U.S. equity futures were dipping before the open on Friday as traders anticipated crucial data on producer prices and quarterly earnings from some of the largest financial institutions on Wall Street. Both the Standard & Poor's 500 and the Dow Jones Industrial Average saw a decline of 0.2% in premarket activity, while the Nasdaq composite was down by 0.3%.
In Asia, exchange markets exhibited mixed to lower performances, and most European bourses were also trending downwards during midday trading on the continent. The report for September’s Producer Price Index (PPI), an essential gauge for wholesale prices, is scheduled to be released at 8:30 AM ET.
This comes on the heels of a report from the Bureau of Labor Statistics indicating that consumer inflation surged beyond expectations last month, which adds a layer of tension leading into the weekend. In terms of the economic calendar for Friday, the preliminary University of Michigan’s consumer sentiment index for October will be disclosed at 10 AM, followed by the weekly Baker Hughes domestic rig count for oil and gas production, which comes out at 1 PM. In a busy schedule of public speaking engagements, Austan Goolsbee, the President of the Federal Reserve Bank of Chicago, is slated to address the public at 9:45 AM, succeeded by remarks from Federal Reserve Governor Michelle Bowman at 1:10 PM. On the earnings front, financial giants JPMorgan Chase and Wells Fargo are ready to announce their latest quarterly earnings before the market opens, along with formidable players such as BlackRock, the Bank of New York Mellon, and Fastenal. The stock performance of major companies has been notable as well.
Tesla shares underwent a significant drop of 6.2% in pre-market trading after the automaker showcased its highly anticipated robotaxi vehicle. Conversely, shares of Uber Technologies surged by 5.1%. Cybersecurity firm CrowdStrike registered a modest gain of 0.7%, while Advanced Micro Devices saw an increase of 0.6% as optimism builds around their continued innovation and market presence. As the market prepared for the opening bell, Bitcoin saw a rise of 2.4%, climbing to $61,008.
Meanwhile, West Texas Intermediate crude oil experienced a slight decrease of 0.6%, settling at $75.38 per barrel. Yields on 10-year Treasuries edged up by approximately 0.2 basis points, nearing 4.1%. Gold prices showed a positive trend, inching up by 0.7% to reach $2,657 per ounce..