Pre-open movers
U.S. stock futures traded higher in early pre-market trade after closing at record highs in the previous session. Investors are awaiting earnings results from PG&E Corporation (NYSE: PCG), McKesson Corporation (NYSE: MCK), Clorox Co (NYSE: CLX), and ON Semiconductor Corp (NASDAQ: ON).
The manufacturing PMI for October is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing index for October and construction spending for September will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average jumped 115 points to 35,819.00 while the Standard & Poor’s 500 index futures rose 14.50 points to 4,611.5. Futures for the Nasdaq 100 index climbed 55.25 points to 15,893.75.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 46,823,930 with around 766,290 deaths. India reported a total of at least 34,285,810 confirmed cases, while Brazil confirmed over 21,810,850 cases.
Oil prices traded mixed as Brent crude futures rose 0.4% to trade at $ 84.05 per barrel, while US WTI crude futures fell 0.1% to trade at $83.53 a barrel. The total number of active U.S. oil rigs rose by 1 to 444 rigs this week, Baker Hughes Inc reported Friday.
A Peek Into Global Markets
European markets were higher today. The Spanish Ibex Index rose 0.9% and STOXX Europe 600 Index climbed 0.9%. The French CAC 40 Index surged 0.9%, London’s FTSE 100 rose 0.4% while German DAX 30 climbed 0.9%. Germany’s retail trade fell 2.5% in September.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 2.61%, while Hong Kong’s Hang Seng Index fell 0.88% and China’s Shanghai Composite slipped 0.08%. Australia’s S&P/ASX 200 rose 0.6%, while India’s BSE Sensex climbed 1.2%. Australia’s manufacturing PMI Index dropped to 50.4 in October from 51.2 in the prior month, while Indian nanufacturing PMI rose to 55.9 in October from 53.7 a month ago. The Caixin China General manufacturing PMI rose to a four-month high of 50.6 in October, while Japanese manufacturing PMI rose to 53.2 in October from a final reading of 51.5 a month earlier.
Broker Recommendation
Keybanc maintained Polaris Inc. (NYSE: PII) with an Overweight and lowered the price target from $155 to $145.
Polaris shares fell 0.3% to close at $114.95 on Friday.
Check out other major ratings here
Breaking News
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Xpeng Inc – ADR (NYSE: XPEV) said it delivered 10,138 vehicles in October, a 233% surge year-on-year, despite the semiconductor shortage.
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McDonald’s Corp (NYSE: MCD) is the latest big name brand to enter the fast-growing non-fungible token market. In celebration of the 40th anniversary of the McRib, McDonald’s is launching its first-ever NFT.
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On Sunday, the German labor union Verdi called all employees to strike at seven different Amazon.com, Inc (NASDAQ: AMZN) locations over a pay dispute. According to a Verdi spokesperson, the duration of the strike is open. Verdi has demanded that the company raise pay in the broader retail and mail-order industries across Germany.
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Cathie Wood’s money managing firm Ark Invest on Friday raised its exposure in Facebook Inc (NASDAQ: FB), a day after the Mark Zuckerberg-led social media company said it has changed its name to Meta to reflect its ambition beyond social media.
Check out other breaking news here
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