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Futures climb ahead of big bank earnings, producer prices data

  • Futures up: Dow 0.61%, S&P 0.69%, Nasdaq 0.81%

Oct 14 (Reuters) – U.S. inventory index futures climbed on Thursday as surging oil prices lifted vitality shares, whereas traders awaited earnings updates from big banks and a contemporary studying on inflation data.

After a powerful quarterly efficiency from JPMorgan Chase & Co (JPM.N), friends Bank of America (BAC.N), Citigroup (C.N), Wells Fargo (WFC.N) and Morgan Stanley (MS.N) have been set to publish their outcomes earlier than the opening bell.

Their shares edged increased in premarket buying and selling after declining sharply within the earlier session.

The S&P 500 and the Nasdaq ended increased on Wednesday, led by mega-cap tech names after the Federal Reserve signaled it may begin decreasing its crisis-era help by mid-November, with a number of policymakers anxious that top inflation may persist longer than beforehand thought. learn extra

The case for a Fed interest-rate hike was additional strengthened on Wednesday as shopper prices rose solidly in September. All eyes are on producer prices data and preliminary jobless claims, due at 08:30 a.m. ET.

At 06:00 a.m. ET, Dow e-minis have been up 208 factors, or 0.61%, S&P 500 e-minis have been up 30.25 factors, or 0.69%, and Nasdaq 100 e-minis have been up 119.25 factors, or 0.81%.

Mega-caps progress names together with Facebook Inc (FB.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O), Apple Inc (AAPL.O) and Google-parent Alphabet (GOOGL.O) rose about 1%.

Energy corporations together with Chevron Corp (CVX.N) and Exxon Mobil (XOM.N) gained 0.7% and 1.2%, respectively, monitoring Brent crude prices that rose towards $84 per barrel.

Rising oil prices coupled with provide chain disruptions have rattled traders, with traders specializing in how firms are going to mitigate rising prices as earnings get below means.

UnitedHealth Group Inc (UNH.N) rose 2.1% after the well being insurer beat analysts’ estimates for third-quarter revenue, helped by a leap in income from its Optum unit that manages drug advantages. learn extra

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co Ltd added 3.4% after the chipmaker posted a 13.8% leap in quarterly revenue and lifted its income progress forecast for 2021, citing an “industry megatrend” of sturdy chip demand. learn extra

Pharmacy chain Walgreens Boots Alliance Inc (WBA.O) and pizza chain Domino’s Pizza Inc (DPZ.N) are additionally slated to report their quarterly earnings later within the day.

Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur

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