A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. A report on U.S. international trade in goods for October is schedule for release at 8:30 a.m. ET. The S&P Corelogic Case-Shiller home price index for September and the FHFA house price index for September will be released at 9:00 a.m. ET. New home sales report for October, the Conference Board consumer confidence index for November and the Richmond Fed manufacturing index for November will be released at 10:00 a.m. ET. Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in New York at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 6 points to 28,033 while the Standard & Poor’s 500 index futures traded fell 0.95 points to 3,131.75. Futures for the Nasdaq 100 index fell 2 points to 8,374.50.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $62.76 per barrel, while US WTI crude futures rose 0.2% to trade at $58.11 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.1%, STOXX Europe 600 Index declining 0.1% and German DAX 30 index dropping 0.1%. The UK's FTSE index was trading higher by 0.1%, while French CAC 40 Index fell 0.1%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.35%, Hong Kong’s Hang Seng Index dropped 0.29%, China’s Shanghai Composite Index rose 0.03% and India’s BSE Sensex fell 0.17%.

Broker Recommendation

Analysts at Baird upgraded Deckers Outdoor Corp (NYSE: DECK) from Neutral to Outperform and raised the price target from $180 to $205.

Deckers Outdoor shares rose 3.1% to close at $164.52 on Monday.

Breaking News

• Best Buy Co Inc. (NYSE: BBY) reported better-than-expected earnings for its third quarter and raised FY20 EPS forecast.
• Movado Group, Inc (NYSE: MOV) reported downbeat results earnings for its third quarter.
• Hewlett Packard Enterprise Co (NYSE: HPE) reported upbeat earnings for its fourth quarter, while sales missed estimates.
• Palo Alto Networks Inc (NYSE: PANW) reported upbeat earnings for its first quarter, but issued worse-than-expected FY20 and Q2 EPS guidance.