A Peek Into The Markets: US Stock Futures Gain Ahead Of Earnings Reports
Pre-open movers
U.S. stock futures traded higher in early pre-market trade after the Nasdaq index climbed around 125 points in the previous session. Investors are awaiting earnings results from Johnson & Johnson (NYSE: JNJ), Procter & Gamble Co (NYSE: PG), Netflix Inc (NASDAQ: NFLX) and The Travelers Companies, Inc. (NYSE: TRV).
Data on housing starts and permits for September will be released at 8:30 a.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 8:00 a.m. ET, while Federal Reserve Bank of Philadelphia President Patrick Harker will speak at 8:50 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.
Futures for the Dow Jones Industrial Average climbed 83 points to 35,216.00 while the Standard & Poor’s 500 index futures gained 14.25 points to 4,491.75. Futures for the Nasdaq 100 index rose 41 points to 15,331.50.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 45,908,210 with around 746,500 deaths. India reported a total of at least 34,094,370 confirmed cases, while Brazil confirmed over 21,651,910 cases.
Oil prices traded higher as Brent crude futures rose 0.9% to trade at $85.07 per barrel, while US WTI crude futures rose 1.2% to trade at $83.46 a barrel. The API’s report on crude oil stocks will be released later during the day.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.6% and STOXX Europe 600 Index climbed 0.3%. The French CAC 40 Index climbed 0.2%, London’s FTSE 100 rose 0.2% while German DAX 30 gained 0.1%. Spanish trade deficit widened to EUR 3.87 billion in August from a EUR 1.73 billion gap in the year-ago month.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.65%, while Hong Kong’s Hang Seng Index climbed 1.49% and China’s Shanghai Composite rose 0.70%. Australia’s S&P/ASX 200 slipped 0.1% and India’s BSE Sensex gained 0.7%.
Broker Recommendation
Evercore ISI Group downgraded Marriott International, Inc. (NASDAQ: MAR) from Outperform to In-Line and raised the price target from $145 to $160..
Marriott shares fell 0.7% to $158.16 in pre-market trading.
Check out other major ratings here
Breaking News
Steel Dynamics, Inc. (NASDAQ: STLD) reported better-than-expected results for its third quarter on Monday.
Alibaba Group Holding (NYSE: BABA) on Tuesday confirmed plans to develop an in-house processor that would be used to power its cloud computing business.
EverQuote Inc (NASDAQ: EVER) lowered its sales guidance for the third quarter. Total revenue is projected to be in the range of $106.5 million to $107.5 million, down from previous guidance of $109 million to $111 million.
TaskUs, Inc. (NASDAQ: TASK) reported the launch of a secondary offering of 10 million shares of Class A common stock.
Check out other breaking news here
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