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A Peek Into The Markets: US Stock Futures Gain Ahead Of Services Index

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Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq index dipped over 2% in the previous session. Investors are awaiting earnings results from Saratoga Investment Corp (NYSE: SAR).

Data on international trade for August will be released at 8:30 a.m. ET. Analysts expect a deficit of $70.7 billion for total goods and services trade in August versus a $70.1 billion gap in July. US Services Purchasing Managers' Index for September is scheduled for release at 9:45 a.m. ET, while the ISM's services index for September will be released at 10:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 10:30 a.m. ET, while Federal Reserve Vice Chair Randal Quarles will speak at 1:15 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 123 points to 33,993.00 while the Standard & Poor’s 500 index futures rose 16.75 points to 4,308.00. Futures for the Nasdaq 100 index climbed 75.25 points to 14,537.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 43,852,260 with around 703,280 deaths. India reported a total of at least 33,853,040 confirmed cases, while Brazil confirmed over 21,478,540 cases.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $81.62 per barrel, while US WTI crude futures rose 0.3% to trade at $77.85 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 gained 0.7%. The French CAC 40 Index climbed 0.9%, London’s FTSE 100 gained 0.7% while German DAX 30 gained 0.5%. Producer prices in the Eurozone increased 1.1% from a month ago in August, while the IHS Markit services PMI rose to 56.4 in September from a preliminary estimate of 56.3. French industrial production increased 1% from a month ago in August, while services PMI rose to 56.2 in September from a preliminary estimate of 56. The IHS Markit/CIPS UK services PMI rose to 55.4 in September from a preliminary reading of 54.6. German services PMI was revised higher to 56.2 for September from a preliminary reading of 56, while Spain’s services PMI slipped to 56.9 in September from 60.1 in August.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 2.19%, while Hong Kong’s Hang Seng Index rose 0.28%. Australia’s S&P/ASX 200 fell 0.4% and India’s BSE Sensex rose 0.8%. Indian services PMI slipped to 55.2 in September from 18-month high level of 56.7 in August. The Reserve Bank of Australia held the cash rate at a record low of 0.1% during its recent meeting, while retail sales in Australia dropped 1.7% in August. Australian trade surplus widened to a new record high of AUD 15.08 billion in August, while services PMI rose to 45.5 in September from a preliminary reading of 44.9. Japanese services PMI rose to 47.8 in September from a preliminary reading of 47.4.

Broker Recommendation

BMO Capital downgraded Sprouts Farmers Market, Inc. (NASDAQ: SFM) from Market Perform to Underperform and lowered the price target from $21 to $19.

Sprouts Farmers Market shares fell 2.3% to $22.10 in pre-market trading.

Check out other major ratings here

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  • PACCAR Inc (NASDAQ: PCAR) issued a business update. The company said it sees Q3 truck deliveries reduced by approximately 7,000 vehicles amid global semiconductor shortage. PACCAR’s truck deliveries are expected to be around 33,000 vehicles, down from 40,100 vehicles in the second quarter.

  • Coding platform GitLab Inc (NASDAQ: GTLB) aims to sell 8.42 million shares at $55 - $60 per share via U.S. initial public offering.

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