US stock futures trended lower during Thursday’s premarket session, as investors brace for critical inflation and employment data set to be released later in the morning. The Dow Jones Industrial Average futures dropped by 0.5%, while S&P 500 futures declined by 0.68%, and Nasdaq futures fell by 0.81%.
On the other hand, oil prices saw an uptick, with the front-month global benchmarks Brent crude and West Texas Intermediate crude increasing by 0.49% and 0.46%, respectively. The Core Personal Consumption Expenditure Price Index for September, which is the Federal Reserve's preferred measure of inflation, will be disclosed at 8:30 am ET.
The monthly PCE is projected to rise to 0.3% from 0.1% in August, while annual inflation is anticipated to decrease to 2.6% from 2.7% the prior month, as reported by Bloomberg. Additionally, initial and continuing jobless claims are set to be announced at 8:30 am ET. Initial claims are expected to rise to 229,000, up from 227,000 the previous week, whereas continuing jobless claims are estimated to drop to 1,890,000 from 1,897,000, based on Bloomberg’s information. In the equities market, shares of Root ($ROOT) surged 82% during Thursday’s premarket after announcing a swing to profit in Q3 along with higher total revenue compared to a year ago.
Tenon Medical’s ($TNON) shares increased by 34% after reporting that initial clinical cases using its new Catamaran SE SI Joint Fixation Device showed a 30% reduction in implant width relative to the original device. Furthermore, Avadel Pharmaceuticals’ ($AVDL) stock advanced over 27% following a ruling in favor of the FDA in a lawsuit brought by Jazz Pharmaceuticals (JAZZ) concerning the FDA's approval of the Lumryz oxybate treatment. Conversely, Matinas BioPharma ($MTNB) shares plummeted 54% after announcing an immediate 80% reduction in workforce and the halting of all product development activities to conserve cash.
The layoffs were attributed to the termination of negotiations regarding a non-binding term sheet for global rights to MAT2203 from a potential partner. Moreover, Equillium ($EQ) shares fell by 44% after Ono Pharmaceutical decided to let run out an option to acquire Equillium's rights to itolizumab.
Additionally, shares of MDJM ($MDJH) dropped 47% following a minor gain in the previous session..