A Peek Into The Markets: US Stock Futures Mixed; All Eyes On Jobs Report

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the S&P 500 and Nasdaq surged to record highs in the previous session. Investors are awaiting earnings results from Johnson Controls International plc JCI and The Goodyear Tire & Rubber Company GT.

US jobs report for October is scheduled for release at 8:30 a.m. ET. Analysts expect nonfarm payrolls rising 450,000 in October, while the unemployment rate is expected to drop to 4.7% from 4.8%. Federal Reserve Bank of Kansas City President Esther George is set to speak at 9:30 a.m. ET. Data on consumer credit for September will be released at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 18 points to 35,991.00 while the Standard & Poor’s 500 index futures rose 1.50 points to 4,674.75. Futures for the Nasdaq 100 index rose 20 points to 16,350.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,187,250 with around 772,310 deaths. India reported a total of at least 34,332,400 confirmed cases, while Brazil confirmed over 21,849,130 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $81.20 per barrel, while US WTI crude futures rose 1.3% to trade at $79.82 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index rose 0.1%. The French CAC 40 Index climbed 0.4%, London’s FTSE 100 rose 0.4% while German DAX 30 dropped 0.1%. The IHS Markit Eurozone construction PMI climbed to 51.2 in October from 50 in the prior month. France construction PMI climbed to 50.3 from 48.9, while industrial production fell by 1.3% in September. The IHS Markit Germany construction PMI rose to 47.7 in October from 47.1 in September, while industrial production fell 1.1% in September. Spain's industrial production growth eased to 1.2% year-over-year in September. The Halifax house price index in the UK surged 8.1% from a year ago in October.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.61%, while Hong Kong’s Hang Seng Index fell 1.41% and China’s Shanghai Composite dipped 1%. Australia’s S&P/ASX 200 rose 0.4%, while India’s BSE Sensex gained 0.5%. Household spending in Japan fell 1.9% year-over-year in September, while the Australian Industry Group Australian Performance of Services Index rose 1.9 points to 47.6 in September.

Broker Recommendation

JP Morgan upgraded Theravance Biopharma, Inc. TBPH from Underweight to Neutral and raised the price target from $7 to $12.

Theravance Biopharma shares rose 5.2% to close at $8.50 on Thursday.

Check out other major ratings here

Breaking News

• Expedia Group, Inc. EXPE reported stronger-than-expected earnings and sales results for the third quarter on Thursday.
• Pinterest, Inc. PINS reported upbeat results for its third quarter on Thursday. However, the company also posted a shortfall in monthly active users.
• Ford Motor Co F said on Thursday it has launched cash tender offers to buy back up to $5 billion of debt securities.
• Airbnb, Inc. ABNB reported its best quarter on record, with earnings and sales figures surpassing market expectations.

Check out other breaking news here