US pre-open: Stocks set for slightly higher open

US futures pointed to a slightly firmer open on Wall Street as investors digested the latest manufacturing figures from China and more earnings releases.

At 1100 BST, Dow Jones Industrial Average futures were up 0.2%, while S&P 500 and Nasdaq futures were 0.3% higher.

Meanwhile, oil prices were mixed. West Texas Intermediate was down 0.3% to $46.73 a barrel and Brent crude was 0.3% firmer at $48.75.

Remo Fritschi, institutional sales manager at ADS Securities London, said: “We’re currently eyeing a fractionally higher start to the day’s trade, but uncertainty over next week’s Presidential election – and indeed how quickly any result is accepted – does seem to have a number of market participants caught in the headlights. As such, a degree of inertia is probably to be expected and even though we have some ISM manufacturing data due for release shortly after the opening bell, unless we see a significant diversion from expectations, it’s unlikely to provide any real direction for the market.

“The long tail of earnings continues although there are some elements in there that may attract attention, including e-commerce site Etsy and Intercontinental Exchange, where any shift in overall volumes could send a broader signal to the market.”

Data out of China helped to underpin the mood somewhat on Tuesday. The official manufacturing purchasing managers’ index increased to 51.2 in October from 50.4 the month before. A reading above 50 indicates expansion.

Meanwhile, the Caixin manufacturing PMI edged up to 51.2 in October from 50.1 in September. Both readings were better than expected.

Earlier, both the Bank of Japan and the Reserve Bank of Australia stood pat on their monetary policies.

In corporate news, Pfizer was weaker in pre-market trade after its adjusted earnings per share for the third quarter missed expectations, while Molson Coors slipped after its third-quarter earnings also fell short of forecasts.

On the upside, US-listed shares of Royal Dutch Shell gained ground after its third-quarter profits beat analysts’ expectations.

Brocade Communications Systems was in the black in pre-market trade after it surged late on Monday amid reports it is in advanced talks to sell itself.

On the data front, US construction spending and ISM manufacturing are at 1400 GMT.