US Stock Futures Down Following Friday's Sell-Off

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Monday after the Dow Jones dropped more than 600 points in the previous session following the release of jobs data. The major indices, however, settled the week higher but gave back most of the gains recorded earlier during the week. The Dow gained 2% last week, while the S&P gained around 1.5%.

Nonfarm payrolls climbed by 263,000 jobs last month, above market expectations of 250,000, while the unemployment rate declined to 3.5%, versus estimates of 3.7%. Money markets are expecting a fourth straight rate increase of 75 basis points at the Fed’s upcoming meeting during November.

Chicago Fed President Charles Evans is set to speak at 9:00 a.m. ET, while the Investor Movement Index for September is scheduled for release at 12:30 p.m. ET.

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Futures for the Dow Jones Industrial Average dropped 111 points to 29,242.00 while the Standard & Poor’s 500 index futures fell 17.50 points to 3,635.75. Futures for the Nasdaq index fell 63.50 points to 11,038.00.

Commodities

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $97.25 per barrel, while US WTI crude futures fell 0.6% to trade at $92.07 a barrel. The total number of active U.S. oil rigs fell by 2 to 602 rigs this week, Baker Hughes Inc reported Friday.

Gold futures fell 1.1% to trade at $1,690.10 an ounce, while silver traded down 2.4% at $19.775 an ounce on Monday.

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.5%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.4%. The French CAC 40 Index fell 0.8%, while German DAX dropped 0.2%.

Asia-Pacific Markets

Asian markets traded lower today. China’s Composite Index fell 1.66%, while Hong Kong’s Hang Seng Index fell 2.92%. Australia’s S&P/ASX 200 fell 1.4%, while India’s BSE Sensex fell 0.6%.

The Australian Industry Group Australian Performance of Services Index fell to 48.0 in September compared to 53.3 in the previous month. The Caixin China general services PMI fell to 49.3 in September from 55.0 in the previous month, while composite PMI declined to 48.5 in September from 53.0 in the earlier month.

Broker Recommendation

UBS downgraded Ford Motor Company F from Neutral to Sell and lowered the price target from $13 to $10.

Ford shares fell 4% to $11.71 in pre-market trading.

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Breaking News

• Tesla Inc TSLA said it sold 83,135 China-made EVs in September, up 8.02% from the 76,965 cars it delivered in August.
• Genetic Technologies Limited GENE appointed Tony Di Pietro as CFO.
• Meta Platforms, Inc. META is expected to unveil its next headset — the Quest Pro — during the Meta Connect 2022 conference on Oct. 11.
• Helbiz, Inc. HLBZ filed for mixed-securities shelf offering of up to $100 million.

Check out other breaking news here