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Market Overview

US Stock Futures Signal Higher Start On Wall Street

US Stock Futures Signal Higher Start On Wall Street

Pre-open movers

US stock futures traded higher in early pre-market trade. Data on consumer spending for September and the employment cost index for the third quarter will be released at 8:30 a.m. ET. The Chicago PMI for October will be released at 9:45 a.m. ET, while the Reuter's/University of Michigan's consumer sentiment index for October will be released at 9:55 a.m. ET. Futures for the Dow Jones Industrial Average jumped 184 points to 17,298.00, while the Standard & Poor's 500 index futures rose 21.70 points to 2,010.30. Futures for the Nasdaq 100 index climbed 59.50 points to 4,149.00.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.73%, STOXX Europe 600 Index gaining 1.35%. German DAX 30 index climbed 1.80%, French CAC 40 Index surged 2.03% and London's FTSE 100 Index gained 1.12%. French producer price index gained 0.5% in September versus August, while consumer spending declined 0.8% in September versus August. German retail sales dropped 3.2% in September from August.

In Asian markets, Japan's Nikkei Stock Average jumped 4.83%, Hong Kong's Hang Seng Index rose 1.25%, China's Shanghai Composite Index jumped 1.22% and India's Sensex rose 1.90%. Japan's unemployment rate climbed to 3.6% in September versus 3.5% in the prior month, while household spending declined 5.6% y/y in September. The country's core consumer-price index also gained 1.0% y/y in September.

Broker Recommendation
Analysts at BMO Capital upgraded Intrepid Potash (NYSE: IPI) from Underperform to Market Perform and lowered the price target from $14.00 to $13.00.

Intrepid Potash's shares fell 8.98% to close at $12.87 yesterday.

Breaking news

  • Weyerhaeuser Co (NYSE: WY) reported better-than-expected earnings for the third quarter. To read the full news, click here.
  • Groupon (NASDAQ: GRPN) beat third-quarter expectations Thursday on a wider net loss and said the roll-out of its revamped business strategy showed signs of success. To read the full news, click here.
  • Trina Solar (NYSE: TSL) today announced the appointment of Mr. Jeff Dorety as president of its Americas Region, effective October 8, 2014, and Mr. Longxing Huang as president of its Distributed PV Generation Business Unit, effective October 27, 2014. To read the full news, click here.
  • BioLineRx (NASDAQ: BLRX) announced today publication of the results of a previous Phase 1/2 (pilot) study for IK-5001 (BL-1040), currently named Bioabsorbable Cardiac Matrix (BCM), a novel resorbable polymer solution for the prevention of cardiac remodeling following an acute myocardial infarction (AMI). To read the full news, click here.

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Posted-In: BMO Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

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