Before the opening of Wall Street: October 13, 2020

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Movements prior to opening

US stock futures were trading mixed in early pre-market trading, and large banks including JPMorgan Chase & Co. (NYSE: JPM ) and Citigroup Inc. (NYSE: NYSE: C ) were ready to post their earnings for the last quarter. Wall Street posted gains in the previous session led by tech stocks.

The NFIB Small Business Optimism Index for September is scheduled to release at 6:00 am ET, while the September Consumer Price Index (CPI) will be released at 8:30 am ET. The presentation of the US Treasury budget for September is scheduled for 2:00 pm ET. Federal Reserve Bank of Richmond President Thomas Barkin will speak at 12:25 pm ET, while Mary Daly, president of the Federal Reserve Bank of San Francisco, will deliver her address at 8:25 pm ET.

Dow Jones Industrial Average futures fell 113 points to 28,685, while the Standard & Poor’s 500 Index fell 4.75 points to 3,528. Nasdaq 100 Index futures climbed 88 points to 12,186.20.

The United States continues to be the country with the highest number of cases of coronavirus infections and deaths worldwide, with a total number of infections within its territory that exceeds 7,804,330 and around 215,080 deaths. Brazil has more than 5,103,400 confirmed cases, while India has registered a total of at least 7,175,880 cases.

Oil prices were flat as Brent crude futures rallied 0.1% to trade at $ 41.75 a barrel, while US WTI crude futures lost 0.1% to trade. at $ 39.41 per barrel.

A look at international markets

European markets were lower today, after mostly closing higher in the previous session. The Spanish Ibex index fell 0.5% and the STOXX Europe 600 index traded 0.5% lower. The French CAC 40 index fell 0.4%, while the German DAX 30 fell 0.3% and the FTSE 100Londoner fell 0.4%. The UK unemployment rate rose to 4.5% during the quarter ending in August from 4.1% in the prior period, while labor productivity declined 2% in the second quarter, compared to the preliminary estimate which expected a drop of 2.5%. The UK government also announced new restrictions to contain the increase in coronavirus cases. Consumer prices in Germany fell 0.2% year-on-year in September, representing the biggest drop on record since 2015.

On the other hand, Asian markets were mostly higher today. The Nikkei 225 in Japan rose 0.18%, the Shanghai Composite in China rose 2.64% and the BSE Sensex in India dropped 0.2%. China’s exports rose 9.9% year-on-year in September and imports rebounded 13.2%.

The analyst recommendation

JP Morgan analysts upgraded AGCO Corporation (NYSE: AGCO) from Neutral to Overweight and announced a price target of $ 97.

The company’s shares rose 0.1% to close at $ 80.61 on Monday.

Breaking news

 

  • Johnson & Johnson (NYSE: NYSE: JNJ ) has said that the trial of its vaccine for Covid-19 has been stopped because a participant has developed an unexplained illness.
  • Sanofi (PA: SASY ) SA (NASDAQ: SNY) and Regeneron Pharmaceuticals Inc (NASDAQ: NASDAQ: REGN ) disclosed that their asthma medication Dupixent (dupilumab) met their key primary and secondary endpoints in phase randomized clinical trials. 3 that demonstrated the improvement of pulmonary functions in children between 6 and 11 years old.
  • Walt Disney Co (NYSE: NYSE: DIS ) announced a strategic reorganization of its media and entertainment businesses that aims for a renewed focus on the direct-to-consumer streaming model. Chapek, CEO of the company, explained that the theme parks are operating at 25% of their capacity.
  • Finance of America Equity LLC, backed by The Blackstone Group Inc (NYSE: NYSE: BX ), plans to go public through a merger with a blank checking company, the Wall Street Journal reported Monday.
Source investing

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