Benzinga | Oct 11, 2021 06:17AM EDT

A Peek Into The Markets: US Stock Futures Drop Down; Crude Oil Jumps 2%

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Nasdaq dropped around 75 points in the previous session.

Futures for the Dow Jones Industrial Average dropped 108 points to 34,518.00 while the Standard & Poor's 500 index futures traded fell 18.75 points to 4,363.50. Futures for the Nasdaq 100 index declined 81 points to 14,727.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 45,204,370 with around 733,570 deaths. India reported a total of at least 33,971,600 confirmed cases, while Brazil confirmed over 21,575,820 cases.

Oil prices traded higher as Brent crude futures rose 2% to trade at $84.01 per barrel, while US WTI crude futures gained 2.4% to trade at $81.24 a barrel. The total number of active U.S. oil rigs climbed by 5 to 433 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.5% and STOXX Europe 600 Index declined 0.3%. The French CAC 40 Index fell 0.2%, while German DAX 30 dropped 0.2% and London's FTSE 100 rose 0.2%. Italy's industrial production fell 0.2% from a month ago in August versus a revised 1% growth in the previous month

Asian markets traded mixed today. Japan's Nikkei 225 gained 1.6%, China's Shanghai Composite fell 0.01% and Hong Kong's Hang Seng index gained 1.96%, India's BSE Sensex rose 0.5%, while Australia's S&P/ASX 200 traded lower by 0.3%.

Broker Recommendation

Analysts at Raymond James upgraded ChemoCentryx (NASDAQ:CCXI) from Outperform to Strong Buy and raised the price target from $62 to $107..

ChemoCentryx shares rose 1.5% to $38.98 in pre-market trading.

Breaking News * Southwest Airlines Co (NYSE:LUV) reported the cancelation of more than 1,000 flights due to air traffic control issues and bad weather.

* Kraft Heinz (NASDAQ:KHC) CEO Miguel Patricio has said that the recent trend of higher food prices is here to stay.

* Mandiant Inc (NASDAQ:MNDT) reported the completion of divestiture of its FireEye Products unit to McAfee Enterprise for $1.2 billion in cash.

* TSR Inc. (NASDAQ:TSRI) disclosed a $5 million common stock shelf offering.