Benzinga | Nov 19, 2021 07:07AM EST

A Peek Into The Markets: US Stock Futures Mixed; Crude Oil Tumbles Over 2%

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade. Investors are awaiting earnings results from Foot Locker, Inc. (NYSE:FL), and The Buckle, Inc. (NYSE:BKE).

The Census Bureau quarterly services report for the third quarter is scheduled for release at 10:00 a.m. ET. Federal Reserve Governor Christopher Waller is set to speak at 10:45 a.m. ET, while Federal Reserve Vice Chairman Richard Clarida will speak at 12:15 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 156 points to 35,655.00 while the Standard & Poor's 500 index futures fell 7.25 points to 4,694.25. Futures for the Nasdaq 100 index surged 56 points to 16,537.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 48,398,450 with around 789,150 deaths. India reported a total of at least 34,489,620 confirmed cases, while Brazil confirmed over 21,989,960 cases.

Oil prices traded lower as Brent crude futures fell 2.9% to trade at $78.86 per barrel, while US WTI crude futures fell 2.5% to trade at $77.01 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 1.2% and STOXX Europe 600 Index fell 0.1%. The French CAC 40 Index fell 0.2%, London's FTSE 100 fell 0.3% while German DAX 30 dropped 0.1%. Italy's current account surplus shrank to EUR 4.681 billion in September from EUR 8.059 billion in the year-ago month, while construction output increased 10.5% year-over-year in September. The Eurozone current account surplus shrank to EUR 26.9 billion in September from EUR 37.8 billion a year ago. Retail sales in the UK rose 0.8% in October, while German producer prices jumped by 18.4% from a year ago in October. The unemployment rate in France fell to 8.1% in the third quarter.

Asian markets traded mostly lower today. Japan's Nikkei 225 rose 0.50%, while Hong Kong's Hang Seng Index fell 1.07% and China's Shanghai Composite gained 1.13%. Australia's S&P/ASX 200 rose 0.2%, while India's BSE Sensex fell 0.6%. Japan's Prime Minister Fumio Kishida announced a stimulus package worth around JPY 55.7 trillion. Japan's consumer prices increased by 0.1% year-over-year in October.

Broker Recommendation

Rosenblatt downgraded Snowflake Inc. (NYSE:SNOW) from Buy to Neutral.

Snowflake shares fell 3.5% to $383.45 in pre-market trading.

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Breaking News

* Advanced Micro Devices Inc (NASDAQ:AMD) and MediaTek Inc collaborated to co-engineer Wi-Fi solutions, starting with the AMD RZ600 Series Wi-Fi 6E modules containing MediaTek's new Filogic 330P chipset.

* Intuit Inc. (NASDAQ:INTU) reported better-than-expected results for its first quarter and issued strong forecast for FY22

* Arrival SA (NASDAQ:ARVL) upsized its public follow-on offering to 32.37 million ordinary shares (previously 25 million shares) at a public offering price of $9.50 per share.

* Workday, Inc. (NASDAQ:WDAY) posted stronger-than-expected earnings for its third quarter and announced intent to acquire VNDLY for $510 million. The company also said it sees Q4 subscription revenue of $1.216 billion to $1.218 billion.



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