Benzinga | Nov 10, 2021 06:00AM EST

A Peek Into The Markets: US Stock Futures Down; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after hitting another record highs in the prior session. Investors are awaiting earnings results from Performance Food Group Company (NYSE:PFGC), The Walt Disney Company (NYSE:DIS) and Perrigo Company plc (NYSE:PRGO).

The Consumer Price Index for October will be released at 8:30 a.m. ET. Consumer prices are projected to rise a monthly 0.5% in October, following September's 0.4% increase. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while data on wholesale inventories for September will be released at 10:00 a.m. ET. The U.S. Treasury budget report for October is scheduled for release at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 69 points to 36,140.00 while the Standard & Poor's 500 index futures fell 8 points to 4,670.25. Futures for the Nasdaq 100 index fell 21.25 points to 16,191.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 47,536,530 with around 778,310 deaths. India reported a total of at least 34,386,780 confirmed cases, while Brazil confirmed over 21,897,020 cases.

Oil prices traded mixed as Brent crude futures rose 0.1% to trade at $84.79 per barrel, while US WTI crude futures fell 0.5% to trade at $83.75 a barrel. The Energy Information Administration's weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET, while the EIA's weekly report on natural gas stocks in underground storage will be released at 12:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index dropped 0.4%, London's FTSE 100 rose 0.4% while German DAX 30 dropped 0.3%. Italy's industrial production rose 0.1% from a month ago in September, while annual inflation rate in Germany increased to 4.5% in October, recording the highest level since August of 1993.

Asian markets traded mostly lower today. Japan's Nikkei 225 fell 0.61%, while Hong Kong's Hang Seng Index rose 0.74% and China's Shanghai Composite fell 0.41%. Australia's S&P/ASX 200 fell 0.1%, while India's BSE Sensex slipped 0.2%. Auto sales in China dipped by 9.4% year-over-year to 2.33 million units in October. China's producer prices increased 13.5% year-over-year in October, while annual inflation rate rose sharply to 1.5% in October from 0.7% a month ago. The Westpac-Melbourne Institute Index of Consumer Sentiment in Australia increased 0.6% to 105.3 in November. The Reuters Tankan sentiment index for manufacturers in Japan declined to 13 in November.

Broker Recommendation

DA Davidson maintained Inter Parfums, Inc. (NASDAQ:IPAR) with a Buy and raised the price target from $100 to $113..

Inter Parfums shares rose 0.1% to close at $94.18 on Tuesday.

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Breaking News * Coinbase Global, Inc. (NASDAQ:COIN) reported downbeat revenue for its third quarter. Given a softer crypto backdrop during Q3 however, global crypto spot trading volumes declined 37% in Q3 as compared to Q2, according to Coinbase.

* Rivian Automotive Inc, an electric vehicle manufacturer backed by Amazon.com Inc (NASDAQ:AMZN) and Ford Motor Co (NYSE:F), on Tuesday priced shares in its highly-anticipated initial public offering at $78 -- well above its earlier expectations-- to raise $11.93 billion, regulatory filings showed.

* Wynn Resorts, Limited (NASDAQ:WYNN) reported a narrower-than-expected loss for its third quarter. Wynn Resorts also said its CEO Matt Maddox will be leaving the company on January 31.

* Nio Inc (NYSE:NIO) is looking to boost its gross margin to 25% in the coming years, the company executives told analysts in a post-earnings call on Tuesday.

Check out other breaking news here