U.S. index futures rose slightly in Wednesday’s pre-market as
traders assessed Alphabet (NASDAQ:GOOGL)’s strong
quarterly results released post-close, while AMD
(NASDAQ:AMD) shares dropped significantly after a disappointing
revenue forecast. Investors await additional tech earnings reports
and economic growth data.
At 5:46 AM ET, Dow Jones futures (DOWI:DJI) remained stable at
42,446.00 points. S&P 500 futures gained 0.17%, and Nasdaq-100
futures rose 0.16%. The 10-year Treasury yield stood at 4.224%.
In commodities, December West Texas Intermediate crude rose
0.70% to $67.68 per barrel, and December Brent increased by 0.66%
to $71.59 per barrel.
Oil prices climbed, influenced by the potential Israel-Hezbollah
ceasefire and increased OPEC+ supply. A peace deal could reduce
Middle Eastern conflict risks. However, prices remain near monthly
lows after two consecutive declines.
Standard Chartered warned that oil markets underestimated Middle
Eastern risks, projecting potential price spikes if tensions
reemerge between Israel and Iran post-U.S. elections. The bank
estimates Brent at $89 and WTI at $86 in early 2025.
Global gold demand rose 5% in Q3, reaching a record over $100
billion, driven by strong Western investments, including
high-net-worth investors, offsetting weaker Asian demand.
Record-high gold prices were supported by investment flows and
central bank purchases.
Copper (CCOM:COPPER) rose, alongside other industrial metals,
amid rumors of a potential $1.4 trillion stimulus from China in
November, boosting metal markets. Investors are also awaiting the
Fed’s meeting next week, which may signal 2025 rate cuts.
Today’s U.S. economic calendar includes the ADP employment
report for October at 8:15 AM ET, forecasted to show 113,000 new
jobs, down from 143,000. The Q3 GDP report at 8:30 AM is expected
to show 3.2% growth, up from the prior 3.0%.
Simultaneously, September’s advanced trade balance in goods,
last at -$94.2 billion, will be released, along with retail and
wholesale inventory estimates, respectively at 0.5% and 0.1%.
Pending home sales data for September, projected to drop 0.2% after
a 0.6% gain, will be out at 10 AM.
Asia-Pacific markets mostly closed lower. Australia’s
S&P/ASX 200 fell 0.83%, Hong Kong’s Hang Seng lost 1.65% in
final trading, and China’s CSI 300 dropped 0.90%. In South Korea,
Kospi and Kosdaq declined 0.92% and 0.80%, while Japan’s Nikkei 225
rose 0.96%.
In Australia, consumer inflation hit a three-and-a-half-year low
in Q3, aided by electricity subsidies and lower gasoline prices.
CPI rose 0.2%, below the forecast of 0.3%, dropping to 2.8%
annually, within the central bank’s 2-3% target. Electricity prices
fell 17.3%, and gasoline 6.2%. Core inflation rose 0.8% quarterly
to 3.5% annually. With core inflation still high, the Reserve Bank
of Australia is expected to hold rates steady until 2024, with
potential cuts in April.
The Bank of Japan is expected to maintain stable rates following
its two-day meeting concluding Thursday, per Reuters, with
inflation near 2% and political uncertainties. While markets
anticipate hints of future hikes, the bank may exercise caution due
to global economic conditions and domestic politics. Analysts
foresee potential rate hikes only in 2025, contingent on wage
growth and economic stability.
President Xi Jinping reaffirmed the importance of achieving
China’s approximate 5% annual growth target, especially ahead of
the legislative meeting likely to approve additional fiscal
support. The government is considering measures including issuing
up to 10 trillion yuan in bonds to refinance local debts and fund
government purchases, aiming to stabilize the economy amid a
slowdown and real estate crisis.
The European Union set tariffs of up to 45.3% on Chinese
electric vehicles, including 7.8% for Tesla and 35.3% for SAIC, to
counter perceived unfair subsidies, according to Reuters. Beijing
criticized the measure and launched investigations into European
imports.
European markets are trading lower as investors examine
corporate results and await EU and eurozone growth data. The UK
government presents its budget to Parliament. Among sectors, food
and beverage led losses.
In France, Q3 2024 GDP grew by 0.4%, surpassing economists’ 0.3%
forecast, driven by consumer spending from the Paris Olympics
tourism boost. INSEE had adjusted its growth forecast to 0.4% in
September.
Among individual stocks, Roche (LSE:0TDF)
adjusted its clinical trial after a patient death in testing its
experimental Alzheimer’s drug, trontinemab.
Volkswagen (TG:VOW3) reported a 42% decline in
Q3 operating profit, impacted by weak auto division performance and
high restructuring costs. Its main unit’s operating margin fell to
2%, highlighting urgency to cut costs. Amid tense negotiations with
IG Metall, VW is considering wage cuts and factory closures to
balance finances.
Standard Chartered (LSE:STAN) surpassed Q3
profit expectations with $1.72 billion, well above the $1.49
billion forecast. The bank plans to double its wealth management
business and reduce retail operations to boost returns, aiming to
distribute $8 billion to shareholders between 2024 and 2026.
Aston Martin (LSE:AML) posted a Q3 adjusted
loss of £10.3 million, lower than analysts’ £92 million loss
forecast. The automaker maintained its full-year outlook, noting
proactive management of supply chain disruptions.
U.S. stock indexes showed mixed performance on Tuesday. The
Nasdaq rose 0.8%, supported by semiconductors and networks, while
the S&P 500 gained 0.2%, though the Dow fell 0.4% due to losses
in Home Depot (NYSE:HD) and
Coca-Cola (NYSE:KO). U.S. consumer confidence
increased to 108.7 in October, while job openings dropped to 7.44
million in September from a downwardly revised 7.86 million in
August.
Upcoming quarterly reports include Eli
Lilly (NYSE:LLY), Caterpillar (NYSE:CAT), Humana (NYSE:HUM), Global
Payments (NYSE:GPN), Trinity
Capital (NASDAQ:TRIN), Biogen (NASDAQ:BIIB), Brinker
International (NYSE:EAT), ADP (NASDAQ:ADP), Jinko
Solar (NYSE:JKS)
and Santander (NYSE:SAN) before the
open.
Post-close reports are expected from
Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META), Coinbase (NASDAQ:COIN), Robinhood (NASDAQ:HOOD), Sunnova (NYSE:NOVA), Etsy (NASDAQ:ETSY), Riot
Platforms (NASDAQ:RIOT), Roku (NASDAQ:ROKU), Carvana (NYSE:CVNA)
and Starbucks (NASDAQ:SBUX), and
more.
Sunnova Energy (NYSE:NOVA)
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