Pre-open movers
U.S. stock futures traded higher in early pre-market trade on Friday after recording sharp losses in the previous session. The Dow fell 1.54% on Thursday, while the S&P 500 declined 2.11% to 3,640.47, notching a new closing low for the year. US major averages are on pace to record losses for the month, with the Dow and S&P down around 7.3% and 7.9%, respectively in September.
Data on personal income and outlays for August will be released at 8:30 a.m. ET. Personal income is expected to increase 0.3% in August, while personal consumption expenditures are likely to rise 0.2%. The Chicago PMI for September is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for September will be released at 10:00 a.m. ET. Federal Reserve Vice Chair Lael Brainard is set to speak at 9:00 a.m. ET, while Federal Reserve Governor Michelle Bowman will speak at 11:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 12:30 p.m. ET, while Federal Reserve Bank of New York President John Williams will speak at 4:15 p.m. ET.
Investors are also awaiting earnings results from Carnival Corporation (NYSE:CCL), and CIRCOR International, Inc. (NYSE:CIR).
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Futures for the Dow Jones Industrial Average jumped 210 points to 29,495.00 while the Standard & Poor’s 500 index futures rose 31.50 points to 3,685.75. Futures for the Nasdaq index rose 97.26 points to 11,325.50.
Commodities
Oil prices traded higher as Brent crude futures rose 1.3% to trade at $88.29 per barrel, while US WTI crude futures rose 1.1% to trade at $82.12 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
Gold futures rose 0.8% to trade at $1,681.80 an ounce, while silver traded up 2.3% at $19.14 an ounce on Friday.
A Peek Into Global Markets
Europe Markets
European markets were hugher today. The STOXX Europe 600 Index climbed 1%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 1.1%. The French CAC 40 Index rose 1.1%, while German DAX gained 1.1%.
The unemployment rate in Germany came in unchanged at 5.5% in September, while unemployment rate in Italy fell to 7.8% in August from 7.9% in the previous month. Retail trade in Spain came in flat for August versus an annual drop of 0.5% in the prior month. The Nationwide House Price Index in the UK climbed 9.5% year-over-year in September, while British GDP expanded 4.4% year-over-year in the second quarter. The current account deficit in the UK narrowed to GBP 33.8 billion in the second quarter versus a revised record GBP 43.9 billion in the previous period. The annual inflation rate in France fell to 5.6% in September from 5.9% a month ago.
Asia-Pacific Markets
Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.83%, Hong Kong’s Hang Seng Index gained 0.4% and China’s Shanghai Composite Index fell 0.55%. Australia’s S&P/ASX 200 fell 1.2%, while India’s S&P BSE SENSEX jumped 1.8%.
Japan's housing starts rose by 4.6% year-over-year in August, while consumer confidence index in the country dropped to 30.8 in September versus August’s 3-month high of 32.5. Retail sales in Japan rose by 4.1% year-over-year in August, while industrial production increased by 2.7% month-over-month in August. Japanese unemployment rate declined to 2.5% in August. The Reserve Bank of India increased its key repo rate by 50 bps to 5.9% at its September meeting. The official NBS Non-Manufacturing PMI for China fell to a four-month low level of 50.6 in September, while manufacturing PMI rose to 50.1 in September.
Broker Recommendation
Summit Insights Group upgraded Micron Technology (NASDAQ:MU) from Hold to Buy..
Micron shares rose 3.6% to $51.83 in pre-market trading.
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Breaking News
- NIKE, Inc. (NYSE:NKE) reported better-than-expected earnings and sales results for its first quarter on Thursday. However, the company reported a rise in quarter-ended inventories and revenue in the Greater China region also declined from a year ago.
- Rent-A-Center, Inc. (NASDAQ:RCII) lowered its earnings guidance for the third quarter and named Mr. Fahmi Karam as new Executive Vice President - Chief Financial Officer.
- Micron Technology, Inc. (NASDAQ:MU) posted upbeat earnings for its fourth quarter, while sales missed estimates. The company also issued Q1 revenue guidance below estimates.
- Alphabet Inc’s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google is shutting down its consumer gaming service Stadia as it didn't gain traction with users, the company said in a statement.
