U.S. stock futures are indicating a lower open on Wall Street Thursday morning but have trimmed their earlier losses attributed to mixed third quarter results from JP Morgan ( JPM ) and as investors braced for data on wholesale prices.
The producer price index rose 0.4% in September, in-line with expectations, but a 0.4% increase in the PPI excluding food and fuel exceeded 0.2% estimates, suggesting the Fed has more ammunition to increase rates with inflation showing signs of improvement.
On the earnings front, JP Morgan reported better-than-expected third quarter profit and sales, but trading revenues were down and the mortgage banking unit realized a 17% drop in revenue. Shares of the Wall Street investment bank have recovered earlier losses and are now nearly 1% higher in pre-market.
Citigroup ( C ) also reported Q3 earnings, beating Wall Street’s expectations for both profit and sales. Shares are higher in premarket.
-Dow Jones Industrial up 0.10%
-S&P 500 futures up 0.20%
-Nasdaq 100 futures up 0.14%
Nikkei up 0.35%
Hang Seng up 0.24%
Shanghai Composite down 0.2%
FTSE-100 up 0.32%
DAX-30 down 0.13%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: Lower
(+/-) Chip stocks: Mixed
(+/-) Software stocks: Mixed
(-) Hardware stocks: Lower
(-) Internet stocks: Lower
(-) Oil stocks: Lower
(+/-) Biotech stocks: Flat
(-) Drug stocks: Lower
(+) Financial stocks: Higher
(+/-) Retail stocks: Mixed
(-) Industrial stocks: Lower
(+) Airlines: Higher
(-) Autos: Lower
(+) INFI (+43.11%) Made late-breaking presentation of IPI-549 at cancer conference, upgraded to outperform at Wells Fargo
(+) ARDX (+34.26%) Phase 3 tenapanor study reached primary and secondary endpoints
(+) DHXM (+24.68%) Announced deal with Amazon Prime ( AMZN ) to stream children’s shows
(+) ACRX (-59.81%) FDA cannot approve Dsuvia application in present form
(+) JILL (-46.07%) Lowered Q3 outlook below street expectations
(+) PTGX (-12.17%) Prices 3.5 million shares at 14% discount
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