US Futures: Dow & Nasdaq Futures Edge Down Ahead of Fed Chair Powell’s Address
US Futures: Dow, S&P 500, and Nasdaq
US Futures are trading slightly lower on early Thursday, as traders remain cautious ahead of Fed Chair Jerome Powell’s speech after the strong economic data and slightly higher inflation readings released recently.
The Dow Jones future is trading lower by 59 points or 0.17 percent at the 33757 level while S&P 500 futures index is down by 7.50 points or 0.17 percent at 4335. The Nasdaq 100 futures index is also trading slightly lower by 15 points or 0.10 percent at 15009 at 1.10 p.m. IST or 3.40 am ET
US Markets Highlights
On Wednesday, US stock market indexes ended with significant losses as the long-term Treasury yields spiked to a fresh 16-year high above 4.9%. The benchmark US 10-year Treasury yield is trading at 4.971% in early Thursday at 2.45 a.m. ET, the yield was closed at 4.902% on Wednesday.
The market sentiments were dampened on Wednesday as investors assessed more corporate earnings. The shares of Morgan Stanley, JB Hunt, and United Airlines fell 6% to 8% after the corporate results. The chips stocks fell for the second consecutive day after the US government’s restrictions on AI chips export to China, Nvidia fell around 4%. For additional information, you can read the US markets update for the 18 October Report.
US Markets Today
Netflix and Tesla reported their quarterly earnings on Wednesday after the closing bell. Tesla missed the analysts’ expectations on earnings and revenue in the third quarter, while Netflix beat expectations. The streaming giant Netflix posted more profits than analysts expected in the third quarter according to LSEG.
Thursday’s highlight event would be Federal Reserves Chairman Jerome Powell’s speech at 12 p.m. ET on Economic Outlook at the Economic Club of New York. Investors will be closely monitoring the speech to find any clues on the interest rate path ahead of the Fed’s meeting which is scheduled for October 31- November 1.
Recently, a number of Federal Reserve officials expressed their dovish view, suggesting that there is no immediate requirement for rising interest rates, as Treasury yields continue to rise. Now, it is Fed Chair Jerome Powell’s turn to weigh in on the matter.
The other economic data that are going to be released on Thursday are weekly jobless claims and existing home sales for September. On the earnings front, a few regional banks will report quarterly on Thursday, including KeyCorp, Fifth Third, Truist Financial, American Airlines, Union Pacific, and CSX.
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