A Peek Into The Markets: US Stock Futures Higher Ahead Of Tyson Foods Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after closing higher in the prior session. Investors are awaiting earnings results from Tyson Foods, Inc. TSN, Warner Music Group Corp. WMG, and Advance Auto Parts, Inc. AAP.

The Empire State Manufacturing Index for November is scheduled for release at 8:30 a.m. ET. After slowing by around 15 points to a reading of 19.8 in October, the Empire State index is likely to rebound to 22.7 in November.

Futures for the Dow Jones Industrial Average climbed 88 points to 36,101.00 while the Standard & Poor’s 500 index futures rose 9.25 points to 4,687.50. Futures for the Nasdaq 100 index climbed 34 points to 16,226.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,916,190 with around 783,560 deaths. India reported a total of at least 34,447,530 confirmed cases, while Brazil confirmed over 21,957,960 cases.

Oil prices traded lower as Brent crude futures fell 0.8% to trade at $81.49 per barrel, while US WTI crude futures fell 0.7% to trade at $81.49 a barrel. The total number of active U.S. oil rigs rose by 4 to 454 rigs this week, Baker Hughes Inc reported.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index rose 0.3%, London’s FTSE 100 fell 0.1% while German DAX 30 gained 0.1%.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.56%, while Hong Kong’s Hang Seng Index rose 0.25% and China’s Shanghai Composite fell 0.16%. Australia’s S&P/ASX 200 rose 0.4%, while India’s BSE Sensex rose 0.1%. The annual wholesale price inflation rate in India increased to 12.54% in October from 10.66% in the previous month, while passenger vehicles sales jumped 41.4% to 226,353 units in October. The Japanese economy shrank 3.0% on an annualized basis in the third quarter. Industrial production in Japan fell 5.4% in September, while consumer spending in Japan fell 1.1% to 285,594.6 billion yen during the third quarter. China's retail sales climbed 4.9% year-over-year in October, while surveyed urban unemployment stayed at 4.9% in October. Industrial production in China climbed 3.5% year-over-year in October, while average new home prices increased 3.4% year- over-year in October.

Broker Recommendation

Keybanc maintained Netflix, Inc. NFLX with an Overweight and raised the price target from $690 to $725.

Netflix shares rose 0.4% to $685.00 in pre-market trading.

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Breaking News

• Regeneron Pharmaceuticals, Inc. REGN reported that its board authorized a share buyback program of up to $3 billion.
• Kazia Therapeutics Limited KZIA named John Friend, MD, as Chief Medical Officer.
• Vicinity Motor Corp. VEV reported a Q3 net loss of $4.8 million, or $0.16 per share, versus a year-ago net loss of $1.3 million, or $0.05 per share. Its revenue fell 67% to $2.9 million.
• Apple Inc AAPL has filed for a new patent for a pair of glasses that will only allow the iPhone owner to view content on the phone's display, and it will block others from clearly viewing the screen.

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