Wall Street futures pointed moderately higher pre-bell Thursday after the electric vehicle manufacturer Tesla reported higher Q3 earnings and revenue overnight. Led by a remarkable 12% rise in Tesla shares, the S&P 500 gained 0.5%, with the Nasdaq rising 0.8%. However, the Dow Jones lagged marginally in this positive momentum.
Asian exchanges traded mostly lower overnight, influenced by the prospect of tempered rate cuts from the US Federal Reserve. Meanwhile, European bourses tracked moderately higher around midday on the continent, reflecting a cautiously optimistic outlook. In earnings news, United Parcel Service saw a notable 6.8% increase in shares pre-bell following the release of higher Q3 adjusted earnings.
The revenue reported also surpassed analysts' expectations, bringing positive sentiment to investors. In contrast, Honeywell International's stock experienced a decline of nearly 3% after Q3 revenue fell short of forecasts, alongside a reduction in its fiscal 2024 sales guidance. Similarly, Textron's shares dipped by 2.9% pre-bell after reporting lower fiscal Q3 adjusted earnings and revising down its fiscal 2024 non-GAAP EPS guidance.
The economic calendar is packed with significant data, including the weekly jobless claims bulletin scheduled for 8:30 am ET, alongside the Chicago Fed National Activity Index for September. Investors will also monitor the S&P Global US PMI composite flash for October, due at 9:45 am, followed by the new home sales bulletin at 10 am.
Additionally, the weekly EIA natural gas supplies report is expected at 10:30 am, along with the Kansas City Fed Manufacturing Index for October at 11 am. In an important event, Cleveland Federal Reserve President Beth Hammack is set to speak at 8:45 am ET. In premarket activity, Bitcoin was trading at $66,991, West Texas Intermediate crude oil saw gains, trading higher at $71.94, while 10-year US Treasuries offered a yield of 4.19%.
Spot gold was also trending towards new all-time highs, priced at $2,739 an ounce..