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.

Check out this: Market Volatility Increases As US Stocks End Mixed

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.


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.

Check out this: Bitcoin Falls, But Remains Above This Key Level; Here Are The Top Crypto Movers For Friday


Breaking News


  • Apple, Inc. AAPL reported stronger-than-expected earnings and sales results for its fourth quarter on Thursday.
  •, 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.

Check out other breaking news here

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsEurozoneFuturesGlobalPre-Market OutlookMarketsA Peek Into The Markets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!