US Stock Futures Mixed After Recording Quarterly Losses; Tesla In Focus

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade on Friday after recording losses for the week, month and quarter. The Dow Jones settled below the 29,000 level for the first time since November 2020, while the S&P 500 index also recorded its worst month since March 2020.
The 30-stock index fell 6.7% during the third quarter, also recording a third-consecutive losing quarter for the first time since 2015. For September, the Dow fell 8.8%, while the S&P 500 lost 9.3%.

The S&P Global manufacturing PMI for September is scheduled for release at 9:45 a.m. ET, while the ISM Manufacturing PMI for September will be released at 10:00 a.m. ET. The ISM manufacturing index might rise slightly to 52.9 in September from 52.8 in August. Data on construction spending for August will be released at 10:00 a.m. ET. Analysts expect construction spending declining 0.3% in August following a 0.4% drop in the previous month.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:45 a.m. ET, while Kansas City Federal Reserve Bank President Esther George will speak at 2:15 p.m. ET.

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Futures for the Dow Jones Industrial Average gained 43 points to 28,844.00 while the Standard & Poor’s 500 index futures fell 4 points to 3,597.50. Futures for the Nasdaq index fell 65.25 points to 10,970.25.

Commodities

Oil prices traded higher as Brent crude futures rose 3.9% to trade at $88.45 per barrel, while US WTI crude futures rose 4.1% to trade at $82.72 a barrel. The total number of active U.S. oil rigs climbed by 2 to 604 rigs this week, Baker Hughes Inc reported Friday.

Gold futures fell 0.1% to trade at $1,670.60 an ounce, while silver traded up 1.8% at $19.39 an ounce on Monday.

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 1.2%, London’s FTSE 100 fell 1.1% while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 1.4%, while German DAX dropped 1.1%.

The S&P Global Eurozone manufacturing PMI was revised lower to 48.4 in September compared to a preliminary reading of 48.5. The S&P Global/CIPS manufacturing PMI for UK was revised lower to 48.4 in September from a preliminary level of 48.5, while German manufacturing PMI fell to 47.8 in September from a preliminary reading of 48.3. The S&P Global French manufacturing PMI fell to 47.7 in September versus 50.6 in the previous month, while Italian manufacturing PMI rose to 48.3 in September from the 48 a month ago. The S&P Global manufacturing PMI for Spain dropped to 49 in September from 49.9 in the prior month.

Asia-Pacific Markets

Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 1.07% and Hong Kong’s Hang Seng Index fell 0.83%. Australia’s S&P/ASX 200 fell 0.3%, while India’s S&P BSE SENSEX fell 1.2%.

The S&P Global Indian Manufacturing dropped to a three-month low level of 55.1 in September from 56.2 in the previous month, while Japanese manufacturing PMI fell to 50.8 in September from a final 51.5 in August. The S&P Global Australian manufacturing PMI fell to 53.5 in September from 53.8 in August.

Broker Recommendation

Keybanc maintained American Tower Corporation AMT with an Overweight and lowered the price target from $300 to $264.

American Tower shares rose 0.5% to close at $214.70 on Friday.

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Breaking News

• Tesla, Inc. TSLA announced that third-quarter deliveries rose to a record level after the previous quarter’s production-induced setback. Tesla said it sold 343,830 cars in the third quarter, the company said in a statement on Sunday.
• XPeng Inc. XPEV announced electric vehicle deliveries of 8,468 units for September, with the breakup showing 4,643 P7 sedans, 2,417 P5 sedans, 1,233 G3i SUVs, and 184 G9 flagship SUVs.
• NIO Inc. NIO said it delivered 10,878 vehicles in September, comprising 7,729 SUVs, and 3,149 sedans. The company delivered 31,607 vehicles in the third quarter, surging by 29.3% year-over-year.
• Li Auto Inc. LI reported deliveries of 11,531 vehicles for September, with 10,123 of them being its L9 six-seat flagship SUV. September marked the first full month of deliveries of this model.

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