A Peek Into The Markets: US Stock Futures Mixed; All Eyes On Fed Decision

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after settling at another record highs in the previous session. The Federal Reserve will announce its policy decision at 2:00 p.m. ET, while the Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET. Investors are awaiting earnings results from CVS Health Corp CVS, QUALCOMM, Inc. (NYSENA QCOM) and Humana Inc HUM.

The ADP national employment report for October will be released at 8:15 a.m. ET, while US Services Purchasing Managers' Index for October is scheduled for release at 9:45 a.m. ET. Data on factory orders for September and ISM's services index for October will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average fell 30 points to 35,908.00 while the Standard & Poor’s 500 index futures fell 2.50 points to 4,621.00. Futures for the Nasdaq 100 index rose 13.25 points to 15,974.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,999,770 with around 768,840 deaths. India reported a total of at least 34,308,140 confirmed cases, while Brazil confirmed over 21,821,120 cases.

Oil prices traded lower as Brent crude futures fell 1.6% to trade at $83.33 per barrel, while US WTI crude futures fell 1.9% to trade at $82.31 a barrel. 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 mostly lower today. The Spanish Ibex Index fell 0.7% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 fell 0.3% while German DAX 30 slipped 0.1%. UK services PMI was revised higher to 59.1 in October versus a preliminary reading of 58.0, while annual house price growth in the country eased to 9.9% in October. The unemployment rate in Italy declined to 9.2% in September

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.43%, while Hong Kong’s Hang Seng Index fell 0.3% and China’s Shanghai Composite declined 0.2%. Australia’s S&P/ASX 200 rose 0.9%, while India’s BSE Sensex fell 0.4%. Indian services PMI rose to 58.4 in October from 55.2 in September, while China’s general services PMI rose to 53.8 in October from 53.4. The IHS Markit Australian services PMI was revised lower to 51.8 in October from a preliminary reading of 52.

Broker Recommendation

Telsey Advisory Group upgraded Under Armour, Inc. UAA from Market Perform to Outperform and raised the price target from $25 to $32.

Under Armour shares rose 1% to $25.85 in pre-market trading.

Check out other major ratings here

Breaking News

• FMC Corporation FMC reported better-than-expected results for the third quarter.
• Amgen, Inc. AMGN reported upbeat results for the third. The company said it expects FY21 adjusted earnings of $16.50 to $17.10 per share and sales of $25.8 billion to $26.2 billion.
• China's Contemporary Amperex Technology Co Ltd, a battery supplier to Tesla Inc TSLA and Nio Inc NIO will supply batteries to Fisker Inc’s FSR for its Ocean electric sports utility vehicle, the latter said in a statement on Tuesday.
• Mondelez International, Inc. MDLZ reported better-than-expected results for its third quarter and raised its annual sales guidance.

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