Radiocor News

US futures mixed at start of busy earnings week

DJIA futures down 72 points (Il Sole 24 Ore Radiocor) - New York, 14 Oct - US futures were little changed at the start of a busy week for earnings and data amid growing doubts over the timing of a next interest rate cut.

Wall Street closed at highs on Friday, driven by solid earnings from JPMorgan and Wells Fargo. The main indexes all rose more than 1% on the week with the Dow and the S&P 500 both ending at all-time highs.

A first wave of big bank earnings promised well for others reporting this week, including Bank of America, Goldman Sachs and Citigroup, all on deck tomorrow.

The results will give investors an early look at what the Federal Reserve's recent half-point rate cut might mean for lending income as banks comment on what lies ahead.

Following recent payrolls data pointing to a resilient labor market, a case is building for the Fed to leave rates on hold at its next meeting in November as the economy defies fears of a slowdown.

The CME Group's FedWatch Tool is currently pricing in a chance of around 18% the Fed will not cut rates at its November meeting. That compares to just 3% the previous week.

Investors will be watching retail sales later this week for signs on how the economy is faring as consumers prepare for the holiday season.

Oil prices meanwhile continued to fall after China's finance minister's briefing this weekend on economic plans failed to give any idea on the scale of stimulus measures.

On the stocks front, shares in Boeing were down more than 2% in premarket trade after it said it would shed around 17,000 jobs and warned of deeper losses. Tesla shares were higher after sliding on Friday following a disappointing robotaxi presentation.

Futures on the Dow Jones were down 72.00 points, or 0.17%, S&P 500 futures were up 10.25 points, or 0.17%, while futures on the Nasdaq were 68.00 points, or 0.33%, higher.

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(RADIOCOR) 14-10-24 14:05:15 (0377) 5 NNNN

 


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