A Peek Into The Markets: US Stock Futures Higher Ahead Of ADP, Manufacturing Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after recording gains in the previous session. Investors are awaiting earnings results from G-III Apparel Group, Ltd. GIII, PVH Corp. PVH and Patterson Companies PDCO.

The ADP national employment report for November will be released at 8:15 a.m. ET, while the final reading of manufacturing PMI for November is scheduled for release at 9:45 a.m. ET. The ISM manufacturing composite index for November and data on construction spending for October will be released at 10:00 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 10:00 a.m. ET. The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 317 points to 34,774.00 while the Standard & Poor’s 500 index futures rose 55.75 points to 4,622.00. Futures for the Nasdaq 100 index surged 228.50 points to 16,379.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 49,428,910 with around 803,040 deaths. India reported a total of at least 34,596,770 confirmed cases, while Brazil confirmed over 22,094,450 cases.

Oil prices traded higher as Brent crude futures gained 4.4% to trade at $72.26 per barrel, while US WTI crude futures rose 3.8% to trade at $68.72 a barrel. 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 higher today. The Spanish Ibex Index climbed 1.3% and STOXX Europe 600 Index gained 0.8%. The French CAC 40 Index jumped 1%, London’s FTSE 100 gained 1.3% while German DAX 30 gained 1.2%. Italy’s manufacturing PMI climbed to an all-time high of 62.8 in November. Germany’s manufacturing PMI fell to 57.4 in November from a preliminary reading of 57.6, while retail trade fell 0.3% in October. The IHS Markit Spain manufacturing PMI fell to 57.1 in November from 57.4 in the prior month. Annual house price growth in the UK rose to 10.0% in November from 9.9% in the earlier month.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.41%, while Hong Kong’s Hang Seng Index climbed 0.78% and China’s Shanghai Composite rose 0.36%. Australia’s S&P/ASX 200 fell 0.3%, while India’s BSE Sensex gained 1.1%. The IHS Markit India Manufacturing PMI climbed to 57.6 in November from 55.9 in October, while Chinese General Manufacturing PMI declined to 49.9 in November from 50.6. The Australian economy shrank 1.9% on quarter in the third quarter, while manufacturing PMI was revised higher to 59.2 in November from a preliminary reading of 58.5. Japan’s manufacturing PMI was revised higher to 54.5 in November from a preliminary level of 54.2.

Broker Recommendation

Jefferies upgraded ImmunoGen, Inc. IMGN from Hold to Buy and raised the price target from $7 to $12.

Immunogen shares rose 0.2% to $6.18 in pre-market trading.

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Breaking News

• salesforce.com, inc. CRM reported upbeat results for its third quarter, but issued weak forecast.
• NetApp, Inc. NTAP reported better-than-expected results for its second quarter. The company said it sees Q3 adjusted EPS of $1.21 to $1.31 per share on sales of $1.525 billion to $1.675 billion.
• Nio Inc NIO said on Wednesday deliveries rose sharply in November after production bounced back following a key facility upgrade last month, helping the electric vehicle maker report a record number.
• Hewlett Packard Enterprise Company HPE posted upbeat earnings for its fourth quarter, while sales missed views.

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