U.S. stock futures traded slightly lower in early pre-market trade, after recording losses in the earlier session following an increase in Covid-19 cases. Investors are awaiting earnings from Foot Locker, Inc. (NYSE: FL), Buckle Inc (NYSE: BKE) and Hibbett Sports, Inc. (NASDAQ: HIBB).
Federal Reserve Bank of Richmond President Thomas Barkin and Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 9:00 a.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 9:30 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 37 points to 29,406.00 while the Standard & Poor’s 500 index futures traded fell 2.25 points to 3,577.75. Futures for the Nasdaq 100 index gained 8.50 points to 11,995.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 11,717,940 with around 252,550 deaths. India reported a total of at least 9,004,360 confirmed cases, while Brazil confirmed over 5,981,760 cases.
Oil prices traded mostly flat as Brent crude futures rose 0.2% to trade at $44.30 per barrel, while US WTI crude futures fell 0.1% to trade at $41.69 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.4%, while German DAX 30 gained 0.1% and London’s FTSE 100 rose 0.3%. Retail sales in the UK rose 1.2% in October, while German producer prices fell 0.7% year-over-year last month.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.42%, China’s Shanghai Composite rose 0.44%, Hong Kong’s Hang Seng Index gained 0.36% and India’s BSE Sensex rose 0.8%. Australia’s S&P/ASX 200 traded lower by 0.1%. Japan’s manufacturing PMI fell to 48.3 in November from 48.7 in the prior month, while services PMI dropped to 46.7 in November from 47.7.
Analysts at KeyBanc downgraded Nucor Corporation (NYSE: NUE) from Overweight to Sector Weight.
Nucor shares fell 0.2% to close at $52.83 on Thursday.
- Williams-Sonoma, Inc. (NYSE: WSM) reported stronger-than-expected results for its third quarter on Thursday..
- Eli Lilly And Co (NYSE: LLY) disclosed that its rheumatoid arthritis drug baricitinib has been issued an emergency use authorization for the treatment of COVID-19 in hospitalized adults and children.
- Ross Stores, Inc. (NASDAQ: ROST) reported upbeat results for its third quarter.
- The United Nations World Health Organization said Thursday that Gilead Sciences Inc’s (NASDAQ: GILD) remdesivir is not recommended for the treatment of COVID-19, the Wall Street Journal reported.
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