US Stock Futures Surge Following Monday's Rally; Goldman Sachs, Johnson & Johnson Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Tuesday after closing sharply higher in the previous session. The Dow Jones jumped by more than 550 points in the previous session following Friday's selloff after the UK reversed its proposed tax cuts.

Data on industrial production for September will be released at 9:15 a.m. ET. Analysts expect industrial production rising 0.1% in September with the manufacturing output likely to increase 0.2%. The housing market index for October is scheduled for release at 10:00 a.m. ET.

Atlanta Fed President Raphael Bostic is set to speak at 2:00 p.m. ET, while Minneapolis Fed President Neel Kashkari will speak at 5:30 p.m. ET.

Investors are also awaiting earnings results from Johnson & Johnson JNJ, The Goldman Sachs Group, Inc. GS, and Netflix, Inc. NFLX.

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Futures for the Dow Jones Industrial Average jumped 238 points to 30,468.00 while the Standard & Poor’s 500 index futures rose 37 points to 3,726.25. Futures for the Nasdaq index climbed 139.50 points to 11,249.75.

Commodities

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $91.16 per barrel, while US WTI crude futures fell 0.6% to trade at $84.98 a barrel. The API’s report on crude oil stocks will be released later during the day.

Gold futures fell 0.4% to trade at $1,656.60 an ounce, while silver traded down 0.6% at $18.615 an ounce on Tuesday.

 

A Peek Into Global Markets

Europe Markets

European markets were higher today. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 0.6%. The French CAC 40 Index gained 0.3%, while German DAX climbed 0.8%.

Passenger car registrations in the European Union surged 9.6% year-over-year to 787,870 units in September. The ZEW Indicator of Economic Sentiment for the Eurozone rose to -59.7 in October versus September's 14-year low level of -60.7, while German ZEW Indicator of Economic Sentiment increased by 2.7 points to -59.2 in October. Spanish trade deficit increased to EUR 7.94 billion in August from EUR 3.88 billion in the year-ago month, while Italy reported a trade deficit of EUR 9.57 billion in August versus a year-ago surplus EUR 1.02 billion.

Asia-Pacific Markets

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 1.42%, China’s Composite Index fell 0.13%, while Hong Kong’s Hang Seng Index gained 1.82%. Australia’s S&P/ASX 200 rose 1.7%, while India’s BSE Sensex rose 1%.

 

Broker Recommendation

Morgan Stanley downgraded ACM Research, Inc. ACMR from Overweight to Equal-Weight and lowered the price target from $28 to $9.

ACM Research shares rose 3.8% to $8.44 in pre-market trading.

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Breaking News

 

• LG Chem, Ltd. to Acquire AVEO Pharmaceuticals, Inc. AVEO for $15.00 per share in cash.
• Amazon Web Services (AWS), an Amazon.com, Inc. AMZN company, will launch an Infrastructure Region in Thailand with a $5 billion investment.
• Invesco Ltd. IVZ agreed to sell 5.51% stake in Zee Entertainment for over Rs 1,300 cr, Business Standard reported.
• fuboTV Inc. FUBO issued preliminary Q3 North America revenue results above previous guidance. The company also reported a 27% increase in North America paid subscribers and ceased operation of Fubo Sportsbook.

Check out other breaking news here