Triple-digit Dow Futures Eye Pop to debut in November
Futures on all three major benchmarks are on the rise this morning
Futures contracts on the Dow Jones Industrial Average (DJI) envision a triple-digit pop this morning, as Wall Street looks to build on the best month of 2021. S&P 500 (SPX) and Nasdaq-100 (NDX) futures are also trending higher, thanks to a strong third quarter earnings season. So far, about half of SPX companies have reported, more than 80% of which have beaten Wall Street estimates. This week, traders will also be watching the two-day Federal Reserve meeting, which kicks off tomorrow as inflation hits a 30-year high, and the central bank is expected to announce the $ 120 billion cut in monthly purchases of ‘obligations.
Read on to learn more about the current market, including:
- See why Starbucks shares fell on Friday.
- Options traders have intervened on this matter stock of electric vehicles ascend.
- In addition, Spotify obtains the “first choice” rating; unboxing gains from Trivago; and popular cybersecurity action downgraded.
5 things you need to know today
- The Cboe Options Exchange (CBOE) saw more than 2.3 million purchase contracts traded on Friday, up from 1 million sales contracts. The single-session put / call ratio fell to 0.46 and the 21-day moving average remained at 0.48.
Spotify Technology (NYSE: SPOT) The stock was last seen up 2.3% in e-commerce, after Morgan Stanley named the streaming giant a “top pick.” Spotify actions holds a 28.4% lead.
Trivago (NASDAQ: TRVG) the stock was up 6.1% early in trading, after the company reported surprise third-quarter earnings along with lower revenue. The name of the trip attributed the good results to improving travel trends in light of higher vaccination rates and easing of Covid-19 restrictions. Over the past 12 months, TRVG has added 94.1%.
Actions 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 that competition is increasing, which could slow CrowdStrike’s growth. However, CRWD still shows a 121.3% lead today.
Today will bring the final Markit Manufacturing Purchasing Managers (PMI) index, as well as the Institute for Supply Management (ISM) manufacturing index and construction spending data.
Asian markets mixed on Chinese factory data
Shares in Asia were mixed to start the new month, following the release of Chinese 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) fell below 50 for the second consecutive month and that the Caixin / Markit manufacturing PMI index of 50.6 indicated that growth in manufacturing activity advanced at its fastest pace in four months. Meanwhile, Japan’s Nikkei jumped 2.6%, leading gains in the region after the ruling Liberal Democratic Party maintained its one-party majority after Sunday’s parliamentary elections. Finally, South Korean Kospi added 0.3%.
European markets start November on a more positive note, with major stock markets rising this afternoon as investors look to the COP26 climate summit. The event is seen as a “watershed moment” as world leaders meet to discuss limiting carbon emissions. The Barclays Banking Concern (BCS) is also in the spotlight, as the company removed Jes Stanley from his CEO role, due to his ties to Jeffery Epstein. In response, the French CAC 40 is up 0.8%, the German DAX is up 0.7% and the London FTSE 100 has added 0.4%.