Futures Hold Early Losses As Inflation Inches Higher

Futures Hold Early Losses As Inflation Inches Higher

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%

SENTIMENT

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

UPSIDE MOVERS:

(+) 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

DOWNSIDE MOVERS:

(+) 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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