Markets

Futures Trend Higher As Upbeat Jobs Report Continues to Fuel Gains

Stock futures were building on Friday's gains after an upbeat labor market report raised investors' tolerance for risk, and ahead of the Federal Reserve's final policy meeting for the year. And although futures briefly lost altitude after reports of a bombing in New York City, Dow futures were still indicated to open near the recent record close.

Overseas markets were also trending higher, building on Friday's momentum with the news flow generally focused on Bitcoin and the upcoming policy meetings at the Fed, Bank of England and European Central Bank. Of the three, only the Fed is expected to make any changes to interest rates, though the other two could signal their intention to shift away from an accommodative policy.

On the calendar for Monday is the October job opening and labor turnover survey at 10am ET, expected to indicate a very slight increase from September. Also, the Treasury will auction 3-month and 6-month bills, along with 3-year and 10-year notes for a total of more than $120 billion in new securities.

In related markets, gold is trading marginally higher, oil is trading higher for a third straight day while Treasury yields are lower across the yield curve and the dollar is unchanged against the yen and euro.

-Dow Jones Industrial up 0.16%

-S&P 500 futures up 0.05%

-Nasdaq 100 futures up 0.09%

SENTIMENT

Nikkei up 0.56%

Hang Seng up 1.14%

Shanghai Composite up 0.98%

FTSE-100 up 0.47%

DAX-30 up 0.01%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: Higher

(+/-) Chip stocks: Higher

(+/-) Software stocks: Higher

(+/-) Hardware stocks: Higher

(+/-) Internet stocks: Higher

(+/-) Oil stocks: Higher

(+/-) Biotech stocks: Higher

(+/-) Drug stocks: Higher

(+/-) Financial stocks: Higher

(+/-) Retail stocks: Higher

(+/-) Industrial stocks: Higher

(+/-) Airlines: Higher

(+/-) Autos: Higher

UPSIDE MOVERS:

(+) BLUE (+30.18%) Phase 1 study of bb2121 with Celgene ( CELG ) showed 94% response rate

(+) AKTX (+12.04%) Phase II COBALT trial met its primary endpoint

(+) VSTM (+8.78%) Leukemia treatment study meets primary endpoint

DOWNSIDE MOVERS:

(-) SYRS (-50.69%) Preliminary data from phase 2 leukemia study produced disappointing results

(-) ONCE (-35.61%) Volatile factor VIII activity data in hemophilia gene therapy

(-) TAX (-7.95%) Independent accounting firm resigns due to concerns around internal controls over financial reporting

(-) GBT (-5.91%) Reported positive results from sickle-cell study but two deaths associated after receiving voxelotor

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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