching its first-ever NFT.
• On Sunday, the German labor union Verdi called all employees to strike at seven different Amazon.com, Inc AMZN locations over a pay dispute. According to a Verdi spokesperson, the duration of the strike is open. Verdi has demanded that the company raise pay in the broader retail and mail-order industries across Germany.
• Cathie Wood’s money managing firm Ark Invest on Friday raised its exposure in Facebook Inc FB, a day after the Mark Zuckerberg-led social media company said it has changed its name to Meta to reflect its ambition beyond social media.

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