U.S Futures sliding - Watch DNKN, AAPL, SNAP, PINS, HAS

,

The S&P 500 Futures stocks are under pressure after they closed slightly up on Friday

Trading floor 2

The S&P 500 Futures stocks are under pressure after they closed slightly up on Friday.

Later today, the U.S. Commerce Department will report September new home sales (1.02 million units expected). The Federal Reserve Bank of Chicago will post September National Activity Index (0.60 expected). The Dallas Federal Reserve will post its Manufacturing Outlook Index for October (13.3 expected).

European indices are on the downside as COVID-19 cases are skyrocketing. German Index DAX 30 underperforms its European peers after SAP profit warning.
Germany's IFO Business Climate Index for October was released at 92.7 (vs 93.0 expected) and Expectations Index at 95.0 (vs 96.5 expected).

Asian indices closed on the downside. The Hong Kong HSI was closed for bank holiday.

WTI Crude Oil futures are facing a drop on fears of new lockdowns. The total number of rotary rigs in the U.S. rose to 287 as of October 23 from 282 in the prior week, and rigs in Canada climbed to 83 from 80, according to Baker Hughes.

Gold and the U.S dollar remain firm as COVID-19 cases surge.

Gold rose 3.05 dollars (+0.16%) to 1905.1.

The dollar index gained 0.17pt to 92.942.


U.S. Equity Snapshot


Dunkin' Brands (DNKN), the franchisor of quick service restaurants, "confirmed that it has held preliminary discussions to be acquired by Inspire Brands. There is no certainty that any agreement will be reached."  According to the New York Times, Inspire would offer 106.50 dollar per Dunkin' Brands, a 20% premium over October 23rd's closing price.



Source: TradingView, GAIN Capital

Apple (AAPL), the tech giant, was upgraded to "overweight" from "neutral" at Atlantic Equities.

Snap (SNAP)'s, the social media, price target was raised to 52 dollars from 36 dollars at Guggenheim.

Pinterest (PINS)'s, the social network, price target was raised to 60 dollars from 44 dollars at KeyBanc. 

Hasbro (HAS), the toy maker, is expected to gain ground as third quarter EPS and sales beat estimates.

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.