A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Consumer Sentiment Report

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after closing mixed in the prior session. Investors are awaiting earnings results from Spectrum Brands Holdings, Inc. SPB and CIRCOR International, Inc. CIR.

The University of Michigan's consumer sentiment index for November and the Labor Department's JOLTS report for September will be released at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 12:10 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 36 points to 35,865.00 while the Standard & Poor’s 500 index futures rose 4.25 points to 4,647.25. Futures for the Nasdaq 100 index climbed 32.25 points to 16,055.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,693,510 with around 780,770 deaths. India reported a total of at least 34,414,180 confirmed cases, while Brazil confirmed over 21,926,520 cases.

Oil prices traded lower as Brent crude futures fell 1.3% to trade at $81.82 per barrel, while US WTI crude futures fell 1.5% to trade at $80.34 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 fell 0.5% while German DAX 30 gained 0.1%. Spain's annual inflation accelerated for a fourth consecutive month to 5.4% in October, while wholesale prices in Germany surged 15.2% year-over-year in October.

Asian markets traded higher today. Japan’s Nikkei 225 rose 1.13%, while Hong Kong’s Hang Seng Index rose 0.32% and China’s Shanghai Composite climbed 0.18%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex climbed 1.3%. Hong Kong’s economy expanded 5.4% year-over-year in the third quarter following a 7.6% growth in the second quarter. Inflation expectations in Australia rose to 4.6% in November from 3.6% in October.

Broker Recommendation

Goldman Sachs downgraded Hewlett Packard Enterprise Company HPE from Neutral to Sell and lowered the price target from $16 to $14.

Hewlett Packard shares fell 2.5% to $15.54 in pre-market trading.

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Breaking News

• Self-described "Dogecoin DOGE/USD killer" Shiba Inu DOGE/USD would become available on the mobile cryptocurrency trading app of India's first cryptocurrency unicorn CoinDCX, CoinDCX Go starting Friday.
• Flowers Foods, Inc. FLO reported better-than-expected results for its third quarter and raised its FY21 earnings guidance.
• AMC Entertainment Holdings Inc AMC CEO Adam Aron announced on Twitter Thursday that the theater chain now accepts Bitcoin BTC/USD, Ethereum ETH/USD and two other cryptocurrencies.
• Lordstown Motors Corp RIDE reported a net loss of $95.8 million in the third quarter ended the quarter with $233.8 million in cash. The pre-production electric vehicle maker said it now expects commercial production of its Endurance EV pickup to begin in the third quarter of 2022 and not the second quarter as it had previously estimated.

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