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A Peek Into The Markets: US Stock Futures Gain Ahead Of CPI, Fed Minutes

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones dropped more than 100 points in the previous session. Investors are awaiting earnings results from JPMorgan Chase (NYSE: JPM), Delta Air Lines (NYSE: DAL) and BlackRock (NY BLK).

The Consumer Price Index for September will be released at 8:30 a.m.ET, while the Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. The U.S. Treasury statement for September is scheduled for release at 2:00 p.m. ET. Federal Reserve Governor Lael Brainard is set to speak at 3:30 p.m. ET, while Federal Reserve Governor Michelle Bowman will speak at 8:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 48 points to 34,308.00 while the Standard & Poor’s 500 index futures gained 8.75 points to 4,349.50. Futures for the Nasdaq 100 index rose 63.75 points to 14,717.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 45,431,160 with around 737,580 deaths. India reported a total of at least 34,001,740 confirmed cases, while Brazil confirmed over 21,590,090 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $83.08 per barrel, while US WTI crude futures fell 0.4% to trade at $80.35 a barrel. The API’s report in crude oil inventories will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.3% and STOXX Europe 600 Index gained 0.6%. The French CAC 40 Index rose 0.2%, London’s FTSE 100 fell 0.2% while German DAX 30 gained 0.7%. Industrial output in the Eurozone fell 1.6% in August, while factory output in the UK rose 4.1% year-over-year in August. Exports from the UK fell 2% to GBP 49.8 billion in August, while imports slipped 0.5% to GBP 53.5 billion. Industrial production in the UK increased 0.8% in August, while the country’s gross domestic product grew 2.9% on quarter during the three months to August. German consumer price inflation rate was confirmed at 4.1% year-over-year in September.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.32%, while Hong Kong’s Hang Seng Index slipped 0.01% and China’s Shanghai Composite gained 0.42%. Australia’s S&P/ASX 200 fell 0.1% and India’s BSE Sensex gained 0.8%. Exports from China surged 28.1% year-over-year to $305.7 billion in September, while Imports to China climbed 17.6% to $239.0 billion. Core machinery orders in Japan fell 2.4% month-over-month in August.

Broker Recommendation

Jefferies downgraded Monster Beverage Corporation (NASDAQ: MNST) from Buy to Hold and lowered the price target from $113 to $92.

Monster Beverage shares fell 2% to $86.20 in pre-market trading.

Check out other major ratings here

Breaking News

  • Pactiv Evergreen Inc’s (NASDAQ: PTVE) wholly-owned subsidiary, Evergreen Packaging International LLC, has agreed to sell its 50% interest in Naturepak Beverage Packaging Co Ltd to Elopak ASA, a global supplier of carton packaging and filling equipment. The financial terms of the deal remain undisclosed.
  • Accounts payable and payment automation solutions provider AvidXchange Holdings Inc (NASDAQ: AVDX) priced 26.4 million shares at $25 per share in an upsized initial public offering.
  • Sarepta Therapeutics Inc (NASDAQ: SRPT) reported a proposed $500 million public offering of common stock. The company also issued guidance for the third quarter, expecting net product sales of $166.9 million.
  • Vistra Corp (NYSE: VST) reported a $2 billion buyback program.

Check out other breaking news here

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