A Peek Into The Markets: US Stock Futures Mixed; Crude Oil Tumbles Over 2%

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade. Investors are awaiting earnings results from Foot Locker, Inc. FL, and The Buckle, Inc. BKE.

The Census Bureau quarterly services report for the third quarter is scheduled for release at 10:00 a.m. ET. Federal Reserve Governor Christopher Waller is set to speak at 10:45 a.m. ET, while Federal Reserve Vice Chairman Richard Clarida will speak at 12:15 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 156 points to 35,655.00 while the Standard & Poor’s 500 index futures fell 7.25 points to 4,694.25. Futures for the Nasdaq 100 index surged 56 points to 16,537.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 48,398,450 with around 789,150 deaths. India reported a total of at least 34,489,620 confirmed cases, while Brazil confirmed over 21,989,960 cases.

Oil prices traded lower as Brent crude futures fell 2.9% to trade at $78.86 per barrel, while US WTI crude futures fell 2.5% to trade at $77.01 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.2% and STOXX Europe 600 Index fell 0.1%. The French CAC 40 Index fell 0.2%, London’s FTSE 100 fell 0.3% while German DAX 30 dropped 0.1%. Italy’s current account surplus shrank to EUR 4.681 billion in September from EUR 8.059 billion in the year-ago month, while construction output increased 10.5% year-over-year in September. The Eurozone current account surplus shrank to EUR 26.9 billion in September from EUR 37.8 billion a year ago. Retail sales in the UK rose 0.8% in October, while German producer prices jumped by 18.4% from a year ago in October. The unemployment rate in France fell to 8.1% in the third quarter.

Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 0.50%, while Hong Kong’s Hang Seng Index fell 1.07% and China’s Shanghai Composite gained 1.13%. Australia’s S&P/ASX 200 rose 0.2%, while India’s BSE Sensex fell 0.6%. Japan’s Prime Minister Fumio Kishida announced a stimulus package worth around JPY 55.7 trillion. Japan's consumer prices increased by 0.1% year-over-year in October.

Broker Recommendation

Rosenblatt downgraded Snowflake Inc. SNOW from Buy to Neutral.

Snowflake shares fell 3.5% to $383.45 in pre-market trading.

Check out other major ratings here

Breaking News

• Advanced Micro Devices Inc AMD and MediaTek Inc collaborated to co-engineer Wi-Fi solutions, starting with the AMD RZ600 Series Wi-Fi 6E modules containing MediaTek's new Filogic 330P chipset.
• Intuit Inc. INTU reported better-than-expected results for its first quarter and issued strong forecast for FY22
• Arrival SA ARVL upsized its public follow-on offering to 32.37 million ordinary shares (previously 25 million shares) at a public offering price of $9.50 per share.
• Workday, Inc. WDAY posted stronger-than-expected earnings for its third quarter and announced intent to acquire VNDLY for $510 million. The company also said it sees Q4 subscription revenue of $1.216 billion to $1.218 billion.

Check out other breaking news here