U.S. equity futures traded higher in early premarket trading on Friday after posting steep losses in the previous session. The Dow Jones fell 1.54% on Thursday, while the S&P 500 fell 2.11% to 3,640.47, marking a new closing low for the year. The major US averages are poised for losses for the month, with the Dow Jones and S&P down around 7.3% and 7.9%, respectively, in September.
Personal income and spending data for August will be released at 8:30 a.m. ET. Personal income is expected to rise 0.3% in August, while personal consumption expenditure is expected to rise 0.2%. The Chicago PMI for September is scheduled for release at 9:45 a.m. ET, while the University of Michigan Consumer Sentiment Index for September will be released at 10:00 a.m. ET. Federal Reserve Vice Chair Lael Brainard is scheduled to speak at 9:00 a.m. ET, while Federal Reserve Governor Michelle Bowman will speak at 11:00 a.m. ET. Richmond Federal Reserve Chairman Thomas Barkin is scheduled to speak at 12:30 p.m. ET, while New York Federal Reserve Chairman John Williams will speak at 4:15 p.m. ET.
Investors are also awaiting the results of carnival society CCAand CIRCOR International, Inc. RIC.
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Dow Jones Industrial Average futures jumped 210 points to 29,495.00 while Standard & Poor’s 500 index futures rose 31.50 points to 3,685.75. Nasdaq index futures rose 97.26 points to 11,325.50.
Oil prices rose as Brent crude futures rose 1.3% to trade at $88.29 a barrel, while U.S. WTI crude futures rose 1. 1% to trade at $82.12 a barrel. Baker Hughes’ North American Platform Count report for the past week is scheduled for release at 1:00 p.m. ET.
Gold futures rose 0.8% to trade at $1,681.80 an ounce, while silver traded up 2.3% at $19.14 l once Friday.
An overview of global markets
European markets were higher today. The STOXX Europe 600 index climbed 1%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 index rose 1.1%. The French CAC 40 index rose 1.1%, while the German DAX gained 1.1%.
Germany’s jobless rate remained unchanged at 5.5% in September, while Italy’s jobless rate fell to 7.8% in August from 7.9% the previous month. Retail trade in Spain remained stable in August compared to an annual decline of 0.5% the previous month. The UK National House Price Index rose 9.5% year-on-year in September, while UK GDP rose 4.4% year-on-year in the second quarter. The current account deficit in the UK narrowed to £33.8bn in the second quarter, from a revised record of £43.9bn in the previous period. The annual inflation rate in France fell to 5.6% in September from 5.9% a month ago.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 1.83%, Hong Kong’s Hang Seng Index gained 0.4% and China’s Shanghai Composite Index fell 0.55%. Australia’s S&P/ASX 200 fell 1.2%, while India’s S&P BSE SENSEX jumped 1.8%.
Housing starts in Japan rose 4.6% year-on-year in August, while the consumer confidence index in the country fell to 30.8 in September from a 3-month high in August, at 32 ,5. Retail sales in Japan rose 4.1% year-on-year in August, while industrial production rose 2.7% month-on-month in August. Japan’s unemployment rate fell to 2.5% in August. The Reserve Bank of India raised its key rate by 50 basis points to 5.9% at its September meeting. The official SNB non-manufacturing PMI for China fell to a four-month low of 50.6 in September, while the manufacturing PMI rose to 50.1 in September.
Summit Insights Group Upgrade Micron Technology MU from Keep to Buy..
Micron shares rose 3.6% to $51.83 in premarket trading.
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- NIKE, Inc. NKE reported better-than-expected earnings and sales results for its first quarter on Thursday. However, the company reported an increase in inventory at the end of the quarter and revenue in the Greater China region was also down from a year ago.
- Rent-A-Center, Inc. RCII lowered its earnings forecast for the third quarter and appointed Mr. Fahmi Karam as its new Executive Vice President – Chief Financial Officer.
- Micron Technology, Inc. MU posted upbeat earnings for its fourth quarter, while sales beat estimates. The company also released first-quarter revenue guidance that fell short of estimates.
- Alphabet Inc. GOOGL GOOG Google is shutting down its consumer gaming service Stadia because it has failed to gain traction with users, the company said in a statement.
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