Stock Futures Dip As Election Day Looms
Apple is struggling once more out of the gate
Futures on the Dow Jones Industrial Average (DJI) are lower to kick off the week, as investors prepare for the midterm elections tomorrow. Traders are also keeping an eye on U.S.-China trade relations, after Chinese President Xi Jinping promised to reduce tariffs for importersand promoted "free trade" at a conference in Shanghai. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also slightly lower, with the latter under pressure amid continued struggles for FAANG stock Apple (AAPL). Following last week's post-earnings drop, AAPL is lower ahead of the bell as analysts express concern about iPhone demand.
Continue reading for more on today's market, including:
2 defense stocks to target in November.3 stocks that are rewarding short sellers.Tesla and Elon Musk picked up another SEC subpoena.Plus, Teva and Under Armour get big upgrades; and SeaWorld reports earnings. 
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 1.22 million call contracts traded on Friday. This is compared to 833,458 put contracts. The single-session equity put/call ratio rose to 0.68, and the 21-day moving average remained at 0.68. Teva Pharmaceutical Industries Ltd (NYSE:TEVA) stock is up 1.5% in electronic trading, after Morgan Stanley upgraded the drug name to "overweight" from "equal weight," while lifting its price target to $27 from $20. The analyst in coverage cited improving investor perception as a catalyst for the bull note. TEVA gapped higher last week following an upbeat quarterly report. Overall, the stock has nearly doubled in the last 12 months.Another stock enjoying analyst attention is Under Armour Inc (NYSE:UAA), up 2.8% ahead of the bell, after Piper Jaffray upgraded the retailer to "overweight" from "neutral," while hiking its price target to $30 from $27. Under Armour stock also gapped higher last week in the wake of upbeat earnings, and is now on track to open near its June 7 annual high of $24.69. Although the shares are only up 0.3% in electronic trading, SeaWorld Entertainment Inc (NYSE:SEAS) reported third quarter earnings and revenue that exceeded analyst expectations. SEAS stock nabbed a four-year high of $32.47 back in mid-September, but pulled back in October amid the broad market sell-off. However, the stock, which has added 94% in 2018, appears to have found support at its 120-day moving average.The Institute for Supply Management (ISM) non-manufacturing index and Markit's services purchasing managers index (PMI) will both be released today. Avis Budget (CAR), Diamond Offshore Drilling (DO), Ferrari (RACE), Marriott (MAR), Mosaic (MOS), PG&E (PCG), and Sysco (SYY) will kick off an active earnings week.
Asian Stocks Pull Back After PMI
Asian markets gave back some of Friday's impressive gains, following a dismal China Caixin services PMI, which fell to a 13-month low of 50.8 in October. This offset Chinese President Xi Jinping's upbeat tone on globalization, and China's Shanghai Composite slipped 0.4%, while Hong Kong's Hang Seng gave back 2.1%. Elsewhere in the region, Japan's Nikkei slumped 1.6%, and South Korea's Kospi fell 0.2%.
European markets are modestly higher at midday, with banks in focus following the latest stress tests results for the region's major financial institutions. At last check, the French CAC 40 is up 0.2%, the German DAX is 0.1% higher, and London's FTSE 100 is sporting a 0.4% gain, even after data showed U.K. service sector growth hit a seven-month low last month.