A Peek Into The Markets: US Stock Futures Mixed Ahead Of Economic Reports


Pre-open movers

U.S. stock futures traded mixed in early pre-market trade as investors are awaiting earnings from Schlumberger NV (NYSE:SLB), J B Hunt Transport Services Inc (NASDAQ:JBHT), and Bank of New York Mellon Corp (NYSE:BK). Wall Street closed lower in the prior session as hopes of a stimulus before the U.S. election have waned, along with a surprise rise in jobless claims.

Data on retail sales for September will be released at 8:30 a.m. ET, while data on industrial production for September will be released at 9:15 a.m. ET. Data on business inventories for August and the University of Michigan's consumer sentiment index for October will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard will speak at 1:35 p.m. ET.

Futures for the Dow Jones Industrial Average fell 33 points to 28,353 while the Standard & Poor’s 500 index futures traded fell 2 points to 3,473.50. Futures for the Nasdaq 100 index gained 11.75 points to 11,885.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 7,980,460 with around 217,700 deaths. India reported a total of at least 7,370,460 confirmed cases, while Brazil confirmed over 5,169,380 cases.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $42.92 per barrel, while US WTI crude futures fell 0.4% to trade at $40.81 a barrel. US crude-oil inventories declined 3.8 million barrels last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly higher today following a sharp decline in the previous session. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index gained 0.7%. The French CAC 40 Index climbed 1.2%, while German DAX 30 gained 0.4% and London’s FTSE 100 rose 1%. Germany's car registrations grew 5.6% month-over-month in September, while French car registrations grew 62.4% month-over-month.

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.41%, China’s Shanghai Composite rose 0.13%, Hong Kong’s Hang Seng Index gained 0.94% and India’s BSE Sensex rose 0.7%. China is looking to enact a national security law that will likely prohibit the export of certain technologies and strategic materials.

Broker Recommendation

Analysts at RBC Capital upgraded Flex Ltd (NASDAQ:FLEX) from Sector Perform to Outperform and raised the price target from $12 to $16.

Flex shares rose 4% to close at $12.57 on Thursday.

Breaking News

  • Intuitive Surgical, Inc. (NASDAQ:ISRG) reported better-than-expected earnings and sales for the third quarter. However, the company’s quarterly da Vinci shipments decreased 29% year over year.
  • Gilead Sciences, Inc.'s (NASDAQ:GILD) antiviral drug remdesivir has been found to have "little or no effect on mortality on hospitalized COVID-19," a global study conducted by the World Health Organization has concluded. The study is posted on a pre-print server and is yet to be peer-reviewed.
  • Hewlett Packard Enterprise Co. (NYSE:HPE) issued improved guidance for fiscal 2021. The company said it expects non-GAAP earnings of $1.56 to $1.76 per share.
  • Ford Motor Company (NYSE:F) reported a 25.4% year-over-year surge in sales for the third quarter in China. The automaker reported it sold 164,352 vehicles between July and September in China, marking the largest year-over-year sales growth in nearly four years.

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