The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.
Stock futures are suggesting a flat start when North American markets open this morning, with investors' appetites to add to equity exposure still apparent despite the S&P 500 continuing to track further into record territory. U.S. and Canadian equity futures were up solidly earlier this morning, but have since retraced those gains and are currently near unchanged.
The Federal Reserve is meeting this week, wrapping up with its latest monetary policy statement on Wednesday. But virtually no one is expecting any move on interest rates, nor its monthly bond buying program, given the still-unclear economic drag of the partial U.S. government shutdown earlier this month. The Street consensus is that the Fed won't begin tapering its $85-billion (U.S.) in monthly bond purchases until March - which would be after the next round of fiscal negotiations on Capitol Hill.
Apple's latest quarterly results will come after the closing bell and will be the main focus in another busy day of corporate earnings.
In overseas markets, the Nikkei led gains in Asia as the yen weakened after an official at the Bank of Japan said the central bank is committed to monetary easing and will continue to buy bonds until its inflation target is reached.
In Europe, trading volumes are thin - especially in London where the worst storm in five years led to widespread power outages and made commuting nearly impossible for some workers.
Now, here's more on what's going on this morning and a closer look at what's to come.
MARKETS:
Equities:
Futures: S&P 500 +0.09 per cent; Dow +0.12 per cent; Nasdaq +0.20 per cent; S&P Toronto +0.10 per cent
Hong Kong's Hang Seng +0.48 per cent
Shanghai composite index +0.05 per cent
Japan's Nikkei +2.18 per cent
London's FTSE 100 -0.02 per cent
Germany's DAX +0.03 per cent
France's CAC 40 -0.45 per cent
Commodities:
WTI crude oil (Nymex Dec) -0.06 per cent at $97.79 (U.S.) a barrel
Gold (Comex Dec) -0.12 per cent at $1,350.90 (U.S.) an ounce
Copper (Comex Dec) +0.29 per cent at $3.28 (U.S.) a pound
Currencies:
Canadian dollar at 95.73 (U.S.), up 0.0004 from Friday's North American close.
U.S. dollar index down 0.01 at 79.17
Bonds:
U.S. 10-year Treasury yield 2.52 per cent, up 0.007
ECONOMIC INDICATORS TO WATCH:
U.S. industrial production in September rose 0.6 per cent, stronger than the consensus call of a 0.4 per cent rise. Capacity utilization rose 0.4 of a percent, to 78.3 per cent. Economists were expecting 78.0 per cent.
(10 a.m. ET) U.S. releases pending home sales.
STOCKS TO WATCH:
Mosaic has agreed to acquire the Florida phosphate business from CF Industries Holdings for $1.2-billion (U.S.).
Valeant Pharmaceuticals International has agreed to pay Anacor Pharmaceuticals Inc. $142.5-million (U.S.) in a settlement agreement between the two companies.
Merck reported third-quarter adjusted EPS of 92 cents a share versus the Street estimate of 88 cents. Shares are up 1.5 per cent in the premarket.
Burger King is raising its dividend after both profits and revenues beat Street estimates in its latest quarter.
Other earnings today include: West Fraser Timber, Apple, Denny's, Tata Motors.
ANALYST ACTIONS:
Canaccord Genuity upgraded Capital Power to "buy" from "hold" and raised its price target to $24 (Canadian) from $23.
FBR Capital raised its price target on Teck Resources to $35 (U.S.) from $30 and reiterated an "outperform" rating. But Merrill Lynch downgraded Teck to "neutral" from "buy."
Canaccord Genuity downgraded Postmedia to "sell" from "hold" and cut its price target to 50 cents from $1.25 (Canadian).
Industrial Alliance downgraded Mega Brands to "hold" from "buy" but maintained a $17 (Canadian) price target.
Desjardins downgraded CVTech Group to "hold" from "buy" and cut its price target to $1.50 (Canadian) from $2.
Canaccord Genuity upgraded Golden Queen Mining to "speculative buy" from "hold" and hiked its target to $1.30 (Canadian) from $1.20.
Pivotal Research initiated coverage on Twitter with a "buy" rating and $29 (U.S.) price target.
Canaccord Genuity upgraded Colgate-Palmolive to "hold" from "sell" and raised its price target to $58 from $52.
Piper Jaffray downgraded Crocs to "neutral" from "overweight" and cut its price target to $15 (U.S.) from $18.
Goldman Sachs downgraded Transocean to "sell" from "neutral" and cut its price target to $50 (U.S.) from $53.
Goldman Sachs downgraded Exelon to "sell" from "neutral" and cut its price target to $26 (U.S.) from $29.
Canaccord Genuity raised its price target on Devon Energy to $86 (U.S.) from $77, maintains "buy" rating.
BMO Nesbitt Burns raised its price target on Goodrich Petroleum to $34 (U.S.) from $27 and reiterated an "outperform" rating.
Jefferies raised its price target on Lear to $92 (U.S.) from $78 and reiterated a "buy" rating.
Deutsche Bank raised its price target on Best Buy to $50 (U.S.) from $40 and maintained a "buy" rating.
Beacon Securities initiated coverage on BNK Petroleum with a "buy" rating and $3 (Canadian) price target.
THIS MORNING'S TOP INVESTING READS ON THE WEB:
The emerging threat to the Japanese economy: Its young people have stopped having sex.
Expect a lot more share buybacks ahead.
How to construct a portfolio if you are going to be stranded on a deserted island for the next decade.
The decline of Wikipedia.
Trading in VIX options has reached the highest volumes in history.
Google may be building a massive floating data centre in San Francisco Bay.
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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.
Darcy Keith