US equity futures remained relatively unchanged as traders chose to withhold major investments before the impending presidential election. The Dow Jones Industrial Average futures dipped by 0.03%, while S&P 500 futures rose 0.1%, and Nasdaq futures were slightly up by 0.01%. As the US prepares for the election set for Tuesday, the spotlight is on the intense rivalry between former president Donald Trump and current Vice President Kamala Harris.
In the oil market, prices saw an upward trend, with front-month global benchmark North Sea Brent crude rising 2.5% to $74.94 per barrel and US West Texas Intermediate crude increasing by 2.9% to $71.40 per barrel. In economic news, US factory orders are projected to decrease by 0.4% in September, following the previous month’s decline of 0.2%.
Other global markets have shown varied results, with Hong Kong's Hang Seng closing up 0.3% and China's Shanghai Composite gaining 1.2%. The Japanese market was closed for a holiday. In Europe, the UK's FTSE 100 increased by 0.5% while Germany's DAX index fell by 0.1%. In terms of equities, B. Riley Financial witnessed a significant drop of over 9% in pre-market trading after announcing in a Form 8-K filing with the US Securities and Exchange Commission that Franchise Group, a retailer supported by the bank, has filed for Chapter 11 bankruptcy.
The company expects to incur an additional impairment charge related to its Freedom VCM investment and Vintage loan receivable, estimated at approximately $120 million in total. Conversely, shares of Staffing 360 Solutions skyrocketed by over 92% as the company confirmed its merger with Atlantic International in an all-stock transaction.
Additionally, Air Transport Services Group experienced a nearly 23% increase in shares following reports of advanced acquisition talks with Stonepeak for about $3.1 billion..