The S&P 500 Futures are on the upside after they closed mixed yesterday as the Dow Jones Industrial Average advanced a further 0.90% while the Nasdaq 100 shed another 1.74%.
No major economic data are expected today.
European indices remain on the upside.
Asian indices ended on a positive note except the Chinese CSI. The Reserve Bank of New Zealand kept its benchmark rate unchanged at 0.25% as expected. RBNZ said additional stimulus would be provided through a Funding for Lending Programme (FLP), commencing in December, and "monetary policy will need to remain stimulatory for a long time".
WTI Crude Oil remains strongly bullish. The American Petroleum Institute (API) reported that U.S. crude-oil inventories dropped 5.1M barrels in the week ending November 6. The U.S. Energy Information Administration (EIA) projected that 2021 WTI Crude Oil forecast price would be $44.24/bbl, down from $44.72 in the previous estimation. The global oil demand for 2021 lowered to 98.80M b/d from 99.09M b/d, while global supply is also down to 94.58M b/d from 98.83M b/d. Later today, EIA will release official crude oil inventories data for week ending November 6.
US indices closed mixed on Tuesday with the Dow Jones (+0.90%) closing up, while the Nasdaq (-1.37%) and S&P 500 (-0.14%) closed down. Automobiles & Components (+3.48%), Energy (+2.52%) and Food, Beverage & Tobacco (+2.4%) sectors were the best performers on the day, while Semiconductors & Semiconductor Equipment (-3.43%), Software & Services (-2.36%) and Retailing (-1.62%) sectors were the worst performers.
Approximately 82% of stocks in the S&P 500 Index were trading above their 200-day moving average and 78% were trading above their 20-day moving average. The VIX Index dropped 1.23pt (-4.78%) to 24.52 and WTI Crude Oil gained $1.09 (+2.71%) to $41.38 at the close.On the US economic data front, the National Federation of Independent Business's Small Business Optimism Index remained unchanged at 104.0 on month in October (104.1 expected), in line with September. Finally, U.S. Job Openings rose to 6.436 million on month in September (6.500 million expected), compared to a revised 6.352 million in August.
Gold loses ground as the U.S dollar remains firm on return for risk appetite.Gold fell 1.48 dollar (-0.08%) to 1875.85 dollars.
The dollar index rose 0.26pt to 93.011.
U.S. Equity Snapshot
Lyft (LYFT), the ridesharing company, jumped after hours after reporting third quarter sales of 499.7 million dollars, above forecasts, down from 955.6 million dollars last year. LPS was 1.46 dollar, worse than expected, vs a LPS of 0.41 dollar a year ago. The company expects Ebitda to be positive by the fourth quarter of 2021.
Source: TradingView, GAIN Capital
Boeing (BA) won a 9.8 billion dollars contract from the Pentagon regarding F-15 support for Saudi Arabia.
CVS Health's (CVS), the pharmacy and healthcare company, price target was raised to 76 dollars from 72 dollars at Piper Sandler.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.