U.S Futures mixed - Watch MRNA, CRM, SNAP, VRM, NKE


The S&P 500 Futures are facing a consolidation

Trading floor 2

The S&P 500 Futures are facing a consolidation after the tech-heavy Nasdaq 100 Index rebounded 2.31% while the Dow Jones Industrial Average eased 0.08% yesterday.

Later today, the U.S. Labor Department will post initial jobless claims in the week ending November 7 (0.73 million expected) and October CPI (+1.3% on year expected).

European indices lose ground. The European Commission has reported September industrial production at +0.4% (vs +0.6% on month expected). The German Federal Statistical Office has posted final readings of October CPI at +0.1% on month, as expected. The U.K. Office for National Statistics has released 3Q GDP at +15.5% (vs +15.8% on quarter expected), September industrial production at +0.5% (vs +1.0% on month expected) and trade balance at 613 million pounds surplus (vs 850 million pounds surplus expected).

Asian indices closed in the red except the Japanese Nikkei.

WTI Crude Oil is still bullish. OPEC+ is considering the delay of next year's planned oil-output increase for three to six months, reported Bloomberg citing several delegates. Besides, OPEC's oil production increased to 24.386M b/d in October from 24.064M b/d September. In addition, OPEC said: "The oil demand recovery will be severely hampered and sluggishness in transportation and industrial fuel demand is now assumed to last until mid-2021."

US indices closed mixed on Wednesday with the Nasdaq (+2.01%) and S&P 500 (+0.77%) closing up, while the Dow Jones (-0.08%) closed down. Semiconductors & Semiconductor Equipment (+3.72%), Technology Hardware & Equipment (+2.65%) and Retailing (+2%) sectors were the best performers on the day, while Materials (-1.37%), Capital Goods (-1.16%) and Banks (-0.98%) sectors were the worst performers.

Approximately 86% of stocks in the S&P 500 Index were trading above their 200-day moving average and 79% were trading above their 20-day moving average. The VIX Index fell 1.36pt (-5.48%) to 23.44, while Gold declined $11.76 (-0.63%) to $1865.57, and WTI Crude Oil rose $0.16 (+0.39%) to $41.52 at the close.

On the US economic data front, the Mortgage Bankers Association's Mortgage Applications fell 0.5% for the week ending November 6th, compared to +3.8% in the week before.

Gold rebounds while the U.S dollar consolidates on tempered enthusiasm regarding COVID-19 vaccine.

Gold rose 6.02 dollars (+0.32%) to 1871.74 dollars.

The dollar index fell 0.21pt to 92.837.

U.S. Equity Snapshot

Moderna (MRNA), the biotech, "announced that it has completed case accrual for the first interim analysis of the Phase 3 COVE study of mRNA-1273, its COVID-19 vaccine candidate. The Company expects the first interim analysis will include substantially more than 53 cases, the targeted trigger point for the analysis."

Source: TradingView, GAIN Capital

Salesforce.com (CRM), a developer of business software, was downgraded to "equalweight" from "overweight" at JPMorgan.

Snap's (SNAP), the social media, target price was raised to 48 dollars from 40 dollars at Deutsche Bank. 

Vroom (VRM), online used-car seller, dived after hours after releasing fourth quarter LPS guidance of 0.41-0.35 dollar, disappointing analysts. 

Nike (NKE), the sportswear company, was initiated at "outperform" in a new coverage at RBC with a 145 dollars price target.

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