A Peek Into The Markets: US Stock Futures Down; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after hitting another record highs in the prior session. Investors are awaiting earnings results from Performance Food Group Company PFGC, The Walt Disney Company DIS and Perrigo Company plc PRGO.

The Consumer Price Index for October will be released at 8:30 a.m. ET. Consumer prices are projected to rise a monthly 0.5% in October, following September's 0.4% increase. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while data on wholesale inventories for September will be released at 10:00 a.m. ET. The U.S. Treasury budget report for October is scheduled for release at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 69 points to 36,140.00 while the Standard & Poor’s 500 index futures fell 8 points to 4,670.25. Futures for the Nasdaq 100 index fell 21.25 points to 16,191.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,536,530 with around 778,310 deaths. India reported a total of at least 34,386,780 confirmed cases, while Brazil confirmed over 21,897,020 cases.

Oil prices traded mixed as Brent crude futures rose 0.1% to trade at $84.79 per barrel, while US WTI crude futures fell 0.5% to trade at $83.75 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on natural gas stocks in underground storage will be released at 12:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index dropped 0.4%, London’s FTSE 100 rose 0.4% while German DAX 30 dropped 0.3%. Italy’s industrial production rose 0.1% from a month ago in September, while annual inflation rate in Germany increased to 4.5% in October, recording the highest level since August of 1993.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.61%, while Hong Kong’s Hang Seng Index rose 0.74% and China’s Shanghai Composite fell 0.41%. Australia’s S&P/ASX 200 fell 0.1%, while India’s BSE Sensex slipped 0.2%. Auto sales in China dipped by 9.4% year-over-year to 2.33 million units in October. China's producer prices increased 13.5% year-over-year in October, while annual inflation rate rose sharply to 1.5% in October from 0.7% a month ago. The Westpac-Melbourne Institute Index of Consumer Sentiment in Australia increased 0.6% to 105.3 in November. The Reuters Tankan sentiment index for manufacturers in Japan declined to 13 in November.

Broker Recommendation

DA Davidson maintained Inter Parfums, Inc. IPAR with a Buy and raised the price target from $100 to $113..

Inter Parfums shares rose 0.1% to close at $94.18 on Tuesday.

Check out other major ratings here

Breaking News

• Coinbase Global, Inc. COIN reported downbeat revenue for its third quarter. Given a softer crypto backdrop during Q3 however, global crypto spot trading volumes declined 37% in Q3 as compared to Q2, according to Coinbase.
• Rivian Automotive Inc, an electric vehicle manufacturer backed by Amazon.com Inc AMZN and Ford Motor Co F, on Tuesday priced shares in its highly-anticipated initial public offering at $78 — well above its earlier expectations— to raise $11.93 billion, regulatory filings showed.
• Wynn Resorts, Limited WYNN reported a narrower-than-expected loss for its third quarter. Wynn Resorts also said its CEO Matt Maddox will be leaving the company on January 31.
• Nio Inc NIO is looking to boost its gross margin to 25% in the coming years, the company executives told analysts in a post-earnings call on Tuesday.

Check out other breaking news here