US equity markets showed a downturn ahead of Friday's opening as traders scrutinized recent remarks from Federal Reserve Chair Jerome Powell while analyzing producer prices data for October and anticipating the latest retail sales figures from the previous month. The Standard & Poor's 500 index fell by 0.6%, while the Dow Jones Industrial Average decreased by 0.4%, with the Nasdaq dropping 0.8% in premarket trading.
Asian exchanges displayed mixed results, leaning towards lower outcomes, whereas European markets tended to rise midday across the continent. On Thursday, Powell indicated that the US economy "is not sending any signals that we need to be in a hurry" regarding adjustments to monetary policy. Moreover, the Bureau of Labor Statistics highlighted that producer price growth accelerated within October. Earlier this week, data from the BLS indicated consumer inflation rose as expected in the previous month.
The retail sales report for October is anticipated at 8:30 AM ET, alongside the Empire State Manufacturing Index for November and import/export price reports also due at 8:30 AM. Further insights will be provided by the industrial production report scheduled for 9:15 AM, followed by September's business inventories report at 10 AM.
The weekly Baker Hughes domestic oil and gas rig count will be released at 1 PM. Federal Reserve Bank of Boston President Susan Collins is slated to speak at 9 AM, with further remarks planned for 10:30 AM and 11:55 AM. New York Fed President John Williams will take the floor at 1:15 PM. Before the opening bell, shares of Domino's Pizza ($DPZ) surged 7.7% following the disclosure of Berkshire Hathaway's (BRK.A, BRK.B) new stake in the pizza company.
Conversely, Applied Materials ($AMAT) saw a 7.5% decline despite reporting stronger-than-expected fiscal fourth quarter results. Meanwhile, Moderna's ($MRNA) shares fell by 1.4%. Other significant earnings reports to watch include those from Alibaba Group ($BABA) and Spectrum Brands ($SPB), expected shortly before market open. In pre-market activities, Bitcoin climbed 1.6% to reach $89,456, while West Texas Intermediate crude oil experienced a 0.8% decline, settling at $68.18 a barrel.
Yields on 10-year Treasuries rose by 1.9 basis points to 4.44%, and gold prices slightly increased by 0.1% to $2,576 an ounce..