Futures climb ahead of big bank earnings, producer prices data

- Advertisement -


- Advertisement -

  • Futures up: Dow 0.61%, S&P 0.69%, Nasdaq 0.81%
- Advertisement -

October 14 (Businesshala) – U.S. stock index futures climbed Thursday as rising oil prices lifted energy stocks, while investors awaited earnings updates from big banks and a fresh reading on inflation data.

Following the strong quarterly performance of JPMorgan Chase & Co. (JPM.N), Pierce Bank of America (BAC.N), Citigroup (CN), Wells Fargo (WFC.N) and Morgan Stanley (MS.N) were to publish. were ready. His results before the opening bell.

Their shares edged higher in premarket trading after a sharp fall in the previous session.

The S&P 500 and Nasdaq ended higher on Wednesday, led by mega-cap tech names after the Federal Reserve indicated it could begin to reduce its crisis-era support by mid-November, worrying many policymakers. that high inflation may last longer than previously thought. .

The case for a Fed interest rate hike became stronger on Wednesday as consumer prices firmed up in September. All eyes are on producer price data and initial jobless claims, due due at 08:30 a.m. ET.

At 06:00 am, the Dow E-Minis were up 208 points, or 0.61%, the S&P 500 E-Minis were up 30.25 points, or 0.69%, and the Nasdaq 100 E-Minis were up 119.25 points, or 0.81%.

Mega-cap growth names including Facebook Inc (FB.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O), Apple Inc (AAPL.O) and Google- Parent Alphabet (GOOGL.O) rose nearly 1%.

Energy firms including Chevron Corp (CVX.N) and Exxon Mobil (XOM.N) rose 0.7% and 1.2%, respectively, tracking Brent crude prices to $84 a barrel.

Rising oil prices coupled with supply chain disruptions have left investors focused on how companies are going to reduce rising costs as earnings run out.

UnitedHealth Group Inc. (UNH.N) jumped 2.1% after the health insurer beat analysts’ estimates for third-quarter profit, helped by a jump in revenue from its Optum unit that manages drug profits.

US-listed shares of Taiwan Semiconductor Manufacturing Co Ltd rose 3.4% after the chipmaker posted a 13.8% jump in quarterly profit and raised its revenue growth forecast for 2021, citing an “industry megatrend” of strong chip demand. .

Pharmacy chain Walgreens Boots Alliance Inc (WBA.O) and pizza chain Domino’s Pizza Inc (DPZ.N) are also due to report their quarterly earnings later in the day.

Reporting by Devik Jain in Bengaluru; Editing by Arun Koyur

.

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox