US Stock Futures Down Ahead Of Economic Reports; Apple Tops Q4 Estimates

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Friday after closing mixed in the previous session. The Nasdaq index dropped around 1.6%, while the Dow Jones gained close to 200 points on Thursday.

Data on personal income and outlays for September will be released at 8:30 a.m. ET. Personal income, which gained 0.3% in the previous month, is expected to increase again by 0.3% in September. Analysts expect personal consumption expenditures rising 0.4%, while inflation readings are projected at monthly gains of 0.3% for September. The Employment Cost Index for the third quarter is scheduled for release at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for October and pending home sales index for September will be released at 10:00 a.m. ET.

Investors are awaiting earnings results from Chevron Corporation CVX, Exxon Mobil Corporation XOM and Colgate-Palmolive Company CL.

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Futures for the Dow Jones Industrial Average dipped 113 points to 31,961.00 while the Standard & Poor’s 500 index futures fell 32.25 points to 3,787.25. Futures for the Nasdaq index declined 139 points to 11,096.25.

Commodities

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $94.55 per barrel, while US WTI crude futures fell 0.9% to trade at $88.27 per barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Gold futures fell 0.7% to trade at $1,654.10 an ounce, while silver traded down 1.7% at $19.16 an ounce on Thursday.

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.8%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 0.6%, while German DAX fell 1%.

German economy expanded by 0.3% on quarter during the three months to September, versus a 0.1% growth in the prior period. Spanish consumer price inflation declined to 7.3% year-over-year in October from 8.9% in the previous month, while the country’s economy expanded by 0.2% on quarter during the three months to September. The French economy grew 0.2% on quarter in the third quarter.

Asia-Pacific Markets

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.88%, China’s Composite Index fell 2.25%, while Hong Kong’s Hang Seng Index dipped 3.66%. Australia’s S&P/ASX 200 fell 0.9%, while India’s BSE Sensex rose 0.1%.

The Bank of Japan kept its key short-term interest rate unchanged at -0.1% and increased its inflation forecast to 2.9% for 2022. Japanese unemployment rate rose to 2.6% in September from August’s reading of 2.5%. The final demand producer price index for Australia rose by 1.9% quarter-over-quarter in Q3.

Broker Recommendation

Keybanc maintained Apple Inc. AAPL with an Overweight and lowered the price target from $185 to $177.

Apple shares rose 0.9% to $146.07 in pre-market trading.

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Breaking News

• Apple, Inc. AAPL reported stronger-than-expected earnings and sales results for its fourth quarter on Thursday.
• Amazon.com, Inc. AMZN reported upbeat earnings for its third quarter, while sales missed estimates. The company also issued weak sales forecast for the fourth quarter.
• Tesla Inc TSLA is recalling over 24,000 Model 3 vehicles made during 2017-2022 over some seat belt issues.
• Intel Corporation INTC posted better-than-expected earnings for its third quarter. The company also issued weak guidance for FY22. Intel is focused on cost reductions going forward with a plan for $3 billion in savings in 2023 and cost savings of $8 billion to $10 billion annually by 2025.

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