Stocks Trading Higher Ahead of the Bell

November 2, 2020 08:46 AM
PMI data carried U.S. benchmarks higher
Risk-sentiment seems less focused on uncertainty
Widespread lockdowns across Europe
Stock Market Update for Traders

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Tuesday's Close

E-mini S&P 500 Futures (December):  Settled at 3264.75, down 37.50

E-mini Nasdaq-100 Futures (December): Settled at 11,046.25, down 256.50

The S&P tested unchanged on the year overnight into Friday, and the bulls responded. Price action was choppy intraday but could not break the session low, and this set the table for a surge into the settlement.

Those tailwinds coupled with better than expected PMI data have carried U.S. benchmarks higher ahead of Monday’s opening bell. On the other side of the coin, risk-sentiment seems less focused on uncertainty heading into U.S. elections and widespread lockdowns across Europe.

Last night, Chinese Manufacturing PMI notched expectations at 53.6 versus 53. This morning, the final October Manufacturing PMI for every region in Europe came better than their Flash reads earlier. Still, with the U.K. following Germany and France by increasing restrictions, it raises doubt over an economic rebound's immediacy. Domestically, the more closely watched ISM read comes out at 9:00 am CT.

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