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Mon. 8 Nov 2021, 6:02am ETBenzinga
In: Earnings, News, Eurozone, Futures, Global, Pre-Market Outlook, Markets

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade after hitting another record highs in the previous session. Investors are awaiting earnings results from US Foods Holding Corp. (NYSE:USFD), PayPal Holdings, Inc. (NASDAQ:PYPL) and Tencent Music Entertainment Group (NYSE:TME).

Federal Reserve Vice Chairman Richard Clarida is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of Boston Chief Executive Officer Kenneth C Montgomery will speak at 10:00 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 10:30 a.m. ET, while Federal Reserve Bank of Philadelphia President Patrick Harker will speak at 12:00 p.m. ET. Federal Reserve Bank of Chicago President Charles Evans will speak at 1:50 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 71 points to 36,286.00 while the Standard & Poor’s 500 index futures rose 3.25 points to 4,693.50. Futures for the Nasdaq 100 index declined 2.50 points to 16,349.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,336,570 with around 775,210 deaths. India reported a total of at least 34,366,610 confirmed cases, while Brazil confirmed over 21,880,430 cases.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $83.51 per barrel, while US WTI crude futures rose 1% to trade at $82.06 a barrel. The total number of active U.S. oil rigs rose by 6 to 450 rigs this week, Baker Hughes Inc reported.

 

A Peek Into Global Markets


European markets were mixed today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index climbed 0.1%, London’s FTSE 100 rose 0.1% while German DAX 30 dropped 0.1%.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.35%, while Hong Kong’s Hang Seng Index fell 0.43% and China’s Shanghai Composite gained 0.20%. Australia’s S&P/ASX 200 fell 0.1%, while India’s BSE Sensex gained 0.8%. The index of leading economic indicators in Japan fell to 99.7 in September following a final reading of 101.3 a month ago, while index of coincident economic indicators fell to its lowest level in a year of 87.5 in September. China's trade surplus widened to a record high of $84.54 billion in October, with imports rising by 20.6%, while exports jumping 27.1% year-on-year. Foreign exchange reserves in China climbed to $3.218 trillion in October from $3.201 trillion in September.


Broker Recommendation

Piper Sandler analyst Alexander Potter downgraded Aptiv PLC (NYSE:APTV) from Overweight to Neutral.

Aptiv shares rose 0.1% to $175.11 in pre-market trading.

Check out other major ratings here

 

Breaking News

  • W. R. Berkley Corporation (NYSE:WRB) declared a special quarterly cash dividend of $1 per share and a regular quarterly cash dividend of 13 cents per share. The company’s board also increased its share buyback authorization to 10 million shares.
  • Key Apple Inc (NASDAQ:AAPL) chip supplier Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) said it has responded to a U.S. request for data related to the global chip shortage, Reuters reported, citing the company.
  • Trinseo PLC (NYSE:TSE) reported upbeat earnings for its third quarter, while sales missed views. The company announced planned divestiture of its styrenics businesses and said it sees FY21 adjusted EBITDA of $750 million to $800 million.
  • Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk took the investment world by storm by running a Twitter poll on whether he should sell 10% of his Tesla stock.

 

Check out other breaking news here