A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, Fed Speakers

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after closing mostly flat in the prior session. Investors are awaiting earnings results from Lowe`s Companies Inc LOW, Target Corporation TGT, Cisco Systems Inc CSCO and Cisco Systems Inc NVDA.

Data on housing starts and permits for October will be released at 8:30 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 9:10 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 11:20 a.m. ET. San Francisco Federal Reserve Bank President Mary Daly and Federal Reserve Governor Christopher Waller will speak at 12:40 p.m. ET. Federal Reserve Bank of Chicago President Charles Evans will speak at 4:05 p.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:10 p.m. ET.

Futures for the Dow Jones Industrial Average fell 19 points to 36,042.00 while the Standard & Poor’s 500 index futures fell 1 point to 4,695.00. Futures for the Nasdaq 100 index surged 13.75 points to 16,314.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 48,161,370 with around 786,260 deaths. India reported a total of at least 34,466,590 confirmed cases, while Brazil confirmed over 21,965,680 cases.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $82.04 per barrel, while US WTI crude futures fell 0.5% to trade at $80.40 a barrel. US crude inventories rose by 655,000 barrels for the week ended Nov. 9, the API said. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index gained 0.2%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 fell 0.1% while German DAX 30 gained 0.2%. Annual inflation rate in the UK surged to 4.2% in October, recording the highest level since December 2011. The headline rate of output prices in the UK increased to 8.0% year-over-year in October.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.40%, while Hong Kong’s Hang Seng Index fell 0.25% and China’s Shanghai Composite rose 0.44%. Australia’s S&P/ASX 200 fell 0.7%, while India’s BSE Sensex fell 0.2%. The Westpac-Melbourne Institute Leading Economic Index in Australia increased 0.16% month-over-month in October, while wage price index climbed 2.2% year-over-year in the third quarter. Japan unexpectedly reported a trade deficit of JPY 67.37 billion in October. Imports to Japan jumped 26.7% year-over-year to JPY 7,251 billion in October, while exports climbed 9.4% to JPY 7,184 billion.

Broker Recommendation

Wells Fargo upgraded Hyatt Hotels Corporation H from Equal-Weight to Overweight and announced a $96 price target.

Hyatt shares rose 0.7% to $84.26 in pre-market trading.

Check out other major ratings here

Breaking News

• La-Z-Boy Incorporated LZB reported stronger-than-expected earnings and sales results for its second quarter on Tuesday.
• Jessica Watkins is set to become the first Black woman to join the crew at the International Space Station next year.
• Cyclo Therapeutics, Inc. CYTH reported the pricing of its underwritten public offering of 1,950,000 shares at a price of $6.00 per share.
• Volkswagen Group VWAGY is replacing Stephan Woellenstein, CEO of its China operations, Reuters reported, citing sources.

Check out other breaking news here