Futures on all three major benchmarks are pointed higher this morning
Futures on the Dow Jones Industrial Average (DJI) are eyeing a triple-digit pop this morning, as Wall Street looks to continue the momentum from the best month of 2021. S&P 500 (SPX) and Nasdaq-100 (NDX) futures are pointed higher as well, thanks to a strong third-quarter earnings season. Roughly half of SPX companies have reported so far, of which more than 80% have beat Wall Street's estimates. This week, traders will also be monitoring the Federal Reserve's two-day meeting, which kicks off tomorrow as inflation runs at a 30-year high, and the central bank is expected to announced the tapering of $120 billion in monthly bond purchases.
Continue reading for more on today's market, including:
- See why Starbucks stock plummeted on Friday.
- Options traders chimed in on this electric vehicle stock's surge.
- Plus, Spotify earns "top pick" rating; unpacking Trivago's earnings beat; and a popular cybersecurity stock downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.3 million call contracts traded on Friday, compared to 1 million put contracts. The single-session equity put/call ratio fell to 0.46, and the 21-day moving average stayed at 0.48.
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Spotify Technology (NYSE:SPOT) stock was last seen up 2.3% in electronic trading, after Morgan Stanley named the streaming giant a “top pick." The brokerage firm cited the company's potential to accelerate Premium service growth and expand profit margins. Quarter-to-date,
Spotify stock carries a 28.4% lead.
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Trivago (NASDAQ:TRVG) stock is up 6.1% in early trading, after the company posted surprise third-quarter profits as well as a revenue beat. The travel name attributed the strong results to improving travel trends in light of higher vaccinations rates and easing Covid-19 restrictions. Over the past 12 months, TRVG has added 94.1%.
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The shares of
Crowdstrike Holdings Inc (NASDAQ:CRWD) are down 2% before the bell, after the
cybersecurity name received a downgrade from BTIG to "neutral" from "buy." The analyst in question noted competition is ramping up that could slow CrowdStrike's growth. CRWD still sports a 121.3% lead going into today, however.
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Today will bring the final Markit manufacturing purchasing managers' index (PMI), along with the Institute for Supply Management (ISM) manufacturing index, and construction spending data.
Asian Markets Mixed on Chinese Factory Data
Stocks in Asia were mixed to begin the new month, following the release of China’s factory activity data for October. The Hong Kong Hang Seng and Shanghai Composite in China fell 0.9% and 0.08%, respectively, after the country’s official manufacturing Purchasing Managers’ Index (PMI) reading came in below 50 for the second-straight month and the Caixin/Markit manufacturing PMI reading of 50.6 pointed toward manufacturing activity growth expanded at its fastest pace in four months. Meanwhile, Japan’s Nikkei surged 2.6%, leading gains in the region after the country’s ruling Liberal Democratic Party maintained its single-party majority following Sunday’s parliamentary election. Lastly, the South Korean Kospi added 0.3%.
European markets are kicking off November on a more positive note, with the major bourses up this afternoon as investors turn their attention toward the COP26 climate summit. The event is seen as a “make-or-break moment,” as world leaders meet to discuss limiting carbon emissions. Also in focus is banking concern Barclays (BCS), as the company removed Jes Stanley as CEO, due to his ties with Jeffery Epstein. In response, the French CAC 40 is up 0.8%, the German DAX is 0.7% higher, and the London FTSE 100 has added 0.4%.