A Peek Into The Markets: US Stock Futures Down Ahead Of Earnings

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones surged more than 1% in the previous session. Investors are awaiting earnings results from Albertsons Companies Inc ACI, Steel Dynamics, Inc. STLD, State Street Corp STT and Zions Bancorporation, National Association ZION.

Data on industrial production for September will be released at 9:15 a.m. ET, while the housing market index for October is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 2:15 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 111 points to 35,060.00 while the Standard & Poor’s 500 index futures declined 16 points to 4,446.50. Futures for the Nasdaq 100 index fell 64.25 points to 15,070.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 45,792,530 with around 744,540 deaths. India reported a total of at least 34,081,310 confirmed cases, while Brazil confirmed over 21,644,460 cases.

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $85.33 per barrel, while US WTI crude futures rose 1.1% to trade at $83.15 a barrel. The total number of active U.S. oil rigs rose by 12 to 445 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.7% and STOXX Europe 600 Index fell 0.4%. The French CAC 40 Index declined 0.9%, London’s FTSE 100 fell 0.2% while German DAX 30 fell 0.5%.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.2%, while Hong Kong’s Hang Seng Index climbed 0.31% and China’s Shanghai Composite fell 0.12%. Australia’s S&P/ASX 200 rose 0.3% and India’s BSE Sensex gained 0.8%. China's retail trade increased 4.4% year-over-year in September, following a 2.5% growth a month ago, while unemployment rate dropped to a 33-month low of 4.9% in September. Industrial production in China rose 3.1% year-over-year in September, while the country’s economy grew 4.9% annually in the third quarter.

Broker Recommendation

Barclays downgraded The Walt Disney Company DIS from Overweight to Equal-Weight and lowered the price target from $210 to $175.

Disney shares fell 1.3% to $174.10 in pre-market trading.

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Breaking News

• Johnson & Johnson JNJ disclosed that its COVID-19 vaccine booster shot has been recommended for Emergency Use Authorization by the US Food and Drug Administration's Vaccines and Related Biological Products Advisory Committee.
• Key Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF on Sunday launched three new electric vehicles at its annual tech day.
• Facebook Inc FB said on Sunday it would be creating 10,000 new jobs in the European Union over the next five years.
• Netflix Inc's NFLX biggest original series, 'Squid Game,' is expected to generate $900 million in value for the company, Bloomberg reported.

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