Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade, after posting modest gains in the previous session on hopes of a fresh round of stimulus. Investors are awaiting earnings from Fluor Corporation FLR. Data on durable goods orders for August will be released at 8:30 a.m. ET. Durable goods orders are projected to rise 1.5% in August following an 11.4% surge in July. Federal Reserve Bank of New York President John Williams is set to speak at 9:00 a.m. ET.
Futures for the Dow Jones Industrial Average declined 69 points to 26,646 while the Standard & Poor’s 500 index futures traded fell 8.25 points to 3,229.75. Futures for the Nasdaq 100 index declined 37 points to 10,854.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,978,870 with around 202,810 deaths. India reported a total of at least 5,818,570 confirmed cases, while Brazil confirmed over 4,657,700 cases.
Oil prices traded higher as Brent crude futures rose 0.3% to trade at $42.58 per barrel, while US WTI crude futures rose 0.3% to trade at $40.42 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 0.2% and STOXX Europe 600 Index dropping 0.4%. The French CAC 40 Index slipped 1%, while German DAX 30 dropped 0.9% and London’s FTSE 100 fell 0.1%. Consumer sentiment in the U.K. rose slightly to minus 25 in September, versus minus 27 in August.
Asian markets traded mixed following a modest recovery rally on the Wall Street on hopes of a fresh round of stimulus. Japan’s Nikkei 225 gained 0.51%, Hong Kong’s Hang Seng Index declined 0.32% China’s Shanghai Composite Index fell 0.12% and India’s BSE Sensex rose 2.3%.
Broker Recommendation
Analysts at Piper Sandler initiated coverage on Zillow Group Inc ZG with an Overweight rating and a price target of $112.
Zillow shares rose 1.9% to $99.25 in pre-market trading.
Breaking News
- Novavax, Inc. NVAX announced plans to launch a large-scale diverse Phase 3 study of its COVID-19 vaccine in the United Kingdom.
- Costco Wholesale Corporation COST reported better-than-expected results for its fourth quarter.
- Bayerische Motoren Werke AG BAMXF and two of its subsidiaries in the United States have settled charges Thursday related to their corporate bond offerings with the authorities.
- Colony Capital Inc CLNY reported the sale of 6 hospitality portfolios for $2.6 billion.
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