A Peek Into The Markets: US Stock Futures Signal Higher Start On Wall Street

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled over 260 points in the previous session. Investors are awaiting earnings results from Agilent Technologies, Inc. A, Zoom Video Communications, Inc. ZM and Urban Outfitters, Inc. URBN.

The Chicago Fed National Activity Index for October is scheduled for release at 8:30 a.m. ET, while data on existing home sales for October will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 122 points to 35,671.00 while the Standard & Poor’s 500 index futures rose 13 points to 4,707.50. Futures for the Nasdaq 100 index surged 45.25 points to 16,620.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 48,592,810 with around 793,650 deaths. India reported a total of at least 34,518,900 confirmed cases, while Brazil confirmed over 22,017,270 cases.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $79.09 per barrel, while US WTI crude futures rose 0.4% to trade at $76.24 a barrel. The total number of active U.S. oil rigs rose by 7 to 461 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index rose 0.8% and STOXX Europe 600 Index rose 0.3%. The French CAC 40 Index gained 0.2%, London’s FTSE 100 rose 0.3% while German DAX 30 gained 0.2%.

Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 0.09%, while Hong Kong’s Hang Seng Index fell 0.39% and China’s Shanghai Composite gained 0.61%. Australia’s S&P/ASX 200 fell 0.6%, while India’s BSE Sensex fell 2%. China’s central bank maintained its benchmark interest rates for corporate and household loans for the 19th consecutive month.

Broker Recommendation

Keybanc downgraded Celanese Corporation CE from Overweight to Sector Weight.

Celanese shares fell 1% to close at $165.74 on Friday.

Check out other major ratings here

Breaking News

• NIO Inc. NIO shares disclosed that it has completed its previously announced at-the-market offering of 53.29 million ADSs and raised $2 billion in gross proceeds.
• Following a bribery case against Amazon.com, Inc AMZN by the Indian government in Sept, the company is now entangled in an alleged marijuana smuggling case. The Indian police have recently charged senior executives of Amazon.com's local unit under narcotics laws in a case of marijuana smuggling via the online retailer's marketplace.
• Acer Therapeutics Inc. ACER reported a net loss of $3.3 million, or $0.23 per share for the three months ended September 30, 2021, versus a year-ago net loss of $5.9 million, or $0.51 per share.
• Samsung Ltd will announce the location of its planned $17 billion U.S. chip factory this week. According to a Bloomberg report, Samsung's leader Lee Jae-Yong has met with U.S. government officials and lawmakers to discuss the second chip plant and semiconductor supply issues.

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