Stock Groups

Futures climb ahead of big bank earnings, producer prices data By Reuters

by Mike Robinson

[ad_1]

© Reuters. Traders in New York City work at the New York Stock Exchange (NYSE), October 13, 2021. REUTERS/Brendan McDermid

(Reuters) – U.S. Stock Index Futures rose on Thursday due to rising oil prices. Investors awaited earnings updates by big banks as well as a new reading on inflation data.

After a strong quarterly performance from JPMorgan Chase & Co (NYSE:), peers Bank of America (NYSE:), Citigroup (NYSE/NYSE:). Wells Fargo (NYSE: Morgan Stanley (NYSE:) had their results published before the bell rang.

After a sharp decline in previous sessions, their shares rose in premarket trades.

On Wednesday, the Nasdaq and the Dow ended higher, led by large-captech names. This was after the Federal Reserve indicated it would start to reduce its crisis-era support around mid-November. Many policymakers are concerned that the high rate of inflation may persist for longer than they thought.

As consumer prices increased in September, Wednesday’s data confirmed the need for a Fed interest rate hike. The data on producer prices and the initial claims of joblessness, which are due at 08.30 am. ET.

At 06:00 AM. ET was up 208 point or 0.6%. ET was up 30.25 or 0.69% and up 119.25 or 0.81%.

These mega-caps growth names include Facebook Inc (NASDAQ:) Microsoft Corp (NASDAQ), Amazon.com Inc.

Energy companies include Chevron Corp (NYSE 🙂 Exxon Mobil (NYSE): Prices rose to $84 per barrel, with 0.7% and 1.2% gains respectively [O/R]

Investors are worried about rising oil prices and supply chain disruptions. As earnings begin to rise, investors will be focusing their attention on the ways companies can reduce costs.

UnitedHealth Group Inc (NYSE 🙂 increased 2.1% following analysts’ expectations for UnitedHealth Group Inc’s third quarter profit beating. This was due to an increase in revenue from Optum, the company that administers drugs benefits.

U.S. shares listed in Taiwan Semiconductor Manufacturing Co Ltd rose 3.4% following a 13.8% rise in quarterly profit. It also increased its revenue growth forecasts for 2021 to take into account an “industry megatrend”, which is strong chip demand.

Walgreens Boots Alliance pharmacy (NASDAQ:) Inc, and Domino’s Pizza pizza (NYSE:) Inc both are scheduled to release their quarterly earnings later today.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. Because prices might not reflect the market, they may be incorrect. This means that prices cannot be considered indicative and are inappropriate for trading. Fusion Media does not accept any liability for trade losses as a result.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]