Stock futures slide on Monday with the Dow on track for best month

Despite the current macro backdrop, Home Depot has the right strategy for long-term growth, Citi said in a note Monday.

In particular, the retailer’s Pro business, which targets professionals with larger, planned orders, is just “scratching the surface vs. the long-term potential,” wrote analyst Steven Zaccone.

“The planned purchase opportunity with the large pro is adding incremental sales and margin dollars to the business today, but is still very nascent,” he said. “After 4+ years of investment and growing traction, we believe the business is on the cusp of gaining momentum over the next several years.”

Home Depot, down 28% year to date, has nearly 14% upside to Citi’s price target.

The $5.5 billion iShares MSCI Brazil ETF (EWZ), the largest exchange-traded fund tracking Brazilian stocks, lost about 2.5% in premarket trading Monday after Brazilians delivered a very tight presidential victory to Luiz Inácio Lula da Silva. The election gave the leftist former president another shot at power in a rejection of incumbent Jair Bolsonaro’s far-right politics.

— Yun Li

These are the stocks making the biggest moves during Monday’s premarket trading session.

Wynn Resorts — Shares of the casino stock surged more than 6% in the premarket on news that investor Tilman Fertitta has taken a 6.1% stake in the resort operator, according to a Securities and Exchange Commission filing.

Petrobras — The Brazilian state-run oil company’s shares dove 8.9% in the premarket after Luiz Inácio Lula da Silva beat Jair Bolsonaro in the Brazilian presidential election.

XPO Logistics – Shares gained 2.5% after the logistics firm reported a quarterly profit of $1.45 per share and topped estimates by 10 cents a share. XPO’s revenue also topped analysts’ forecasts, helped by revenue improvement in XPO’s less-than-truckload business.

Read the full list of stocks moving here.

— Peter Schacknow, Samantha Subin

Euro zone inflation soared by 10.7% from a year ago during the month of October as the 19-member bloc grapples with higher food and energy prices accentuated by Russia’s invasion of Ukraine.

This represents the highest monthly reading ever since the euro zone’s formation.

The data comes after countries individually reported flash estimates last week. In Italy, headline inflation came at 12.8% over the previous year while Germany said inflation jumped to 11.6%.

Some countries including Estonia, Latvia and Lithuania saw inflation rise by more than 20%.

— Silvia Amaro, Samantha Subin

Global wheat prices have started to rise following Russia’s withdrawal from the Black Sea grain export deal last weekend.

The most-active wheat contract on the Chicago Board of Trade jumped 5.8% to…