U.S. stock futures remained relatively unchanged on Friday morning as investors digested the latest inflation data and braced for key bank earnings reports. Futures on the S&P 500 (SPX), the Dow Jones Industrial Average (DJIA), and the Nasdaq 100 (NDX) were down by about 0.14%, 0.1%, and 0.21%, respectively, at 3:27 a.m. EST, October 11.
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On Thursday, the Dow Jones fell 0.14%, the S&P 500 dropped 0.21%, and the Nasdaq Composite shed 0.05%. These declines came after September’s consumer price index (CPI) data suggested that inflation may not be cooling as quickly as anticipated. This raised concerns that the Federal Reserve could maintain higher interest rates for longer. Additionally, initial jobless claims unexpectedly rose to a 14-month high of 258K, adding to market uncertainty.
In key corporate news, AMD (AMD) stock was down 4% yesterday despite launching a new artificial intelligence (AI) chip in competition with Nvidia’s (SNVDA) Blackwell chips. Further, Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) reduced its stake in Bank of America (BAC) to below 10%.
Today, investors will focus on a key economic data point, the Producer Price Index (PPI) report. Economists anticipate a modest increase of 0.1% in September, on a monthly basis. Additionally, all eyes will be on the quarterly earnings reports of major financial companies like JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of New York Mellon (BK), and BlackRock (BLK).
Meanwhile, the U.S. 10-year treasury yield was down slightly at the time of writing, floating near 4.067%. At the same time, WTI crude oil futures trended lower, hovering near $74.89 per barrel as of the last check.
Elsewhere, European markets opened slightly lower today as investors evaluated the U.K.’s Gross Domestic Product (GDP) data and hotter-than-expected U.S. consumer inflation data.
Asia-Pacific Markets Traded Lower on Friday
Most of the Asia-Pacific indices were in the red today as traders awaited additional economic stimulus measures from China, expected to be announced at a press conference on Saturday.
China’s Shanghai Composite and Shenzhen Component indices declined by 2.6% and 3.92%, respectively. Further, Japan’s Topix index was down 0.24%, but the Nikkei 225 index finished higher by 0.57%.
Investors should note that the Hong Kong market was closed for the Chung Yeung Festival.
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