Dow Futures Solidly Higher Amid Earnings, Energy Rally — Nutanix, Beyond Meat, Big-Bank Stocks In Focus Today

Zinger Key Points
  • Despite red-hot inflation, stocks reversed course on Thursday before closing solidly higher.
  • Earnings could be front and center in the coming weeks, as traders look forward for better-than-feared earnings.

The major U.S. index futures are pointing to a higher open on Wall Street on Friday, as traders look past the inflation data to the earnings season that got underway this week.

On Thursday, stocks opened sharply in reaction to the inflation data but turned around in early trading, moving into positive territory by late morning trading. With further buying over the course of the session, the major averages ended firmly in the green.

U.S. Indices' Performance On Thursday
Index Performance (+/-)   Value
Nasdaq Composite +2.23%   10,648.15
S&P 500 Index +2.60%   3,669.91
Dow Industrials +2.83%   30,038.72

Analysts are currently modeling S&P 500 earnings to rise 2.4% in the third quarter, Daniel Berkowitz, senior investment at Prudent Management Associates said.

“A downbeat set of earnings highlighting cost pressures and a strong dollar chipping away at top-line revenue could get the Fed’s attention,” he added.

A peek into index futures trading:

U.S. Futures' Performance On Friday During Premarket Session
Index Performance (+/-)  
Nasdaq 100 Futures +0.13%  
S&P 500 Futures +0.33%  
Dow Futures +0.50%  
R2K Futures +0.56%  

In premarket trading on Friday, the SPDR S&P 500 ETF TrustSPY rose 0.38% to $367.36  and Invesco QQQ TrustQQQ gained 0.12% to $269.30, according to Benzinga Pro data.

On the economic front, the Commerce Department is scheduled to report the retail sales report for September at 8:30 a.m. EDT. Economists, on average, expect spending to have increased 0.2% month-over-month, following a 0.3% increase in August.

Around the same time, the Labor Depart will release its export and import prices report for September — second-tier data that isn't expected to move the market.

The University of Michigan’s preliminary consumer sentiment index for October is due at 10 a.m. EDT. Traders will likely focus on the headline index, which has relevance for consumer spending and inflation expectations readings.

Federal Reserve Board member Lisa Cook is scheduled to participate in a fireside chat on the U.S. economy before the National Bankers Association 95th Anniversary Conference at 10:30 a. m. EDT.

See Also: Will S&P 500 Plummet? Dimon Predicts 'Another Easy 20%' And 'Some Kind Of' Recession

Stocks In Focus:

Citigroup, Inc. C, Morgan Stanley MS and JPMorgan Chase & Co. JPM are all scheduled to report ahead of the market open.

Healthcare services provider UnitedHealth Group Inc. UNH advanced, potentially supporting the Dow Industrials of which it is a component, after it reported better-than-expected third-quarter earnings and raised its outlook.

Cloud-computing company Nutanix, Inc. NTNX was soaring after a Wall Street Journal report said it has received a takeover proposal.

Beyond Meat, Inc. BYND was sliding following a negative preannouncement and plans to cut jobs.

Large-Cap Premarket Movers:

TotalEnergies SE TTE shares were higher yet again, adding close to 1.80% in premarket trading.

Railroad transportation company CSX Corp. CSX rose over 1.50%.

Indian IT services company Infosys Limited INFY moved down over 1.60%.

Oil and oilfield services stocks Chevron Corp. CVX, Shell Plc. SHEL, Occidental Petroleum Corp. OXY and Schlumberger Limited SLB were all notably lower.

Commodities, Global Equity Markets:

WTI-grade crude oil futures were slipping, reversing from the previous session’s advance.

The major Asian markets advanced strongly, tracking Wall Street’s gains overnight and stocks in Europe are rising for a second straight session.

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Posted In: EarningsNewsGuidanceFuturesPreviewsSmall CapTop StoriesEconomicsFederal ReservePre-Market OutlookMarketsTrading IdeasDow futuresNasdaq futuresS&P 500 futures
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