Futures rise ahead of JPMorgan results, inflation data

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  • Futures up: Dow 0.10%, S&P 0.20%, Nasdaq 0.49%
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Oct 13 (Businesshala) – US stock index futures rose higher on Wednesday ahead of JPMorgan’s quarterly results that will kick off corporate earnings season, prompting investors to look to inflation data for clues on the future course of monetary policy. Waiting.

Mega-cap growth names including Facebook Inc (FB.O), Amazon.com Inc (AMZN.O), Google-parent Alphabet (GOOGL.O), Microsoft Corp (MSFT.O), and Tesla (TSLA.O) More Each rose more than 0.5% and led gains in premarket trading.

JPMorgan (JPM.N), down 0.1%, is set to release its third-quarter results, with analysts expecting a strong profit as the US economy recovers from the pandemic-induced shock.

Wall Street eased into choppy trading on Tuesday, as investors rallied in earnings amid concerns about supply chain problems and higher prices affecting businesses emerging from the pandemic.

Inflation data is also noted, at 0830 a.m. ET, which could further divide US central bankers on how high inflation is a threat, and more importantly, what they might need to do about it. Is.

Minutes of the Federal Reserve’s September policy meeting, which is due later in the day, will also be examined for signs that the crisis-era policy days were numbered.

“Strong inflation will only reinforce the expectation that the Fed will begin to reduce its bond purchases by next month, which is already priced in,” said Ipek Ozkardeyskaya, senior analyst at Swissquote Bank.

“Still, a very strong figure could boost expectations for a rate hike ahead of the Fed and may not necessarily be an absolute price.”

At 6:23 a.m. ET, the Dow E-Minis was up 35 points, or 0.1%, the S&P 500 E-Minis was up 8.5 points, or 0.2%, and the Nasdaq 100 E-Minis was up 72.5 points, or 0.49%.

Meanwhile, the Democratic-controlled US House of Representatives later this month gave final approval to legislation to temporarily raise the government’s borrowing limit to $28.9 trillion, averting a loan default.

Among shares, Apple Inc (AAPL.O) fell 0.7% after a report said the iPhone marker was planning to cut production of its iPhone 13 by up to 10 million units due to global chip shortages. .

Monster Beverages (MNST.O) slipped 1.6% after Jefferies downgraded the beverage maker’s stock from “buy” to “hold.”

Chipmaker Qualcomm Inc. (QCOM.O) gained 2.1% on a new $10 billion stock buyback plan.

Reporting by Devik Jain in Bengaluru; Editing by Arun Koyur

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