US Stock Futures Edge Lower Following Thursday's Rally; Big Bank Earnings In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Friday after closing sharply higher in the previous session. The Dow Jones jumped by more than 800 points in the previous session after annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month.

Data on retail sales for September will be released at 8:30 a.m. ET. Analysts expect retail sales rising 0.2% in September following a 0.3% increase in the previous month. Data on import and export prices for September will be released at 8:30 a.m. ET, while data on business inventories for August will be released at 10:00 a.m. ET. The University of Michigan's consumer sentiment index for October is scheduled for release at 10:00 a.m. ET.

Kansas City Federal Reserve Bank President Esther George is set to speak at 10:00 a.m. ET, while Federal Reserve Governor Lisa Cook will speak at 10:30 a.m. ET.

Investors are also awaiting earnings results from JPMorgan Chase & Co. JPM, Morgan Stanley MS, Wells Fargo & Company WFC, U.S. Bancorp USB and Citigroup Inc. C.

Check out this: Market Volatility Declines Following US Inflation Data

Futures for the Dow Jones Industrial Average dropped 49 points to 30,042.00 while the Standard & Poor’s 500 index futures fell 7.50 points to 3,674.25. Futures for the Nasdaq index fell 41.75 points to 11,042.00.

Commodities

Oil prices traded slightly lower as Brent crude futures fell 0.1% to trade at $94.45 per barrel, while US WTI crude futures fell 0.1% to trade at $89.07 a barrel. US crude oil inventories rose by 9.88 million barrels in the week ended October 7th, the EIA said Thursday. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Gold futures fell 0.4% to trade at $1,670.50 an ounce, while silver traded down 0.2% at $18.89 an ounce on Friday.

 

A Peek Into Global Markets

Europe Markets

European markets were higher today. The STOXX Europe 600 Index rose 1.1%, London’s FTSE 100 rose 1.1% while Spain’s IBEX 35 Index rose 1.3%. The French CAC 40 Index gained 1.1%, while German DAX climbed 1%.

The annual inflation rate in Spain fell to 8.9% in September from 10.5% in the prior month, while annual inflation rate in France eased to 5.6% in September from 5.9% in the previous month. Wholesale prices in Germany rose by 19.9% year-over-year in September.

Asia-Pacific Markets

Asian markets traded higher today. Japan’s Nikkei 225 jumped 3.25%, China’s Composite Index rose 1.84%, while Hong Kong’s Hang Seng Index gained 1.21%. Australia’s S&P/ASX 200 gained 1.8%, while India’s BSE Sensex rose 1.8%.

The annual wholesale price inflation rate in India declined to 10.70% in September from 12.41% a month ago, while total passenger vehicles sales in India climbed by 9.3% month-over-month to 307,389 units in September. Chinese annual producer price inflation fell to a 20-month low level of 0.9% in September, while annual inflation accelerated to 2.8% year-over-year in September. The People’s Bank of China Governor Yi Gang reportedly said the central bank will nudge lenders to increase loans to the infrastructure, manufacturing and property sectors to better support the economy.

Broker Recommendation

Loop Capital initiated coverage on Micron Technology, Inc. MU with a Buy rating and announced a price target of $70.

Micron shares rose 0.2% to $54.94 in pre-market trading.

Check out this: Bitcoin, Ethereum Record Gains; Here Are Other Crypto Movers That Should Be On Your Radar Today

 

Breaking News

 

• McDonald's Corporation MCD boosted its quarterly cash dividend by 10% from $1.38 per share to $1.52 per share.
• Novo Integrated Sciences, Inc. NVOS announced pricing of $2 million public offering of 4 million units at $0.50 per unit.
• Saudi Arabia has hinted that the Biden Administration had suggested delaying the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to reduce its production output by a month, which it believed “would have had negative economic consequences.”
• Invivyd, Inc. IVVD appointed Fred Driscoll as interim Chief Financial Officer.

Check out other breaking news here