A Peek Into The Markets: US Stock Futures Gain Ahead Of Fed Meeting

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from several companies. The Federal Open Market Committee will begin its two-day policy meeting today

Futures for the Dow Jones Industrial Average climbed 161 points to 25,802.00, while the Standard & Poor’s 500 index futures traded rose 20.75 points to 2,779.75. Futures for the Nasdaq 100 index jumped 73 points to 7,089.25.

Oil prices traded higher as Brent crude futures rose 1.69 percent to trade at $73.35 per barrel, while US WTI crude futures rose 1.29 percent to trade at $63.01 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

 

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.79 percent, STOXX Europe 600 Index surging 1.07 percent and German DAX 30 index climbed 1 percent. The UK's FTSE index was trading higher by 1.2 percent, while French CAC 40 Index jumped 1.33 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.28 percent, Hong Kong’s Hang Seng Index rose 0.10 percent, China’s Shanghai Composite Index declined 0.68 percent and India’s BSE Sensex rose 0.71 percent.

Broker Recommendation

Analysts at Morgan Stanley upgraded Progressive Corp (NYSE:PGR) from Equal-Weight to Overweight.

Progressive shares rose 0.07 percent to close at $69.78 on Tuesday.

Breaking News

• Michael Kors Holdings Ltd (NYSE:KORS) reported better-than-expected earnings for its third quarter, while sales missed views.
• Investment Technology Group (NYSE:ITG) agreed to be acquired by Virtu Financial Inc (NASDAQ:VIRT) for $30.30 per share.
• Office Depot Inc (NASDAQ:ODP) reported better-than-expected earnings for its third quarter and lifted its full-year sales guidance outlook.
• Humana Inc (NYSE:HUM) reported upbeat earnings for its third quarter.