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A Peek Into The Markets: US Stock Futures Fall, Dow Futures Down 100 Points

AMAT, PCG, WSM | November 16, 2018

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on industrial production for October will be released at 9:00 a.m. ET, while the Census Bureau quarterly services report for the third quarter is schedule for release at 10:00 a.m. ET. The Kansas City Fed manufacturing index for November will be released at 11:00 a.m. ET. Chicago Federal Reserve Bank President Charles Evans is set to speak in Chicago, IL at 11:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 100 points to 25,205, while the Standard & Poor’s 500 index futures traded fell 13.75 points to 2,720.75. Futures for the Nasdaq 100 index dipped 80.75 points to 6,834.75.

Oil prices traded higher as Brent crude futures rose 1.73 percent to trade at $67.77 per barrel, while US WTI crude futures rose 1.59 percent to trade at $57.36 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.10 percent, STOXX Europe 600 Index gaining 0.09 percent and German DAX 30 index gained 0.20 percent. The UK's FTSE index was trading lower by 0.29 percent, while French CAC 40 Index fell 0.04 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.57 percent, Hong Kong’s Hang Seng Index rose 0.31 percent, China’s Shanghai Composite Index gained 0.41 percent and India’s BSE Sensex climbed 0.56 percent.

Broker Recommendation

Analysts at Morgan Stanley downgraded PG&E Corporation (NYSE: PCG) from Overweight to Equal-Weight and lowered the price target from $67 to $31.

PG&E shares rose 38.33 percent to $24.54 in pre-market trading.

Breaking News

Viacom, Inc. (NASDAQ: VIAB) reported stronger-than-expected results for its fourth quarter.
Applied Materials, Inc. (NASDAQ: AMAT) reported in-line earnings for its fourth quarter, while sales exceeded estimates. However, the company issued weak first-quarter guidance.
Williams-Sonoma, Inc. (NYSE: WSM) reported better-than-expected earnings for its third quarter on Thursday. The company also disclosed a partnership with Reliance Brands for India market.
NVIDIA Corporation (NASDAQ: NVDA) reported downbeat revenue for its third quarter and issued weak fourth-quarter guidance. Nvidia also raised its quarterly dividend from 15 cents a share to 16 cents and announced a $7-billion buyback.