US Stock Futures Mixed After Recording Losses Last Week; Fed Speakers In Focus

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade on Monday after recording losses on Friday. The Dow recorded a fresh low for the year, settling below the major 30,000 level for the first time since June 17. The major indices notched their fifth negative week in six, as the 30-stock index fell 4% and the S&P dropped around 4.7% last week.

The Chicago Fed National Activity Index for August is scheduled for released at 8:30 a.m. ET. The national activity index moved back to the positive zone in July, with a reading of 0.27. Analysts, however, are expecting the index declining slightly to 0.24 for August. The Dallas Fed manufacturing index for September will be released at 10:30 a.m. ET.

Federal Reserve Bank of Boston President Susan Collins is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 4:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dropped 48 points to 29,621.00 while the Standard & Poor’s 500 index futures fell 5.25 points to 3,703.75. Futures for the Nasdaq index rose 7 points to 11,383.75.

Commodities

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $84.73 per barrel, while US WTI crude futures fell 0.3% to trade at $78.49 a barrel. The total number of active U.S. oil rigs climbed by 3 to 602 rigs this week, Baker Hughes Inc reported.

Gold futures declined 0.1% to trade at $1,654.40 an ounce, while silver traded down 1% at $18.72 an ounce on Monday.

A Peek Into Global Markets

Europe Markets

European markets were mixed today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index rose 0.3%, while German DAX gained 0.3%.

The Ifo Business Climate indicator for Germany fell to 84.3 in September 2022, down from market expectations of 87.0, while Spanish producer price inflation accelerated to 41.8% in August versus a revised 40.5% in the prior month.

Asia-Pacific Markets

Asian markets traded lower today. Japan’s Nikkei 225 dropped 2.66%, Hong Kong’s Hang Seng Index fell 0.44% and China’s Shanghai Composite Index fell 1.2%. Australia’s S&P/ASX 200 fell 1.6%, while India’s S&P BSE SENSEX fell 1.1%.

Hong Kong’s trade deficit shrank to HKD 13.3 billion in August from HKD 26.3 billion in the year-ago month. The au Jibun Bank Japan services PMI rose to a three-month high of 51.9 in September from a final level of 49.5 a month ago, while manufacturing PMI dropped to 51.0 in September from a final 51.5.

Broker Recommendation

Telsey Advisory Group maintained NIKE, Inc. NKE with an Outperform and lowered the price target from $130 to $125.

Nike shares fell 0.2% to $96.87 in pre-market trading.

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Breaking News

Amazon.com Inc. AMZN announced a new holiday shopping event — Prime Early Access Sale — for its members. This is the second deals event conducted by Amazon this year, given the “macroeconomic environment” faced by customers and an early shopping holiday, Reuters reported, citing the company’s vice-president Jamil Ghani.
bluebird bio, Inc. BLUE named Katherine Breedis as interim CFO.
McDonald’s Holdings Co. Japan Ltd. will raise the price of about 60% of its products by 10 to 30 yen ($0.07-$0.21) from Sept. 30, reported Bloomberg, citing a company statement. The company, which operates stores for Chicago-based McDonald's Corporation MCD, said it has been affected by “a recent surge in raw material prices, rising labor, logistics and energy costs, as well as rapid exchange rate fluctuations,” the report said.
Hologic, Inc. HOLX authorized a stock buyback program of up to $1 billion.