A Peek Into The Markets: US Stock Futures Up Following Wednesday's Plunge

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording sharp losses in the prior session. Investors are awaiting earnings results from Tapestry, Inc. TPR, Flowers Foods, Inc. FLO and Sally Beauty Holdings, Inc. SBH.

Futures for the Dow Jones Industrial Average climbed 52 points to 36,044.00 while the Standard & Poor’s 500 index futures rose 16.50 points to 4,658.50. Futures for the Nasdaq 100 index climbed 96.25 points to 16,076.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,647,740 with around 780,230 deaths. India reported a total of at least 34,401,670 confirmed cases, while Brazil confirmed over 21,911,380 cases.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $82.84 per barrel, while US WTI crude futures rose 0.1% to trade at $81.40 a barrel. US crude oil inventories increased 1.001 million barrels in the week ending November 5, following a 3.291 million rise in the prior period, the EIA said. US natural-gas supplies surged 7 billion cubic feet last week.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index rose 0.2%, London’s FTSE 100 rose 0.3% while German DAX 30 gained 0.2%. The Eurozone economy is expected to expand at a faster rate of 5% this year, up from 4.8% projected in July, the European Commission said. Business investment in the UK rose 0.4% quarter-over-quarter in the July-September period, while industrial production dropped 0.4% in September. The British economy grew 0.6% mom in September versus a revised 0.2% in August. The UK trade deficit increased to GBP 2.8 billion in September.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.59%, while Hong Kong’s Hang Seng Index rose 1.01% and China’s Shanghai Composite climbed 1.15%. Australia’s S&P/ASX 200 fell 0.6%, while India’s BSE Sensex slipped 0.7%. Australia's unemployment rate climbed to 5.2% in October from 4.6% a month ago. Producer prices in Japan increased by 8.0% year-over-year in September.

Broker Recommendation

Bernstein downgraded Beyond Meat, Inc. BYND from Outperform to Market Perform and announced a $100 price target.

Beyond Meat shares dipped 19% to $76.58 in pre-market trading.

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Breaking News

• The Walt Disney Company DIS reported weaker-than-expected earnings for its fiscal fourth quarter. Disney saw its average revenue per user decline again for Disney+ to $4.12, down 9% year-over-year, with a higher number of Hotstar discounted international plans priced in.
• Tesla Inc TSLA CEO Elon Musk sold about $4.83 billion worth of the automaker's shares, as per Friday's closing price of $1,067.95, this week as part of a plan that was set in motion a couple of months in advance.
• Beyond Meat Inc BYND reported downbeat results for its third quarter and issued weak fourth-quarter sales guidance.
• The city of Philadelphia launched its own blockchain initiative aiming to integrate distributed ledger technology with the municipal government.

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