S&P 500 and Dow futures inch up before inflation data; bank results in focus
SPY•S&P 500 and Dow futures rose 0.15% and 0.27%, respectively, while Nasdaq 100 futures fell 0.16% ahead of U.S. inflation data and more bank earnings. Bank of America shares fell after its third-quarter profit declined, while BlackRock gained after profit topped estimates.
1. Futures mixed before CPI
S&P 500 and Dow futures edged higher as AI-related stocks steadied after a recent selloff, while Nasdaq futures slipped. Investors awaited U.S. consumer price index data due at 8:30 a.m. ET; economists polled by Reuters estimated annual headline inflation accelerated to 3.6% in September and core CPI rose 0.2% month over month.
2. Bank results in focus
Bank of America fell 4.2% in premarket trading after third-quarter profit declined and it set aside $1.2 billion to cover regulatory fines over failures to detect illicit activity. Morgan Stanley dipped marginally despite higher quarterly profit, while BlackRock rose 4.9% after reporting higher third-quarter profit, helped by increased fees from managing client funds.
3. Other market drivers
Investors priced in a near 22% chance of a quarter-point U.S. rate hike next week, CME FedWatch Tool data showed. Oil prices edged higher, with Brent crude above $100 a barrel. Liquidia jumped 47.6% after settling six pending lawsuits with United Therapeutics, ensuring uninterrupted access to Yutrepia.
