A Peek Into The Markets: US Stock Futures Mixed Ahead Of Producer Price Index

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after hitting another record highs in the prior session. Investors are awaiting earnings results from Sysco Corporation SYY, D.R. Horton, Inc. DHI and Coinbase Global, Inc. COIN.

The NFIB small business optimism index for October is scheduled for release at 6:00 a.m. ET, while the Producer Price Index for October will be released at 8:30 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 7:50 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 9:00 a.m. ET. San Francisco Federal Reserve President Mary Daly is set to speak at 11:35 a.m. ET, while Minneapolis Fed President Neel Kashkari will speak at 1:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 31 points to 36,281.00 while the Standard & Poor’s 500 index futures fell 1.25 points to 4,692.75. Futures for the Nasdaq 100 index gained 14.50 points to 16,342.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,453,950 with around 776,310 deaths. India reported a total of at least 34,374,450 confirmed cases, while Brazil confirmed over 21,886,070 cases.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $84.03 per barrel, while US WTI crude futures rose 0.8% to trade at $82.58 a barrel. The API’s data on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index climbed 0.1%, London’s FTSE 100 rose 0.1% while German DAX 30 gained 0.1%. The trade surplus in Germany shrank to EUR 16.2 billion in September from EUR 20 billion a year ago, while current account surplus narrowed to EUR 19.6 billion from EUR 25 billion. French current account deficit widened to EUR 2.7 billion in September from EUR 1.4 billion in the prior month, while trade deficit widened to EUR 6.78 billion in September.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.75%, while Hong Kong’s Hang Seng Index rose 0.20% and China’s Shanghai Composite gained 0.24%. Australia’s S&P/ASX 200 fell 0.2%, while India’s BSE Sensex slipped 0.2%. The People’s Bank of China injected CNY 100 billion of seven-day reverse repos into the market. The NAB business confidence index in Australia surged to 21 in October versus a revised reading of 10 a month ago, while Australia's new home sales rose 11.1% in October. Average cash earnings in Japan increased 0.2% year-over-year in September, while current account surplus narrowed to JPY 1,033.7 billion in September.

Breaking News

Roblox Corporation RBLX reported strong earnings report for the third quarter. The company reported quarterly revenue of $509.3 million, up 102% year-over-year. Bookings in the third quarter were $637.8 million, up 28% year-over-year.

PayPal Holdings, Inc. PYPL posted upbeat earnings for its third quarter, while sales missed views. The company also issued weak guidance for FY21.

Zynga Inc. ZNGA reported better-than-expected sales results for its third quarter. Also, the company said it appointed Matt Wolf as its Vice President of Blockchain Gaming.

Tencent Music Entertainment Group TME posted upbeat earnings for its third quarter.

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