A Peek Into The Markets: U.S. Stock Futures Edge Higher; CenturyLink To Buy Level 3 Communications

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. Data on personal income and consumer spending for September will be released at 8:30 a.m. ET, while the Chicago PMI for October is schedule for release at 9:45 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 13 points to 18,110.00, while the Standard & Poor’s 500 index futures gained 2.50 points to 2,126.25. Futures for the Nasdaq 100 index rose 14.25 points to 4,819.75.

Oil prices traded lower as Brent crude futures slipped 0.74 percent to trade at $49.34 per barrel, while US WTI crude futures also fell 0.57 percent to trade at $48.42 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index dropping 0.61 percent, STOXX Europe 600 Index falling 0.48 percent and German DAX 30 index dropping 0.35 percent. The UK's FTSE index was trading lower by 0.42 percent, while French CAC 40 Index fell 0.78 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.12 percent, Hong Kong’s Hang Seng Index declined 0.09 percent, China’s Shanghai Composite Index slipped 0.12 percent and India’s BSE Sensex rose 0.09 percent.

Broker Recommendation

Analysts at Bank of America downgraded Nike Inc NKE from Neutral to Underperform.

Nike shares fell 1.65 percent to $51.16 in pre-market trading.

Breaking news

• Centurylink Inc CTL confirmed Monday it has reached an agreement in which it will acquire Level 3 Communications, Inc. LVLT in a cash and stock transaction that values the company at $34 billion or $66.50 per share. To read the full news, click here.



• Check Point Software Technologies Ltd. CHKP reported better than expected results for the third quarter. To read the full news, click here.



• Lumber Liquidators Holdings Inc LL reported 3.4 percent growth in sales that topped the estimates in the third quarter. To read the full news, click here.



• General Electric Company GE agreed to merge its oil and gas business with Baker Hughes Incorporated BHI.