Nasdaq, S&P 500 Futures Jump As October Inflation Cools Off — Tesla, Rivian, Apple, AstraZeneca In Focus

Zinger Key Points
  • Earnings season will taper off in the coming weeks and economic data and monetary policy will take center stage once again.
  • Inflation data could move the market on Thursday and it will have a bearing on the near-term direction as well.

The U.S. index futures are pointing to a sharply higher opening on Thursday, as traders react to the October consumer price inflation report — key data that would have a say on the Federal Reserve’s December monetary policy meeting.

On Wednesday, the major averages wilted amid profit-taking following a three-session rally. Earnings reports and general apprehensions amid the developments related to cryptocurrency exchange FTX’s travails weighed down on the markets.

The sell-off was across the board, but it was particularly severe in the technology and consumer discretionary spaces.

U.S. Indices' Performance On Wednesday
Index Performance (+/-)   Value
Nasdaq Composite -2.48%   10,353.17
S&P 500 Index -2.08%   3,748.57
Dow Industrials -1.95%   32,513.94

Here’s a peek into index futures trading:

U.S. Futures' Performance On Thursday During Premarket Session
Index Performance (+/-)  
Nasdaq 100 Futures +3.39%  
S&P 500 Futures +2.67%  
Dow Futures +2.33%  
R2K Futures +2.88%  

In premarket trading on Thursday, the SPDR S&P 500 ETF Trust SPY gained 2.81% to $384.63and the Invesco QQQ Trust QQQ rose 3.71% to $273.10, according to Benzinga Pro data.

On the economic front, the Federal Reserve Board of Governor Christopher Waller made a public appearance at 2 p.m. EST.

The Labor Department's consumer price inflation report for October showed that headline consumer price index rose 0.4% month-over-month, the same pace of increase as in the previous month. The annual rate of headline inflation slowed from 8.2% to 7.7%. The core consumer price inflation came in at an annual rate of 6.3.

Around the same time, the Labor Department will release the customary jobless claims report for the week ended Nov. 5. The number of individuals claiming unemployment benefits may have increased from 217,000 to 220,000.

Richmond Fed President Thomas Barkin, also a Federal Open Market member, is scheduled to speak at 9 a.m. EST.

The Treasury will auction 4-week and 8-week bills at 11:30 a.m. EST, and 30-year bonds at 1 p.m. EST.

FOMC member and Cleveland Fed President Loretta Mester will make a public appearance at 12:30 p.m. EST.

Kansas City Fed President Esther George, also an FOMC member, will speak at 1:30 a.m. EST, followed by New York Fed President John Williams at 6:35 p.m. EST.

See Also: 'Fed Not Waiting Around For Things To Settle On Their Own:' Barkin Believes Worst Of Inflation Surge Over

Stocks In Focus:

  • Veru, Inc. VERU, which was halted for trading on Wednesday, could react to the adverse FDA panel verdict for its COVID-19 treatment.
  • Apple, Inc. AAPL could be in focus after its iPhone supplier Hon Hai Precision Manufacturing Company Limited HNHPF reported a third-quarter earnings miss and guided to flat fourth-quarter revenue.
  • Tesla, Inc. TSLA was recovering after Wednesday's slump triggered by Elon Musk's stock sale.
  • Rivian Automotive, Inc. RIVN rose over 6% in premarket trading in reaction to its quarterly results.
  • AstraZeneca plc AZN, Nio, Inc. NIO, Dillard’s, Inc. DDS, US Foods Holding Corp. USFD and WeWork, Inc. WE are among the notable companies reporting ahead of the market open.
  • Alcon, Inc. ALC, Beazer Homes USA, Inc. BZH. Matterport, Inc. MTTR and Sierra Wireless, Inc. SWIR are all scheduled to report after the close.

Commodities, Other Global Equity Markets:

Crude oil futures are sliding for a fourth straight session, encouraged by reports of robust supplies. A barrel of WTI-grade crude oil traded under $86-a-barrel.

The markets in the Asia-Pacific region pulled back, reacting to the lead from Wall Street overnight. Traders in the region also preferred to stay on the sidelines ahead of the U.S. inflation data.

European markets traded lower in early trading on Thursday.

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