Market Overview

A Peek Into The Markets: US Stock Futures Up Ahead Of Morgan Stanley Earnings

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A Peek Into The Markets: US Stock Futures Up Ahead Of Morgan Stanley Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from Morgan Stanley (NYSE: MS). Data on housing starts for September, initial jobless claims for the latest week and the Philadelphia Fed manufacturing index for October will be released at 8:30 a.m. ET. Data on industrial production for September will be released at 9:15 a.m. ET. Federal Reserve Member of the Board of Governors Michelle Bowman is set to speak in Chicago, Illinois at 2:00 p.m. ET, while Chicago Federal Reserve Bank President Charles Evans will speak in Chicago, Illinois at 2:00 p.m. ET. New York Federal Reserve Bank President John Williams is set to speak in New York at 4:20 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 112 points to 27,052 while the Standard & Poor’s 500 index futures traded rose 12.6 points to 3,004.00. Futures for the Nasdaq 100 index surged 37.5 points to 7,986.00.

Oil prices traded lower as Brent crude futures fell 0.1% to trade at $59.39 per barrel, while US WTI crude futures fell 0.2% to trade at $53.23 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 11:00 a.m. ET, while the Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

 

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.9%, STOXX Europe 600 Index climbing 0.7% and German DAX 30 index gaining 1%. The UK's FTSE index was trading higher by 0.6%, while French CAC 40 Index rose 0.4%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.09%, Hong Kong’s Hang Seng Index gained 0.69%, China’s Shanghai Composite Index fell 0.05% and India’s BSE Sensex rose 0.24%.

Broker Recommendation

Analysts at Imperial Capital downgraded Extraction Oil & Gas (NASDAQ: XOG) from Outperform to Underperform and lowered the price target from $7 to $2.

Extraction Oil shares fell 5.5% to close at $2.51 on Wednesday.

Breaking News

  • IBM (NYSE: IBM) reported upbeat earnings for its third quarter, while sales missed estimates. The company reaffirmed 2019 guidance, but was below consensus estimates.
  • Signature Bank (NASDAQ: SBNY) reported stronger-than-expected earnings for its third quarter.
  • CSX Corporation (NASDAQ: CSX) reported stronger-than-expected earnings for its third quarter.
  • BB&T Corporation (NYSE: BBT) reported stronger-than-expected earnings for its third quarter.

Posted-In: A Peek Into The MarketsEarnings News Eurozone Futures Global Pre-Market Outlook Markets

 

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