As the trading day approached, US equity futures remained stable, allowing traders to assess the robust financial results from Alphabet. The Dow Jones Industrial Average futures experienced a slight decline of 0.2%, while S&P 500 futures held steady with no significant changes. In contrast, Nasdaq futures saw a modest rise of 0.1%.
In the energy sector, oil prices climbed, with the global benchmark North Sea Brent crude witnessing a 2.1% increase to $72.22 per barrel, and US West Texas Intermediate crude rising 2.2% to $68.65 per barrel. Private payroll data, based on the ADP Institute's Employment Report released at 8:15 am ET, indicated an increase of 233,000 jobs in October, following a revised gain of 159,000 jobs in September.
This figure surpassed the estimates compiled by Bloomberg, which forecasted a gain of 111,000 jobs. Additionally, the Q3 gross domestic product growth, announced at 8:30 am ET, recorded an annualized rate of 2.8%, slightly below Q2's growth rate of 3% and the anticipated 2.9% increase. The Pending Home Sales Index, expected at 10 am ET, is projected to rise by 1.9% in September, following a 0.6% gain in August.
Across global markets, Japan's Nikkei index closed 1% higher, while Hong Kong's Hang Seng index fell by 1.6%, and China's Shanghai Composite dropped by 0.6%. In Europe, the UK's FTSE 100 saw a 0.6% decline, and Germany's DAX index fell by 1.2% during the early afternoon trading session. In stock performance, Alphabet's shares surged over 6% in pre-market trading after announcing higher third-quarter earnings and revenue that exceeded analysts' expectations, based on a poll from Capital IQ.
Meanwhile, Reddit's stock soared by 22% after reporting a return to net income in Q3, aided by increased revenue. On the downside, HomeStreet's shares plummeted by 30% following the company's inability to obtain regulatory approvals for its merger with FirstSun Capital..