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For Nov. 2, 2015, here are your stock market futures, earnings reports, top stock market news, and stocks to watch...
Stock Futures Today
Futures for the Dow Jones Industrial Average today (Monday) dipped 10 points as this week's November jobs report takes center stage. Investors are anticipating the November jobs number will play a central role in the U.S. Federal Reserve's decision on interest rates during next month's Fed Open Market Committee meeting.
On Friday, the Dow dipped 92 points as traders reacted to mixed earnings reports. The S&P 500 climbed 8.3% in October, as markets largely pushed aside concerns about the global economy. Investors also remained optimistic the Fed won't hike rates in 2015 and reacted favorably to loose monetary policy from central banks around the globe.
Top News in the Stock Market Today
- The Stock Market Today: Today, the PMI Manufacturing Index Flash will provide some insight into the strength of the economy in the fourth quarter. Meanwhile, keep an eye on the ISM manufacturing index and monthly construction spending.
- Oil Outlook: Oil prices continued to decline after concerns about falling Chinese demand weighed down trader sentiment. December futures for WTI crude were off about 1.6% to hit $45.83 per barrel, while Brent crude slipped 1.6% to trade at $48.79 per barrel. Meanwhile, Russia reports its largest production output in history, raising concerns about a broader supply glut on the international market.
Earnings Outlook: V, FIT, SYY, DO, CAH, FN
- Earnings Report No. 1, V: After the bell, Visa Inc. (NYSE: V) will report fiscal fourth-quarter earnings. Wall Street anticipates that the credit processing giant will report an EPS of $0.62 on $3.56 billion in revenue. This morning, the company announced plans to purchase its former subsidiary Visa Europe for $23.4 billion, according to Yahoo! Finance.
- Earnings Report No. 2, FIT: After the bell, Fitbit Inc. (NYSE: FIT) reports fiscal third-quarter earnings. The tech company is expected to report an EPS of $0.10 on revenue of $358.7 million
- Earnings Report No. 3, SYY: This morning, SYSCO Corp. (NYSE: SYY) reported fiscal first-quarter earnings. The company reported $0.52 per share on revenue of $12.6 billion.
- Additional companies reporting earnings include Diamond Offshore Drilling Inc. (NYSE: DO), Cardinal Health Inc. (NYSE: CAH), and Fabrinet (NYSE: FN).
Pre-Market Movers: DYAX, COTY, CMG
- Pre-Market Movers No. 1, DYAX: Shares of Dyax Corp. (Nasdaq: DYAX) surged more than 33% this morning on news it will be acquired by rival drug maker Shire Plc. (Nasdaq ADR: SHPG) for $5.9 billion. The deal gives Shire access to a revolutionary late-stage drug that treats an inflammatory disease that hinders human breathing. In addition to this deal, rumors continue to swirl that the firm is also prepared to purchase the biopharmaceutical company Baxalta Inc. (NYSE: BXLT).
- Pre-Market Movers No. 2, COTY: Merger mania continued this morning in the beauty industry. Shares of Coty Inc. (NYSE: COTY) were unchanged after the company confirmed it will purchase the beauty division of Brazil's Hypermarcas for $1 billion.
- Pre-Market Movers No. 3, CMG: Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) fell more than 4.2% in pre-market hours on news that the company has shut down its locations in Seattle and Portland over an E. coli outbreak. The firm is taking extreme caution after roughly 20 cases of the disease were reported from customers in these cities.
Today's U.S. Economic Calendar (all times EST)
- Gallup US Consumer Spending Measure at 8:30 a.m.
- PMI Manufacturing Index 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
What Investors Must Know This Week
- Grab Double-Digit Gains from This Analyst "Fail"
- Three Game Changers Fueling a Natural Gas Rebound
- Brace Yourself for This $2 Trillion Global Disruption
Follow us on Twitter @moneymorning.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.