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Monday, November 28, 2022

Dow Futures Rise 150 Pts; U.S. CPI Due, Delta Predicts Profit

Dow Futures Rise 150 Pts; U.S. CPI Due, Delta Predicts Profit
© Reuters

 

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By Peter Nurse    

Investing.com — U.S. stocks are seen opening higher Thursday, recovering from losses earlier in the week although sentiment remains jittery ahead of monthly U.S. inflation data that could keep the Federal Reserve on its aggressive tightening path. 

At 07:00 ET (11:00 GMT), the Dow Futures contract was up 150 points, or 0.5%, S&P 500 Futures traded 18 points, or 0.5%, higher and Nasdaq 100 Futures climbed 30 points, or 0.3%.

The main equity indices closed lower on Wednesday, with the tech-heavy Nasdaq Composite and the S&P 500 falling for six straight sessions, after the minutes from the Federal Reserve’s September meeting pointing to higher interest rates ahead.

There had been hopes for a pivot as the aggressive tightening by the Fed threatens to tip the world’s largest economy into a recession.

Investors will focus on the release of U.S. consumer price data for September, at 08:30 ET (12:30 GMT), looking for clues on how the central bank will proceed with its monetary policy tightening.

The headline CPI is expected to have gained at an annual pace of 8.1% in September, up 0.2% on the month, while core prices are expected to rise 0.5% in September from August and 6.5% from a year ago. 

Weekly jobless claims data are also due, at the same time, and are expected to edge up to 225,000 from 219,000 last week.

The new quarterly earnings season has started in force this week, and reports from the likes of BlackRock (NYSE:BLK), Domino’s Pizza (NYSE:DPZ) and Walgreens Boots Alliance (NASDAQ:WBA) are due this session.

Delta Air Lines (NYSE:DAL) stock rose 5.2% premarket after the carrier reported record revenue levels in the third quarter, adding that it expects to post another profit in the last quarter of the year as both leisure and business travel continue to recover.

Victoria’s Secret (NYSE:VSCO) stock rose premarket after the lingerie retailer said late Wednesday it expected earnings to be towards the high end of its guidance, while Applied Materials (NASDAQ:AMAT) stock fell after the semiconductor-equipment manufacturer warned that its fourth-quarter revenue and earnings would miss estimates.

Oil prices edged up from their weekly lows, with traders digesting a hefty build in U.S. crude inventories amid concerns of weakening global demand.

Data from the American Petroleum Institute, released on Wednesday, showed U.S crude stocks rose by 7 million barrels last week, raising fears of sluggish demand at the world’s largest consumer. An official government reading is expected later in the session.

The Organization of Petroleum Exporting Countries cut its 2022 and 2023 oil demand forecasts on Wednesday, just a week after the group and its allies agreed to cut oil supply.

By 07:00 ET (11:00 GMT), U.S. crude futures traded 0.2% higher to $87.42 a barrel, while the Brent contract traded 0.2% higher to $92.67. Both contracts are down nearly 6% this week.

Additionally, gold futures rose 0.2% to $1,680.45/oz, while EUR/USD traded 0.2% higher at 0.9722.

Source: Investing.com

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