A Peek Into The Markets: US Stock Futures Down Ahead Of ADP Report

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on motor vehicle sales for September will be released today. The ADP national employment report for September will be released at 8:15 a.m. ET. Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in St. Louis, Missouri at 9:00 a.m. ET, while New York Federal Reserve Bank President John Williams will speak in St La Jolla, CA at 10:50 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 144 points to 26,377 while the Standard & Poor’s 500 index futures traded fell 16.1 points to 2,921.75. Futures for the Nasdaq 100 index declined 49.25 points to 7,646.25.

Oil prices traded mixed as Brent crude futures fell 0.2% to trade at $ 58.78 per barrel, while US WTI crude futures rose 0.2% to trade at $53.72 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.4%, STOXX Europe 600 Index dropping 1.6% and German DAX 30 index falling 1.5%. The UK’s FTSE index was trading lower by 2%, while French CAC 40 Index fell 1.7%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.49%, Hong Kong’s Hang Seng Index fell 0.19%, China’s Shanghai Composite Index fell 0.92% and India’s BSE Sensex fell 0.94%.

Broker Recommendation

Analysts at Barclays downgraded Expeditors International of Washington, Inc. (NASDAQ: EXPD) from Overweight to Equal-Weight and lowered the price target from $78 to $72.

Expeditors International shares fell 1.5% to close at $73.17 on Monday.

Breaking News

• RPM International Inc. (NYSE: RPM) reported upbeat earnings for its first quarter, while sales missed views.
• United Natural Foods Inc (NYSE: UNFI) reported worse-than-expected Q4 results and issued FY20 sales guidance below analyst estimates.
• The Stars Group Inc. (NASDAQ: TSG) announced an all-stock merger with Flutter Entertainment.
• Stitch Fix Inc (NASDAQ: SFIX) reported upbeat earnings for its fourth quarter, while sales missed views.