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. DPZ, Delta Air Lines, Inc. DAL, Walgreens Boots Alliance, Inc. WBA and The Progressive Corporation PGR

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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 NKE with an Outperform rating and announced a price target of $99.

Nike shares rose 0.5% to $89.00 in pre-market trading.

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Breaking News

• Applied Materials Inc 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 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. IOAC reported Bloomberg, citing sources.
• Twitter Inc TWTR is reportedly reviewing its permanent ban policies to bring moderation of its platform more in line with Tesla Inc TSLA CEO Elon Musk’s point of view.

Check out other breaking news here