Benzinga | Sep 29, 2020 06:26AM EDT

A Peek Into The Markets: US Stock Futures Flat; IHS Markit Earnings Top Views

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade, after posting strong gains in the previous session as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin indicated they are moving forward with talks on a stimulus deal.

Investors are awaiting earnings from McCormick & Company, Incorporated (NYSE:MKC) and Micron Technology, Inc. (NASDAQ:MU). Data on U.S. international trade in goods for August and wholesale inventories for August will be released at 8:30 a.m. ET. The S&P Corelogic Case-Shiller home price index for July will be released at 9:00 a.m. ET, while the Conference Board's consumer confidence index for September is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 9:15 a.m. ET, while Philadelphia Fed President Patrick Harker will speak at 9:30 a.m. ET. Federal Reserve Vice Chairman Richard Clarida is set to speak at 11:40 a.m. ET, while Federal Reserve Vice Chairman Randal Quarles will speak at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average gained 4 points to 27,486 while the Standard & Poor's 500 index futures traded fell 0.50 points to 3,345.50. Futures for the Nasdaq 100 index declined 18 points to 11,376.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 7,149,070 with around 205,080 deaths. India reported a total of at least 6,145,290 confirmed cases, while Brazil confirmed over 4,745,460 cases.

Oil prices traded lower as Brent crude futures fell 0.8% to trade at $42.54 per barrel, while US WTI crude futures fell 0.9% to trade at $40.24 a barrel. The API's report on crude oil stocks will be released later in the day.



A Peek Into Global Markets

European markets were lower today, after recording strong gains in the prior session. The Spanish Ibex Index fell 0.7% and STOXX Europe 600 Index declined 0.5%. The French CAC 40 Index declined 0.5%, while German DAX 30 declined 0.8% and London's FTSE 100 fell 0.3%. French consumer confidence remained at 95 in September versus a revised reading of 95 in August.

Asian markets traded mixed following a rally on the Wall Street in the previous session. Japan's Nikkei 225 gained 0.12%, Hong Kong's Hang Seng Index fell 0.88% China's Shanghai Composite Index rose 0.21% and India's BSE Sensex fell 0.1%.

Broker Recommendation

Analysts at Goldman Sachs upgraded The Est?e Lauder Companies Inc. (NYSE:EL) from Sell to Neutral and announced a $231 price target.

Estee Lauder shares rose 0.3% to close at $215.75 on Monday.

Breaking News

* IHS Markit Ltd. (NYSE:INFO) reported upbeat results for its third quarter.

* United Natural Foods Inc (NYSE:UNFI) reported better-than-expected results for its fiscal fourth quarter and announced the retirement of its CEO. The company said it expects FY 2021 net sales of $27 billion to $27.8 billion and earnings of $3.05 to $3.55 per share.

* Walmart Inc (NYSE:WMT) is in negotiations with India's Tata Group regarding buying a stake in a new "super app" focused on retail, local media reported.

* Uber Technologies Inc (NYSE:UBER) is reportedly considering strategic maneuvers to expand its market share in Europe. The San Francisco-based company is in discussions to purchase BMW and Daimler's German ride-sharing app Free Now, according to Bloomberg.