US Stock Futures Gain; All Eyes On Consumer Price Index
Pre-open movers
U.S. stock futures traded higher in early pre-market trade on Thursday after closing slightly lower in the previous session.
The consumer price index for September is scheduled for release at 8:30 a.m. ET. Core prices increased 0.6% in August with analysts expecting prices slowing to 0.4% for September. Overall prices might rise 0.2% in September following August's 0.1% gain.
Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while the U.S. Treasury budget report for September will be released at 2:00 p.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.
Investors are also awaiting earnings results from Domino's Pizza, Inc. (NYSE:DPZ), Delta Air Lines, Inc. (NYSE:DAL), Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and The Progressive Corporation (NYSE:PGR)
Check out this: Cameco, Kinnate Biopharma And Other Big Losers From Wednesday
Futures for the Dow Jones Industrial Average climbed 158 points to 29,419.00 while the Standard & Poor’s 500 index futures rose 19.75 points to 3,608.25. Futures for the Nasdaq index rose 35.50 points to 10,876.00.
Commodities
Oil prices traded slightly higher as Brent crude futures rose 0.4% to trade at $92.81 per barrel, while US WTI crude futures rose 0.1% to trade at $87.29 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.
Gold futures rose 0.3% to trade at $1,682.10 an ounce, while silver traded up 0.9% at $19.11 an ounce on Thursday.
A Peek Into Global Markets
Europe Markets
European markets were higher today. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 rose 0.2% while Spain’s IBEX 35 Index rose 0.4%. The French CAC 40 Index gained 0.5%, while German DAX climbed 0.8%.
Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.
Asia-Pacific Markets
Asian markets traded lower today. Japan’s Nikkei 225 fell 0.6%, China’s Composite Index fell 0.3%, while Hong Kong’s Hang Seng Index fell 1.87%. Australia’s S&P/ASX 200 slipped 0.1%, while India’s BSE Sensex fell 0.4%.
The value of loans in Japan rose 2.3% year-over-year in September, while producer prices in Japan climbed by 9.7% year-over-year in September.
Broker Recommendation
Raymond James initiated coverage on Nike Inc (NYSE:NKE) with an Outperform rating and announced a price target of $99.
Nike shares rose 0.5% to $89.00 in pre-market trading.
Check out this: Ethereum Drops Below $13,000; Here Are The Top Crypto Movers For Thursday
Breaking News
- Applied Materials Inc (NASDAQ:AMAT) lowered its fourth-quarter guidance. Applied Materials now expects fourth-quarter revenue of approximately $6.4 billion, plus or minus $250 million versus average analyst estimates of $6.67 billion.
- Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported a Q3 net profit of T$280.9 billion ($8.81 billion), versus estimates of T$265.64 billion. Revenue for the quarter surged 36% to $20.23 billion.
- India-based car-sharing platform Zoomcar Inc. is likely to go public through a merger with blank-check company Innovative International Acquisition Corp. (NASDAQ:IOAC) reported Bloomberg, citing sources.
- Twitter Inc (NYSE:TWTR) is reportedly reviewing its permanent ban policies to bring moderation of its platform more in line with Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s point of view.