December S&P 500 futures (ESZ22) are trending up +0.22% this morning after three major US benchmark indices finished the regular session in the red as Republican gains in midterm elections appeared more modest than some expected, with market participants also focusing on fresh consumer price data that will provide clues about the path of future interest rate increases. Three major U.S. stock indexes were weighted down primarily by losses in the Oil & Gas, Consumer Services, and Consumer Goods sectors.

The midterms didn’t bring the runaway victory for the Republicans, with a better-than-expected showing by Democrats decreasing the possibility of a so-called red wave.

"What was really more expected in the market was a red wave. I think we were in a unique situation where the more the Republicans won, the better off the market would have been. At least there would have been some stocks strongly rallying, like defense and energy stocks," said Jay Hatfield, a CEO of Infrastructure Capital Management in New York.

Today, all eyes are focused on the Labor Department's fresh consumer price index (CPI) data in a couple of hours. Economists, on average, anticipate that October CPI will stand at +0.6% m/m and +8.0% y/y compared to the previous value of +0.4% m/m and +8.2% y/y. 

"CPI is one of the more important inputs in terms of the inflation environment. You'd be hard-pressed to find many investors that want to make a big bet in front of the report," said Art Hogan, a chief market strategist at B. Riley Financial.

Meanwhile, U.S. rate futures have priced in a 56.8% chance of a 50 basis point rate increase and a 43.2% chance of a 75 basis point hike at December's monetary policy meeting. 

Also, investors are likely to focus on the U.S. Initial Jobless Claims data, which was at 217K last week. Economists, on average, forecast the new figure to be 220K.

U.S. Core CPI data will be reported today as well. Economists foresee this figure to stand at +0.5% m/m and +6.5% y/y in October, compared to the September numbers of +0.6% m/m and +6.6% y/y.

In the bond markets, United States 10-Year rates are at 4.106%, down -0.87%.

The Euro Stoxx 50 futures are down -0.32% this morning, with turmoil in the crypto market weighing on sentiment while investors continue to digest U.S. midterm elections and quarterly corporate results. The U.S. political climate remained uncertain on Thursday, with Republicans getting closer to securing a majority in the House of Representatives while the fight for the Senate is on a knife edge. Stocks are also under pressure from the wave of cryptocurrency selling prompted by the financial difficulties at the crypto exchange FTX.

Italy's Industrial Production data was released today.

The Italian September Industrial Production has been reported at -1.8% m/m and -0.5% y/y, weaker than expectations of -1.5% m/m and +0.9% y/y.

Asian stock markets today closed in the red. China’s Shanghai Composite Index (SHCOMP) closed down -0.39%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.98%.

China’s Shanghai Composite today closed lower ahead of a U.S. inflation update that will likely determine Federal Reserve's path for future interest rate hikes. Also, China is again struggling with a COVID surge, with the southern metropolis of Guangzhou reporting thousands of cases. The overall outlook for the Chinese economy remains uncertain amid growing concerns over the country’s economic activity after strict COVID curbs remained in place.

At the same time, Japan’s Nikkei 225 Stock Index closed lower today, weighed down by losses in the Chemical, Petroleum & Plastic, Transport, and Railway & Bus sectors. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed up 1.61% to 20.87.

Pre-Market U.S. Stock Movers

Vacasa Inc (VCSA) plunged about -23% in pre-market trading after the company announced a mixed Q3 earnings report.

Purple Innovation Inc (PRPL) jumped over +14% in pre-market trading after the company delivered upbeat Q3 results and provided a favorable FY2022 outlook.

Upstart Holdings Inc (UPST) slid about -1% in pre-market trading, extending yesterday's losses after the company experienced a series of price target adjustments by Wall Street analysts following its downbeat Q3 results. 

Coupang LLC (CPNG) climbed about +11% in pre-market trading after the company reported better-than-expected EPS in Q3 but missed revenue estimates. 

Rivian Automotive Inc (RIVN) gained over +6% in pre-market trading after the company reported mixed Q3 results but kept its production outlook. 

B&G Foods Inc (BGS) plunged more than -8% in pre-market trading after the company reported downbeat Q3 results and issued a weak FY2022 guidance.

You can see more pre-market stock movershere

Today’s U.S. Earnings Spotlight: Thursday - November 10th

AstraZeneca ADR (AZN), Deutsche Telekom ADR (DTEGY), Merck ADR (MKKGY), Zurich Insurance Group (ZFSVF), Brookfield Asset Management (BAM), Becton Dickinson (BDX), Rosneft DRC (OJSCY), Itau Unibanco (ITUB), Hon Hai Precision ADR (HNHPF), Tokyo Electron Ltd PK (TOELY), National Grid ADR (NGG), Lonza Group AG (LZAGY), Engie ADR (ENGIY), Fortescue Metals (FSUMF), Transdigm (TDG), Singapore Telecommunications PK (SGAPY), Credit Agricole SA PK (CRARY), Brazilian Electric Power DRC (EBR), Citic ADR (CTPCY), RWE AG PK (RWEOY), Assicurazioni Generali ADR (ARZGY), Bridgestone ADR (BRDCY), ArcelorMittal ADR (MT), FUJIFILM Holdings Corp (FUJIY), Atlantia ADR (ATASY), EON SE (EONGY), Mitsubishi Estate ADR (MITEY), Veolia ADR (VEOEY), Trip.com ADR (TCOM), Nio A ADR (NIO), Surgutneftegaz ADR (SGTZY), Polyus ADR (OPYGY), Shiseido Company (SSDOY), 3i ADR (TGOPY), Daiwa House ADR (DWAHY), Shaw B (SJR), Siemens Gamesa ADR (GCTAY), Secom ADR (SOMLY), Ryan Specialty Group Holdings (RYAN), Brookfield Renewable (BEPC), JBS SA (JBSAY), Nice ADR (NICE), Tata Motors ADR (TTM), Brambles ADR (BXBLY), Sonic Healthcare ADR (SKHHY), Toast (TOST), Endeavor Group (EDR), Commerzbank AG PK (CRZBY), Aegon ADR (AEG), WestRock Co (WRK), Gerdau ADR (GGB), Kepco ADR (KEP), ASX ADR (ASXFY), Koc Holdings AS (KHOLY), SK Telecom ADR (SKM), Tapestry (TPR), Sabesp ADR (SBS), BanColombia ADR (CIB), Hellenic Telecommunications Org (HLTOY), RBC Bearings (RBC), Signify Health (SGFY), Trend Micro ADR (TMICY), US Foods (USFD), ACS Actividades Construccion ADR (ACSAY), Woori Financial (WF), Arkema ADR (ARKAY), Dentsply (XRAY), Allkem (OROCF), Ralph Lauren A (RL), Flowers Foods (FLO), Nedbank Group Ltd (NDBKY), CAE Inc. (CAE), Dillards (DDS), Stantec (STN), Kajima ADR (KAJMY), Evotec SE ADR (EVO), Endeavour Mining (EDVMF), Doximity (DOCS), Knowbe4 (KNBE), Wix.Com Ltd (WIX), COPEL Pref ADR (ELP), Eurobank Ergasias (EGFEY), Blackstone Secured Lending Fund (BXSL), A2A ADR (AEMMY), Nikon Corp (NINOY), Shizuoka Bank ADR (SHZUY), Profrac Holding (ACDC), Telecom Argentina ADR (TEO), Kawasaki Heavy Industries ADR (KWHIY), Stepstone (STEP), Archaea Energy (LFG), San Miguel ADR (SMGBY), Duolingo (DUOL), Hagerty (HGTY), Pan American Silver (PAAS), National Vision (EYE), Privia Health Group (PRVA), Beijing Capital Airport ADR (BJCHY), AAC Technologies Holdings Inc (AACAY), Mister Car Wash (MCW), YETI (YETI), SBM Offshore (SBFFF), EQRx (EQRX), SBM Offshore ADR (SBFFY), Global Business Travel (GBTG), BRF ADR (BRFS), Autogrill ADR (ATGSY), Valneva SE (VALN), Americanas ADR (BTOOY), Xometry (XMTR), Wienerberger Baustoffindustrie (WBRBY), Amylyx Pharmaceuticals (AMLX), Torm A (TRMD), Utz Brands (UTZ), Primo Water (PRMW), Edgewell Personal Care (EPC), Agiliti (AGTI), Olink Holding AB (OLK), CI Financial Corp (CIXX), Sylvamo (SLVM), Sappi Ltd ADR (SPPJY), Nuvalent (NUVL), WeWork (WE), NAble (NABL), Warby Parker (WRBY), iQIYI (IQ), Banco Macro B ADR (BMA), Embotelladora Andina B ADR (AKOb), LegalZoom.com (LZ), Embotelladora Andina (AKOa), Six Flags (SIX), BR MALLS ADR (BRMSY), Grupo Simec ADR (SIM), Japan Steel Works ADR (JPSWY), BRC Inc. (BRCC), EverCommerce (EVCM), Bumi Resources ADR (PBMRY), Allianz ADR (ALIZY), Enfusion (ENFN), Poshmark (POSH), Aiful ADR (AIFLY), Meridian (VIVO), Chinook Therapeutics (KDNY), Central Puerto (CEPU), Sally Beauty (SBH), Digi (DGII), Arhaus (ARHS), PGT Innovations (PGTI), Paragon 28 (FNA), Janus International Group (JBI), Consensus Cloud Solutions (CCSI), P10 Inc (PX), Sierra Wireless (SWIR), indie Semiconductor (INDI), Cadre Holdings (CDRE), Expensify (EXFY), Integral Ad Science Holding LLC (IAS), Himax (HIMX), Azul (AZUL).

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