Business & Investment

Futures rise ahead of megabank earnings, producer price data Reuters

© Reuters. The trader works on the floor of the New York Stock Exchange (NYSE) in New York City, USA on October 13, 2021. REUTERS / Brendan McDermid

(Reuters)-US stock index futures rose Thursday as rising oil prices boosted energy shares, but investors were waiting for earnings updates from major banks and new readings of inflation data.

After a quarterly performance by JPMorgan Chase & Co (NYSE :) and another company in the same industry, Bank of America (NYSE :) Citigroup (NYSE :), Wells Fargo (NYSE :) and Morgan Stanley (NYSE :) Set to publish results before the opening bell.

Their share rose in pre-market trading after a sharp drop in the previous session.

Led by the tech name of Megacap, Nasdak ended at a high price on Wednesday after the Federal Reserve Board suggested that it could begin to reduce support during times of crisis by mid-November.

The Fed’s rate hike case on Wednesday was further strengthened as consumer prices rose steadily in September. All eyes are looking at producer price data and first unemployed billing scheduled for 8:30 EST.

In the ET at 6 am, it increased by 208 points (0.61%), increased by 30.25 points (0.69%), and increased by 119.25 points (0.81%).

Includes megacap growth name Facebook Inc (NASDAQ :), Microsoft Corp (NASDAQ :), Amazon.com Inc (NASDAQ :), Tesla (NASDAQ :) Inc, Apple Inc (NASDAQ :), Google’s parent alphabet (NASDAQ :) rose about 1%.

Energy companies including Chevron Corp (NYSE :) and Exxon mobile (NYSE :) rose 0.7% and 1.2% respectively, tracking prices rising towards $ 84 per barrel. [O/R]

Soaring oil prices and supply chain disruptions have upset investors, who are focusing on how companies can mitigate rising costs as profits progress.

UnitedHealth Group Inc (NYSE :) rose 2.1% after healthcare companies exceeded analysts’ third-quarter earnings forecasts. This is underpinned by a surge in revenue from the Optum unit, which manages the benefits of medicines.

Taiwan Semiconductor Manufacturing Co Ltd’s US-listed stocks increased 3.4% after chip makers increased quarterly profits by 13.8% and raised their earnings growth forecast for 2021. This is due to the “industry megatrend” of strong tip demand.

Pharmacy chain Walgreens Boots Alliance (NASDAQ :) Inc and pizza chain Domino’s Pizza (NYSE :) Inc will also report quarterly earnings later that day.

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Futures rise ahead of megabank earnings, producer price data Reuters

https://www.investing.com/news/stock-market-news/futures-climb-ahead-of-big-bank-earnings-producer-prices-data-2643629 Futures rise ahead of megabank earnings, producer price data Reuters

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