U.S. stock-index futures fell on Wednesday, as a surge in coronavirus infections across the globe triggered fears of lockdowns disrupting a nascent economic recovery, while concerns over a contested U.S. presidential election and a stalled coronavirus stimulus talks also weighed on sentiment.

Global Stocks:

FXStreet notes that S&P 500 stays critically placed on its 63-day average at 3391, a close below which should clear the way for further near-term weakness as well as reinforce a broader sideways range into the US election, with key support seen starting at 3324 and stretching down to 3298/96. The VIX spotlight turns to key resistance at 37.20/38.28, above which would see a significant base established to mark a more concerning rise in volatility and likely market weakness, per Credit Suisse.

“The S&P 500 stays critically placed, sitting right on its 63-day average at 3391 and with support from the ‘neckline’ to the ‘head & shoulders’ base removed the immediate risk is seen lower.”

“A close below 3391 should confirm the base has indeed been neutralized to reassert the sideways range from the early September peak with support then seen next at 3365 ahead of the late September price gap, starting at 3324 and stretching down to 3298/96, also the uptrend from mid-June. We would look for a fresh floor here.”

“The VIX has surged higher to turn the spotlight on key trend/price resistance at 37.00/38.28. A close above here would see a base complete to warn of a more significant rise in volatility and accompanying fall in the market itself.”

MasterCard (MA) reported Q3 FY 2020 earnings of $1.60 per share (versus $2.07 per share in Q3 FY 2019), missing analysts’ consensus estimate of $1.66 per share.

The company’s quarterly revenues amounted to $3.837 bln (-14.1% y/y), missing analysts’ consensus estimate of $3.951 bln.

MA fell to $304.00 (-4.13 %) in pre-market trading.

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Boeing (BA) reported Q3 FY 2020 loss of $1.39 per share (versus earnings of $1.45 per share in Q3 FY 2019), better than analysts’ consensus estimate of -$1.94 per share.

The company’s quarterly revenues amounted to $14.139 bln (-29.2% y/y), beating analysts’ consensus estimate of $13.957 bln.

BA rose to $1156.75 (-0.97%) in pre-market trading.

General Electric (GE) reported Q3 FY 2020 earnings of $0.06 per share (versus $0.15 per share in Q3 FY 2019), beating analysts’ consensus estimate of -$0.03 per share.

The company’s quarterly revenues amounted to $19.417 bln (-16.9% y/y), beating analysts’ consensus estimate of $18.944 bln.

GE rose to $7.37 (+3.80%) in pre-market trading.

Yandex N.V. (YNDX) reported Q3 FY 2020 earnings of RUB22.06 per share (versus RUB20.54 per share in Q3 FY 2019), beating analysts’ consensus estimate of RUB21.83 per share.

The company’s quarterly revenues amounted to RUB53.704 bln (+19.3% y/y), missing analysts’ consensus estimate of RUB57.895 bln.

YNDX fell to $57.50 (-3.41%) in pre-market trading.

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 1.7 percent in the week ended October 23, following a 0.6 percent drop in the previous week.

According to the report, refinance applications surged 2.5 percent, while applications to purchase a home increased 0.2 percent.

Meanwhile, the average fixed 30-year mortgage rate edged down to 3.00 percent from 3.02 percent.

“These results highlight just how strong the upper end of the market is right now, with outsized growth rates in the higher loan size categories,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Furthermore, housing inventory shortages have pushed national home prices considerably higher on an annual basis.”

Microsoft (MSFT) reported Q1 FY 2021 earnings of $1.82 per share (versus $1.38 per share in Q1 FY 2020), beating analysts’ consensus estimate of $1.36 per share.

The company’s quarterly revenues amounted to $37.154 bln (+12.4% y/y), beating analysts’ consensus estimate of $35.781 bln.

MSFT fell to $209.06 (-1.96%) in pre-market trading.