Wall Street futures pointed moderately lower pre-bell Friday as traders digested earnings reports from financial titans and awaited an inflation bulletin from Washington. The producer price index (PPI) for September will post at 8:30 am ET, providing some clues to the path of retail inflation. In the futures, the S&P 500 fell 0.3%, the Nasdaq declined 0.2%, and the Dow Jones was off 0.1%.
Bank of New York Mellon (BK) traded modestly higher pre-bell after the financial house reported Q3 earnings and revenue higher on a year-over-year basis, exceeding expectations. Well Fargo (WFC) gained 3.2% pre-bell, following the bank's modest decline in Q3 earnings compared to the previous year.
JM Morgan Chase (JPM) traded up 1.8% pre-bell after the bank giant reported Q3 earnings and revenue up year-over-year, exceeding outlooks. BlackRock (BLK) was slightly up pre-bell after reporting Q3 earnings and revenue also up year-over-year, surpassing forecasts. Asian exchanges traded unevenly overnight, with Shanghai declining based on the outlook for Beijing's stimulus measures, while Tokyo saw gains due to favorable earnings reports.
European bourses tracked sideways midday across the continent. Telsa (TSLA) slipped 6.5% pre-bell after CEO Elon Musk unveiled a cyber-taxi late Thursday at a company event, leaving production details uncertain. On the economic calendar, besides the PPI release, the University of Michigan consumer sentiment report is scheduled for 10 am, and the Baker Hughes oil-and-gas rig count will follow at 1 pm.
Federal Reserve Chicago President Austan Goolsbee is set to speak at 9:45 am, with Dallas Fed President Lorie Logan at 10:45 am, and Governor Michelle Bowman at 1:10 pm. In pre-market action, Bitcoin traded at $61,028, West Texas Intermediate crude oil dropped to $75.28, and 10-year US Treasuries offered a yield of 4.09%.
Spot gold was trading for $2,656 an ounce. $US30 $US500.