US pre-open: Stocks set for subdued open ahead of more earnings
Updated : 11:13
US futures pointed to a subdued open on Wall Street ahead of more earnings releases, with banking giant Morgan Stanley slated to report.
At 1110 BST, Dow Jones Industrial Average and S&P 500 futures were flat, while Nasdaq futures were down 0.2%.
Meanwhile, oil prices advanced ahead of weekly supply data from the Energy Information Administration later and after Saudi Arabia’s oil minister Khalid Al-Falih said many countries outside the Organization of the Petroleum Exporting Countries were prepared to join an output deal to help steady the market.
West Texas Intermediate was up 1.5% to $51.05 a barrel and Brent crude was 1.4% firmer at $52.45.
IG’s Chris Beauchamp said: “Another action-packed day of US earnings awaits this afternoon, with the tone among companies reporting thus far still tending towards the optimistic end of things. After crude oil’s choppy performance over the past week, the afternoon’s EIA inventory figures will be closely-watched for signs of ongoing improvement in demand.”
Investors were digesting figures released earlier showing China’s gross domestic product grew 6.7% in the year to September, bang in line with forecasts.
Other data showed retail sales were up 10.7% in September from a year earlier, also in line with expectations. However, industrial production figures disappointed, showing a 6.1% jump versus expectations of a 6.4% increase.
On the corporate front, earnings are due from Morgan Stanley, Halliburton, Supervalu and Reynolds American before the open.
After the close, American Express, Mattel and Ebay will report.
Shares in chipmaker Intel were sharply lower in pre-market trade after the company posted better-than-expected third-quarter numbers late on Tuesday, as its revenue guidance for the quarter disappointed.
Yahoo! Inc was a little higher, however, after saying late on Tuesday that profit more than doubled in the last three months.
On the data front, US housing starts are at 1330 BST. Investors will also be watching out for the final Presidential debate on Wednesday evening.