A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of GM, Coca-Cola Earnings

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Dow Jones and S&P 500 closed at record highs in the previous session. Investors are awaiting earnings results from Coca-Cola Co KO, General Motors Company GM, McDonald's Corp MCD, Boeing Co BA and Ford Motor Company F.

Data on durable goods orders, international trade in goods and wholesale inventories will be released at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average fell 47 points to 35,597.00 while the Standard & Poor’s 500 index futures declined 5.50 points to 4,559.75. Futures for the Nasdaq 100 index dropped 10.50 points to 15,534.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,497,710 with around 759,930 deaths. India reported a total of at least 34,215,650 confirmed cases, while Brazil confirmed over 21,748,980 cases.

Oil prices traded lower as Brent crude futures fell 1.1% to trade at $84.71 per barrel, while US WTI crude futures fell 1.5% to trade at $83.38 a barrel. The API, late Tuesday, reported a rise of 2.32 million barrels in US commercial crude oil stockpiles during the recent week. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.6% and STOXX Europe 600 Index declined 0.4%. The French CAC 40 Index fell 0.2%, London’s FTSE 100 fell 0.3% while German DAX 30 dropped 0.4%. Loans to households in the Eurozone climbed 4.1% year-over-year in September. Industrial producer prices in the France’s domestic market rose 1.7% from a month ago in September, while consumer confidence declined to 99 in October from a revised level of 101 in September. Import prices in Germany rose 17.7% year-over-year in September, while GfK consumer climate indicator rose to 0.9 heading into November.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.03%, while Hong Kong’s Hang Seng Index fell 1.57% and China’s Shanghai Composite fell 0.98%. Australia’s S&P/ASX 200 rose 0.1%, while India’s BSE Sensex fell 0.3%. Profits earned by Chinese industrial firms jumped 44.7% year-over-year to CNY 6.34 trillion in January-September 2021. The annual inflation rate in Australia dropped to 3.0% in Q3, while annual food price inflation rose to 1.3%.

Broker Recommendation

Keybanc maintained Alphabet Inc. GOOGL with an Overweight and raised the price target from $3071 to $3090.

Alphabet shares fell 0.5% to $2,772.01 in pre-market trading.

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Breaking News

• Alphabet Inc GOOGL reported better-than-expected earnings and sales results for its third quarter.
• Electric vehicle sales' share of the total passenger vehicle sales in China jumped significantly to 18.6% in the third quarter at a time when a lingering chip shortage hit production and sales of traditional internal combustion vehicles. Electric vehicle share of the total passenger vehicle sales in China rose to 18.6% in the three months ended September, from 13.2% in the second quarter.
• Microsoft Corporation MSFT reported stronger-than-expected earnings for its first quarter on Tuesday.
• Twitter Inc’s TWTR third-quarter earnings indicate that the revenue impact of privacy protections implemented by Apple Inc AAPL has been “lower than expected.”

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