US equity futures showed minimal movement ahead of the market open on Wednesday, as traders assessed the strong financial performance of technology behemoth Alphabet (GOOGL). The Dow Jones Industrial Average futures experienced a slight decline of 0.2%, while S&P 500 futures remained unchanged, and Nasdaq futures observed a minor increase of 0.1%.
Alphabet's shares surged over 6% before the market opened after the company disclosed impressive third-quarter earnings and revenue that exceeded analysts’ expectations, as reported by Capital IQ. Additionally, oil prices saw an uptick, with the global benchmark North Sea Brent crude rising 1.2% to $71.53 per barrel and US West Texas Intermediate crude increasing 1.2% to $68 per barrel.
The anticipated private payroll data from the ADP Institute’s Employment Report, scheduled for release at 8:15 am ET, is expected to show an increase of 110,000 in October, following a 143,000 surge in September, according to Bloomberg's compiled estimates. Furthermore, the Q3 gross domestic product growth figure, set to be released at 8:30 am ET, is projected to remain stable at a 3.0% annual rate.
Also at 8:30 am ET, the US Treasury will announce its funding needs for the upcoming two quarters. Finally, the Pending Home Sales Index, expected at 10 am ET, is predicted to rise by 1.9% in September, following a 0.6% gain recorded in August..