US Stock Futures Signal Higher Start On Wall Street; Bank of America Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Monday after closing lower in the previous session. The Dow Jones dropped by more than 400 points in the previous session, while the Nasdaq tumbled over 300 points. For the week, the Dow added 1.15%, while the S&P 500 declined around 1.6%.

The Empire State manufacturing index for October is scheduled for release at 8:30 a.m. ET. The index is expected to decline to minus 2.5 for October compared to a reading of minus 1.5 in September.

Investors are also awaiting earnings results from Bank of America Corporation BAC, The Bank of New York Mellon Corporation BK, and The Charles Schwab Corporation SCHW.

Check out this: Market Volatility Rises Following Big Banks Earnings

Futures for the Dow Jones Industrial Average jumped 267 points to 29,975.00 while the Standard & Poor’s 500 index futures rose 38.75 points to 3,636.25. Futures for the Nasdaq index climbed 136.50 points to 10,880.50.

Commodities

Oil prices traded slightly higher as Brent crude futures rose 0.1% to trade at $91.74 per barrel, while US WTI crude futures rose 0.1% to trade at $85.66 a barrel. The total number of active U.S. oil rigs climbed by 8 to 610 rigs this week, Baker Hughes Inc reported Friday.

Gold futures rose 0.8% to trade at $1,662.70 an ounce, while silver traded up 2.4% at $18.495 an ounce on Monday.

A Peek Into Global Markets

Europe Markets

European markets were higher today. The STOXX Europe 600 Index rose 0.6%, London’s FTSE 100 rose 0.5% while Spain’s IBEX 35 Index rose 1.3%. The French CAC 40 Index gained 0.6%, while German DAX climbed 0.6%.

The annual inflation rate in Italy accelerated to 8.9% in September, the highest level in around 37 years, compared to 8.4% in the prior month.

Asia-Pacific Markets

Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.16%, China’s Composite Index rose 0.42%, while Hong Kong’s Hang Seng Index gained 0.15%. Australia’s S&P/ASX 200 fell 1.4%, while India’s BSE Sensex rose 0.8%.

The People Bank of China maintained the interest rate unchanged for the second consecutive month. China Statistics Bureau will delay the release of Q3 GDP data slated for Tuesday.

Broker Recommendation

Piper Sandler maintained Adobe Inc ADBE with an Overweight and lowered the price target from $358 to $345.

Adobe shares fell 2.3% to close at $287.94 on Friday.

Check out this: Bank of America, Charles Schwab And 3 Stocks To Watch Heading Into Monday

Breaking News

• Jane Manchun Wong, a security researcher, highlighted how false narratives are spread on Twitter Inc. TWTR, saying that the social media platform “is still a great place to spread misinformation" and target audiences outside the U.S.
• Verona Pharma PLC - ADR VRNA secured debt financing of up to $150 million from Oxford Finance.
• electroCore, Inc. ECOR issued unaudited financial guidance for the third quarter. The company said it sees Q3 revenue of $1.97 million, representing a 33% growth over the year-ago quarter.
• Apple Inc. AAPL puts its plans to use memory chips from China's Yangtze Memory Technologies Co. (YMTC) on hold after completing an intensive monthslong process to certify the company's 128-layer 3D NAND flash memory for use in iPhones.

Check out other breaking news here