Enter your email to read this article
Read news on any topic, in one place, from publishers like The Economist, FT, Bloomberg and more.

US Stock Futures Down Ahead Of Powell, PMI Data; Crude Oil Falls Sharply

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Friday after recording losses on Thursday. The Dow Jones closed lower by more than 100 points, while the Nasdaq Composite fell around 150 points in the previous session after the US Federal Reserve, on Wednesday, raised its policy rate by 75 basis points for the third time.

The flash Composite Purchasing Managers' Index for September is scheduled for released at 9:3450 a.m. ET. Analysts expect services PMI rising slightly to 45.0 in September from 43.7 in August, while manufacturing index is seen at 51.3 versus previous reading of 51.5.

US Federal Reserve Chair Jerome Powell is set to speak at 2:00 p.m. ET, while Federal Reserve Vice Chair Lael Brainard Lael Brainard and Federal Reserve Governor Michelle Bowman will speak at 2:05 p.m. ET.

Check out this: Ethereum Rises Above This Major Level, Here Are Other Crypto Movers That Should Be On Your Radar Today

Futures for the Dow Jones Industrial Average dropped 124 points to 30,025.00 while the Standard & Poor’s 500 index futures fell 17.75 points to 3,754.25. Futures for the Nasdaq index fell 66.75 points to 11,498.75.

Commodities

Oil prices traded lower as Brent crude futures fell 2% to trade at $87.71 per barrel, while US WTI crude futures fell 2.2% to trade at $81.63 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Gold futures declined 0.6% to trade at $1,671.40 an ounce, while silver traded down 0.6% at $19.495 an ounce on Friday.

 

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.7%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index fell 1%. The French CAC 40 Index fell 0.5%, while German DAX dropped 0.5%.

The S&P Global Flash Eurozone services PMI declined to 48.9 in September from 49.8 in August, while manufacturing PMI slipped to 48.5 from 49.6. The S&P Global Flash Eurozone Composite PMI dropped to 48.2 in September from August’s reading of 48.9.

The S&P Global/CIPS UK manufacturing PMI climbed to 48.5 in September from 47.3 a month ago, while GfK consumer confidence indicator declined to -49 in September from -44 in the previous month. French composite PMI increased to 51.2 in September versus a 17-month low level of 50.4 in August, while German composite PMI declined to 45.9 from 46.9 in August. Spanish quarterly economic growth accelerated to 1.5% in the second quarter versus a preliminary reading of 1.1%.


Asia-Pacific Markets

Asian markets traded lower today. Hong Kong’s Hang Seng Index fell 1.18% and China’s Shanghai Composite Index slipped 0.66%. Australia’s S&P/ASX 200 fell 1.9%, while India’s S&P BSE SENSEX fell 1.5%.

The S&P Global flash Manufacturing PMI for Australia increased to 53.9 in September from a final level of 53.8 in August, while services PMI rose to 50.4 from 50.2.

 


Broker Recommendation

Stephens & Co. initiated coverage on Sysco Corporation (NYSE:SYY) with an Overweight rating and announced a price target of $90.


Sysco shares fell 1.4% to close at $77.38 on Thursday.

Check out this: US Stocks Settle Lower For Third Consecutive Session Amid Low Volatility

 

Breaking News

 

  • FedEx Corporation (NYSE:FDX) said its adjusted earnings per share dropped to $3.44 for the quarter ended Aug 31 compared to $4.37 in the year-ago period, while revenue increased to $23.2 billion from $22 billion.
  • Raytheon Technologies Corp. (NYSE:RTX) has won an almost $1-billion contract to design, develop, and produce a new hypersonic weapon for the U.S. Air Force, beating rivals Lockheed Martin Corp. (NYSE:LMT) and Boeing Co (NYSE:BA).
  • Costco Wholesale Corporation (NASDAQ:COST) reported better-than-expected results for its fiscal fourth quarter on Thursday
  • AAR Corp. (NYSE:AIR) reported upbeat earnings for its first quarter, while sales missed estimates.


Check out other breaking news here

Top stories on inkl right now
Related Stories
US Stocks Open Lower; Dow Tumbles 400 Points
U.S. stocks traded lower this morning, with the Dow Jones dropping around 400 points on Friday.
From analysis to the latest developments in health, read the most diverse news in one place.
Nasdaq Tumbles Over 200 Points; Crude Oil Drops Sharply
U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 200 points on Friday.
Dow Hits New 2022 Low; Gold Falls Sharply
U.S. stocks extended losses toward the end of trading, with the Dow Jones dropping to a fresh low for the year.
US Stock Futures Rise Following Wednesday's Plunge
Pre-open movers
US Stocks Poised For More Pain On Friday As Nasdaq, S&P 500 Futures Plunge — Recession Worries Take Hold After Fed Rate Hike
The major U.S. index futures are sharply lower on Friday, signaling that stocks could fall for a fourth straight session in the aftermath of the Fed decision. The markets are staring at the possibility of ending the week with significant losses.
One place to find news on any topic, from hundreds of sites.
US Stock Futures Edge Higher; All Eyes On Fed Decision
Pre-open movers U.S. stock futures traded slightly higher in early pre-market trade on Wednesday after recording losses on Tuesday. The Dow Jones closed lower by more than 300 points, while the Nasdaq Composite fell over 100 points in the previous session.