US Stock Futures Mostly Flat Ahead Of Several Economic Reports; Adobe Earnings In Focus

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade on Thursday after closing higher on Wednesday. The Nasdaq 100 index gained around 100 points in the previous session after U.S. producer prices dropped for a second consecutive month in August.

Data on initial jobless claims, retail sales, import prices, export prices, Philadelphia Fed manufacturing index and Empire State manufacturing index will be released at 8:30 a.m. ET. Data on industrial production for August will be released at 9:15 a.m. ET, while data on business inventories for July will be released at 10:00 a.m. ET.

Investors are also awaiting earnings results from Adobe Inc. ADBE and Bowlero Corp. BOWL, due to be released today.

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Futures for the Dow Jones Industrial Average gained 15 points to 31,164.00 while the Standard & Poor’s 500 index futures rose 0.50 points to 3,948.00. Futures for the Nasdaq index fell 6.75 points to 12,135.25.

Commodities

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $93.56 per barrel, while US WTI crude futures fell 0.6% to trade at $87.98 a barrel. US crude oil inventories climbed by 2.442 million barrels in the week ended September 9th, the Energy Information Administration said Wednesday. The EIA’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

Gold futures fell 0.7% to trade at $1,697.00 an ounce, while silver traded down 0.7% at $19.44 an ounce on Thursday.

A Peek Into Global Markets

Europe Markets

European markets were mostly higher today. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 gained 0.5% while Spain’s IBEX 35 Index gained 0.1%. The French CAC 40 Index rose 0.1%, while German DAX gained 0.3%.

Annual inflation rate in France fell to 5.9% in August from 6.1% in the previous month, while wholesale prices in Germany increased by 18.9% year-over-year in August.

Asia-Pacific Markets

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.21%, Hong Kong’s Hang Seng Index gained 0.44% and China’s Shanghai Composite Index fell 1.16%. Australia’s S&P/ASX 200 rose 0.2%, while India’s S&P BSE SENSEX fell 0.5%.

The People Bank of China held its borrowing cost on its medium term loans. Australian unemployment rate came in at 3.5% in August, compared with market expectations of 3.4%. Japan posted a trade deficit of JPY 2,817.3 billion in August versus a year-ago gap of JPY of 653.4 billion.

Broker Recommendation

Needham upgraded Tesla, Inc. TSLA from Underperform to Hold.

Tesla shares rose 0.2% to $303.33 in pre-market trading.

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Breaking News

• Arconic Corporation ARNC lowered its FY22 sales outlook from $9.6 billion-$10 billion to $9.2 billion-$9.5 billion. The company also said it sees Q3 Adjusted EBITDA to be in the range of $135 million to $150 million.
• Tesla Inc TSLA is re-evaluating the way it is selling electric cars in China and is considering winding down some showrooms located in flashy malls in cities like Beijing that witnessed a slump in traffic during pandemic restrictions, reported Reuters, citing two people with knowledge of the plans.
• Expedia Group, Inc. EXPE named Julie Whalen as new Chief Financial Officer, effective September 26, 2022.
• Suriname is considering legal action against the producers of South Korea's hit Netflix Inc NFLX series "Narco-Saints" which it believes fosters negative images of the nation by portraying it as a "narco-state." The story was reported earlier by Reuters.

Check out other breaking news here