A Peek Into The Markets: US Stock Futures Mixed Ahead Of Earnings, PMI Data

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Nasdaq Composite tumbled 200 points in the previous session. Investors are awaiting earnings results from Best Buy Co Inc BBY, Dollar Tree, Inc. DLTR, JM Smucker SJM, Gap Inc GPS, Dell Technologies DELL and HP Inc HPQ.

The flash Composite Purchasing Managers' Index for November will be released at 9:45 a.m. ET. The services PMI , which rose sharply to 58.7 in October, is expected to edge higher to 59.0 in November. The manufacturing PMI, however, is likely to rise to 58.6 in November from 58.4 in October. The Richmond Fed Manufacturing Index for November is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average rose 19 points to 35,590.00 while the Standard & Poor’s 500 index futures fell 2.25 points to 4,677.50. Futures for the Nasdaq 100 index fell 46 points to 16,336.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 48,748,550 with around 794,860 deaths. India reported a total of at least 34,526,480 confirmed cases, while Brazil confirmed over 22,019,870 cases.

Oil prices traded higher as Brent crude futures fell 1.2% to trade at $78.72 per barrel, while US WTI crude futures fell 1.6% to trade at $75.54 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.3% and STOXX Europe 600 Index declined 1.5%. The French CAC 40 Index fell 1.3%, London’s FTSE 100 fell 0.6% while German DAX 30 declined 1.5%. The IHS Markit Eurozone composite PMI climbed to 55.8 in November compared to October's six-month low level of 54.2, while manufacturing PMI rose to 58.6 in November from 58.3 in October. Germany’s composite PMI climbed to 52.8 in November versus an eight-month low of 52.0 in October, while French composite PMI rose to 56.3 in November from 54.7 in October.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.09%, while Hong Kong’s Hang Seng Index fell 1.2% and China’s Shanghai Composite gained 0.2%. Australia’s S&P/ASX 200 rose 0.8%, while India’s BSE Sensex rose 0.5%. The IHS Markit Australia services PMI surged to a five-month high level of 55.0 in November, while manufacturing PMI also jumped to a five-month high of 58.5 in November.

Broker Recommendation

Keybanc downgraded Vonage Holdings Corp. VG from Overweight to Sector Weight.

Vonage shares fell 1.9% to $20.40 in pre-market trading.

Check out other major ratings here

Breaking News

• Zoom Video Communications Inc ZM reported better-than-expected results for its third quarter on Monday. The company reported its customers that contribute more than $100,000 in the trailing 12 months totaled 2,507, up 94% year-over-year.
• Agilent Technologies, Inc. A posted stronger-than-expected earnings for its fourth quarter.
• Urban Outfitters, Inc. URBN posted upbeat earnings and sales results for the third quarter. Its same-store sales climbed 14.6% year-over-year during the quarter.
• Manufacturer of location trackers and foremost of Apple Inc AAPL critics, Tile Inc, has been acquired by San Francisco-based Life360, Inc LIFX.

Check out other breaking news here