Stock futures are surging following the worst week on Wall Street in seven months.
The early trading activity comes ahead of Tuesday’s presidential election. Former Vice President Joe Biden has a 10-point lead over President Donald Trump in national polls, according to a Wall Street Journal/NBC News poll, but his lead is narrower in key battleground states.
Stocks are also trading amid a backdrop of rising coronavirus cases around the world, which has spurred new lockdowns in parts of Europe to slow the virus’s spread.
The price of oil slid, with West Texas Intermediate crude down by 2.3% and Brent crude down by 1.7%, as new lockdowns raised expectations that demand will be reduced.
Wingstop (ticker: WING) shares fell 0.3% premarket after reporting strong earnings for its fiscal third quarter and announcing a special dividend of $5 per share. The chicken-wing chain saw a 25.4% increase in domestic same-store sales.
Clorox (CLX) shares climbed 2.6% after the company reported fiscal first- quarter results that beat estimates on the top and bottom line as businesses and households continue to buy cleaning products.
Estee Lauder (EL) shares advanced 4.7% after its fiscal first-quarter results topped analysts’ estimates. The cosmetics company said sales in skin-care products offset weaknesses in makeup.
Dunkin’ Brands Group (DNKN) shares were up 6.2% after agreeing to be taken private by Arby’s owner Inspire Brands in a $11.3 billion deal.
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