A Peek Into The Markets: US Stock Futures Edge Higher

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after closing mixed in the previous session following the release of weaker-than-expected jobs report for August.

Futures for the Dow Jones Industrial Average gained 13 points to 35,366.00 while the Standard & Poor’s 500 index futures gained 3.25 points to 4,537.75. Futures for the Nasdaq 100 index rose 21.50 points to 15,673.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 40,018,320 with around 649,000 deaths. India reported a total of at least 33,058,840 confirmed cases, while Brazil confirmed over 20,899,930 cases.

Oil prices traded mixed as Brent crude futures rose 0.5% to trade at $72.56 per barrel, while US WTI crude futures fell 0.3% to trade at $69.07 a barrel. The total number of active U.S. oil rigs slipped by 16 to 394 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index fell 0.1%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 slipped 0.2% while German DAX 30 declined 0.1%. The Halifax House Price Index in the UK climbed 7.1% year-over-year to £262,954 in August, while industrial production in Germany rose 1% in July.

Asian markets traded higher today. Japan’s Nikkei 225 climbed 0.86%, Hong Kong’s Hang Seng Index rose 0.73%, while China’s Shanghai Composite Index climbed 1.51%. Australia’s S&P/ASX 200 rose 0.02% and India’s BSE Sensex gained 0.3%. The Reserve Bank of Australia held the cash rate at a record low level of 0.1% during its recent meeting. The index of leading economic indicators in Japan dropped to 104.1 in July versus a final reading of 104.6, while index of coincident economic indicators slipped to 94.5 from 94.6. Household spending in Japan increased 0.7% annually in July, while average cash earnings increased 1% year-over-year in July. China's trade surplus surged to $58.34 billion in August from $57.14 billion in the year-ago month.

Broker Recommendation

Keybanc upgraded Spotify Technology S.A. SPOT from Sector Weight to Overweight and announced a $340 price target.

Spotify shares gained 2% to $253.95 in pre-market trading.

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Breaking News

• Moderna Inc MRNA reported submission of data for a conditional marketing approval to the European Medicines Agency for its COVID-19 vaccine booster dose.
• Apple Inc’s AAPL satellite-based feature for emergency situations will not be available on the highly-anticipated iPhone 13 at the time of launch, as per Bloomberg's Mark Gurman.
• Everspin Technologies, Inc. MRAM named Anuj Aggarwal as its Chief Financial Officer, effective immediately.
• Boeing Co's BA delivery of 787 Dreamliners will likely remain halted until at least late October, WSJ reported.

Check out other breaking news here