Dow futures rise 165 piasters; Quarterly earnings of the big bank accrued

Dow futures rise 165 piasters;  Quarterly earnings of the big bank accrued

Written by Peter Norse – US stocks are expected to open slightly higher on Friday, continuing the massive turnaround in the previous session ahead of a string of big bank earnings and the latest retail sales release.

At 07:00 ET (11:00 GMT), the contract was up 165 points, or 0.6%, trading 14 points, or 0.4% higher, and up 20 points, or 0.2%.

Major stock indexes closed sharply higher on Thursday after falling earlier in the day following a report showing that it was hotter than expected in September, indicating that he is likely to continue with his aggressive plan to raise interest rates.

The blue-chip stocks ended more than 800 points, or 2.8%, up, while the broad sector gained 2.6%, and heavy tech closed 2.2% higher.

The third-quarter earnings season continues Friday, with a number of the nation’s major banks due. There are hopes that a strong quarter will boost sentiment, as it did in the previous reporting period.

JPMorgan Chase (NYSE :), Wells Fargo (NYSE :), Morgan Stanley (NYSE :), and City Group (NYSE:) is due to report before the bell, and these results will give investors an idea of โ€‹โ€‹what rising interest rates and inflation are doing to the nation’s largest lenders.

UnitedHealth (NYSE:) is also expected to release third-quarter numbers, focusing on the health insurance company’s costs, particularly those related to COVID-19.

Beyond Meat (NASDAQ:) stock fell sharply ahead of the market after the fake meat maker cut its annual revenue forecast due to rising inflation and said it would cut about 200 jobs, or 19% of its total workforce.

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US data is due at 08:30 ET (12:30 GMT) and should provide clues as to how aggressive rate hikes by the Federal Reserve are affecting consumer demand. The latest consumer confidence numbers are also due at 10:00 ET (14:00 GMT).

Oil prices fell on Friday and appeared set for a weekly loss after a sharp rise in coronavirus cases in China and a larger-than-expected increase in US crude inventories heightened concerns about global demand.

COVID cases persist in China, the world’s largest importer, including Shanghai, the country’s financial capital, threatening a new shutdown, which could severely hamper demand.

In addition, official data from the US Energy Information Administration showed growth of 9.9 million barrels last week, much more than expected.

By 07:00 ET (11:00 GMT), trading was down 1.1% at $88.16 a barrel, while the contract was down 0.9% at $93.73. Both contracts are down more than 4% this week.

In addition, it was down 0.9% to $1,661.70 an ounce, while trading was down 0.3% at 0.9741.

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