A Peek Into The Markets: US Stock Futures Edge Lower; Fed Meeting In Focus

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after settling at record highs in the previous session. The Federal Open Market Committee will start its two-day policy meeting today. Investors are awaiting earnings results from Pfizer Inc. PFE, T-Mobile Us Inc TMUS, BP plc BP, and Under Armour UAA.

Futures for the Dow Jones Industrial Average fell 33 points to 35,767.00 while the Standard & Poor’s 500 index futures fell 4.75 points to 4,601.00. Futures for the Nasdaq 100 index declined 32.50 points to 15,861.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,931,280 with around 767,430 deaths. India reported a total of at least 34,285,810 confirmed cases, while Brazil confirmed over 21,814,690 cases.

Oil prices traded mixed as Brent crude futures rose 0.2% to trade at $84.87 per barrel, while US WTI crude futures fell 0.1% to trade at $83.98 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 lower today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index fell 0.2%. The French CAC 40 Index fell 0.2%, London’s FTSE 100 fell 0.3% while German DAX 30 climbed 0.2%. The IHS Markit Eurozone manufacturing PMI fell to 58.3 in October from an initial reading of 58.5. The IHS Markit Spain manufacturing PMI declined to 57.4 in October, recording the lowest level since March, while German manufacturing PMI was revised lower to 57.8 in October from a preliminary level of 58.2. Italy’s manufacturing PMI climbed to 61.1 in October, notching the highest level since June, while French manufacturing PMI slipped to 53.6 in October.

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.43%, while Hong Kong’s Hang Seng Index fell 0.31% and China’s Shanghai Composite declined 1.1%. Australia’s S&P/ASX 200 fell 0.6%, while India’s BSE Sensex fell 0.1%. Indian trade deficit widened sharply to $19.9 billion in October from $9.2 billion in the same period last year.

Broker Recommendation

Raymond James downgraded Chegg, Inc. CHGG from Outperform to Market Perform.

Chegg shares fell 31.7% to $42.85 in pre-market trading.

Check out other major ratings here

Breaking News

• McKesson Corporation MCK reported better-than-expected results for the second quarter and raised FY22 earnings guidance.
• Rivian Automotive Inc, an electric vehicle manufacturer backed by Amazon.com, Inc AMZN and Ford Motor Co F, is looking to raise about $8.4 billion in an initial public offering.
• Arista Networks Inc ANET reported better-than-expected results for its third quarter and issued strong sales forecast for the fourth quarter. The company announced a four-for-one stock split and also disclosed a $1 billion stock-buyback plan.
• The FDA has accepted for review Incyte Corporation's INCY marketing application for parsaclisib for relapsed or refractory follicular lymphoma (FL), marginal zone lymphoma (MZL), and mantle cell lymphoma (MCL).

Check out other breaking news here