Futures fall as investors brace for earnings season; Tesla dips
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Futures down: Dow 0.11%, S&P 500 0.21%, Nasdaq 0.34%
Oct 11 (Reuters) -U.S. stock index futures edged lower on Friday, ahead of the third-quarter earnings season kickoff, after hotter-than-expected September inflation data solidified expectations for a 25-basis-point rate cut by the Federal Reserve in November.
Shares of Tesla TSLA.O dropped 5.8% in premarket trading after the EV maker unveiled its long awaited robotaxi, but did not provide details on how fast it could ramp up production or deal with potential regulatory hurdles.
Major financial companies kick off the third-quarter earnings season later in the day. JPMorgan Chase JPM.N and Wells Fargo WFC.N slipped about 0.2% each ahead of their scheduled results before the bell.
With major indexes trading around record highs and the benchmark S&P 500 .SPX up over 21% year-to-date, third-quarter earnings will test whether 2024's rally can be sustained amid uncertainty over monetary policy, geopolitical risks and the upcoming U.S. presidential elections.
Wall Street closed slightly lower on Thursday after a keenly watched Consumer Price Index report showed inflation rose higher than expected in September, but an uptick in jobless claims pointed to potential weakness in the labor market.
Still, bets on a 25-bps rate cut from the U.S. central bank in November remained intact, with analysts pointing to the impact of Hurricane Helene and an ongoing strike at Boeing BA.N as muddying jobless claims data.
"On the whole, there is relatively little in the data that is likely to dispel the FOMC’s confidence in inflation returning towards the 2% inflation target over the medium term," said Michael Brown, senior research strategist at Pepperstone.
Traders are pricing in a roughly 84% chance of a 25-bps reduction at November's meeting and see a slight chance - about 16% - of no change at that meeting, according to CME's FedWatch.
On the other hand, Atlanta Federal Reserve President Raphael Bostic said he was open to keeping rates unchanged next month.
Also on deck are Producer Price Index data and the University of Michigan's consumer sentiment survey, as well as speeches from Fed officials Michelle Bowman, Lorie Logan and Austan Goolsbee through the day.
At 5:00 a.m. ET, Dow E-minis 1YMcv1 were down 48 points, or 0.11%, U.S. S&P 500 E-minis EScv1 were down 12 points, or 0.21% and Nasdaq 100 E-minis NQcv1 were down 69.75 points, or 0.34%.
U.S.-listed shares of Chinese companies lost ground ahead of a closely watched fiscal stimulus update from Beijing on Saturday. Among them, JD.com JD.O lost 3%, Alibaba Group BABA.N dipped 1.8% and PDD Holdings PDD.O fell 2.7%.
Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
