US equity futures experienced a mixed performance ahead of Thursday's opening bell. The technology-heavy Nasdaq Composite index saw a rise following positive earnings reports from electric vehicle maker Tesla. Dow Jones Industrial Average futures slipped by 0.1%, while S&P 500 futures rose by 0.4%, and Nasdaq futures climbed by 0.9%. In its latest earnings report, Tesla announced significantly higher adjusted earnings and revenue for the third quarter and projected a "slight growth" in vehicle deliveries for the upcoming year.
This news led to a notable surge in Tesla shares, which jumped by over 14%. Oil prices also reflected a positive trend, with the front-month global benchmark North Sea Brent crude increasing by 0.6% to $75.44 per barrel, while US West Texas Intermediate crude rose by 0.9% to $71.41 per barrel. These increases may indicate a recovering demand in oil markets as global economic conditions fluctuate. In economic indicators, new unemployment claims, released at 8:30 am ET, showed a decline to 227,000 in the week ending October 19, down from 242,000 in the previous week.
This figure aligns with estimates compiled by Bloomberg, indicating some stability in the job market. Looking ahead, the S&P Global US manufacturing Purchasing Managers' Index, set to be released at 9:45 am ET, is expected to come in at 47.5 for October, a slight increase from 47.3 in the previous month.
The services component is anticipated to show a reading of 55.0, marginally down from 55.2 previously. New home sales data, due at 10 am ET, are projected to rise to 719,000 in September, up from 716,000 in August, suggesting an ongoing demand in the housing market despite broader economic challenges. On a global scale, Japan's Nikkei index closed 0.1% higher, while Hong Kong's Hang Seng and China's Shanghai Composite experienced declines of 1.3% and 0.7%, respectively.
In contrast, the UK's FTSE 100 rose by 0.5%, and Germany's DAX index saw an increase of 0.8% during Europe's early afternoon session. Among equities, West Pharmaceuticals shares experienced a 9% increase after delivering Q3 adjusted earnings and revenue that surpassed analysts' predictions, along with guidance that outperformed expectations.
Conversely, Osisko Development's shares fell by 25% following its announcement of a $50 million private placement of securities. Icon shares retreated by 15% after reporting lower Q3 revenue and a bleak 2024 outlook, weighing on investor sentiment..