The S&P 500 Futures remain under pressure after they sank further yesterday. Pessimistic sentiment grew after U.S. Treasury Secretary Steven Mnuchin indicated that a deal for further fiscal stimulus is unlikely before the November election.
Later today, the U.S. Labor Department will release initial jobless claims in the week ending October 10 (0.82 million expected) and September import price index (+0.3% on month expected). The New York Federal Reserve will publish October Empire Manufacturing Index (14.0 expected). The Philadelphia Federal Reserve will report its Business Outlook Index for October (14.3 expected).
European indices are on the downside. France's INSEE has posted final readings of September CPI at +0.0% (vs +0.1% on year expected).
Asian indices closed in the red except the Australian ASX. The Australian economy shed 29,500 jobs in September (-40,000 jobs expected) and jobless rate edged up to 6.9% (7.0% expected) from 6.8% in August.
WTI Crude Oil futures are bullish. OPEC+ nations implemented 102% of agreed supply cuts in September. The American Petroleum Institute (API) reported that U.S. crude oil inventories dropped 5.4M barrels in the week ending October 9. Later today, the EIA will release official crude oil inventories data for the same period.
Gold loses some ground while the U.S dollar rebounds on fading U.S stimulus hopes.
Gold fell 7.73 dollars (-0.41%) to 1893.79 dollars.
The dollar index rose 0.31pt to 93.689.
U.S. Equity Snapshot
Morgan Stanley (MS), the banking group,posted third quarter net sales up 16% to 11.66 billion dollars, above estimates. Adjusted EPS increased to 1.59 dollar from 1.21 dollar.
Walgreens Boots Alliance (WBA), a global leader in retail and wholesale pharmacy, is surging before hours after posting fourth quarter adjusted EPS of 1.02 dollar, above estimates, vs 1.43 dollar a year earlier. Sales increased 2.3% to 34.75 billion dollars, beating expectations. Regarding current fiscal year, the company expects strong second half adjusted EPS growth.
Source: TradingView, GAIN Capital
United Airlines (UAL), the transportation company, reported third quarter adjusted LPS of 8.16 dollars, worse than anticipated, down from an EPS of 4.07 dollars a year ago, on revenue of 2.5 billion dollars, as expected, down from 11.4 billion dollars a year earlier.
Alcoa (AA), one of the largest American aluminum producers, dived after hours after saying it "expects flat sequential quarterly results in the Bauxite segment" in the fourth quarter. Separately, the company reported third quarter earnings that beat estimates.
Regeneron Pharmaceuticals (REGN), a biotech, "announced that the U.S. FDA approved Inmazeb for the treatment of infection caused by Zaire ebolavirus".
Roku (ROKU), the video streaming platform, was downgraded to "sector weight" from "overweight" at KeyBanc.
Viacom (VIAC), the media company, was upgraded to "overweight" from "equalweight" at Barclays, with a 36 dollars share price target.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.