U.S. stock futures traded higher on Thursday following a robust trading session that saw the Dow Jones Industrial Average (DJIA) reach a new record high. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones were up 0.54%, 0.24%, and 0.02%, respectively, at 4:16 a.m. EST, October 17.
In Wednesday’s regular trading session, the Dow Jones gained 0.79%. Further, the S&P 500 and the Nasdaq Composite gained 0.47% and 0.28%, respectively. Strong earnings reports from several companies helped boost the market sentiment yesterday.
In major news, Morgan Stanley (MS) stock surged 6.5% on strong earnings results. Further, United Airlines (UAL) gained 12% after reporting better-than-expected quarterly performance. Conversely, Intel (INTC) shares dropped 1.5% after the Chinese cyber association requested a review of its products.
On the economic front, traders are awaiting Weekly Jobless Claims data and September’s Retail Sales report. Additionally, Industrial and Manufacturing Production data will be closely watched today. These indicators will provide valuable insights into the strength of the U.S. economy.
Today, investors will focus on earnings reports from Netflix (NFLX), Blackstone (BX), Taiwan Semiconductor (TSM), Intuitive Surgical (ISRG), KeyCorp (KEY), M&T Bank (MTB), and Truist Financial (TFC). These results will provide further insights into the state of various sectors and the overall economic health.
Meanwhile, the U.S. 10-year treasury yield was up slightly at the time of writing, floating near 4.042%. At the same time, WTI crude oil futures trended lower, hovering near $70.22 per barrel as of the last check.
Elsewhere, European markets opened higher on Thursday, buoyed by expectations that the European Central Bank (ECB) will deliver a third rate cut in 2024 as inflation pressures subside.
Asia-Pacific Markets Traded Lower on Thursday
Asia-Pacific indices traded in the red today. China’s housing ministry briefing failed to boost investor confidence, resulting in a sell-off in the Chinese property sector. Further, Japan’s stock market retreated as investors digested disappointing export data. Unexpectedly, Japan’s exports declined by 1.7% in September compared to the previous year, contrary to forecasts that predicted a slight increase.
At the time of writing, Hong Kong’s Hang Seng index was down 1.02%. Further, Japan’s Nikkei 225 and Topix indices declined 0.69% and 0.11%, respectively. Also, China’s Shenzhen Component and Shanghai Composite indices closed lower by 0.74% and 1.05%, respectively.
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