US stock futures are signaling a decline in Thursday's premarket session as investors prepare for crucial inflation and employment figures to be unveiled later this morning. Futures for the Dow Jones Industrial Average dropped by 0.5%, S&P 500 futures fell by 0.68%, and Nasdaq futures decreased by 0.81%. Meanwhile, oil prices are on the rise, with front-month global benchmarks Brent crude and West Texas Intermediate crude increasing by 0.49% and 0.46%, respectively. At 8:30 am ET, the monthly and annual Core Personal Consumption Expenditure Price Index for September will be published, which is the Federal Reserve's favored measure of inflation.
Forecasts predict a rise in the monthly PCE to 0.3% from 0.1% in August, while annual inflation is anticipated to drop to 2.6% from 2.7% the previous month, as reported by Bloomberg. The initial and continuing jobless claims will be disclosed at the same time. Initial claims are expected to rise to 229,000 from 227,000 the previous week, while continuing claims are projected to decline to 1,890,000 from 1,897,000, based on Bloomberg's analysis. Regarding equities, Root ($ROOT) shares surged by 82% in Thursday's premarket after the company announced it achieved a Q3 profit and recorded increased total revenue compared to a year ago.
Tenon Medical's ($TNON) stock increased by 34% following the announcement of successful initial clinical cases involving its new Catamaran SE SI Joint Fixation Device, which revealed a 30% reduction in implant width versus the original device. Additionally, shares of Avadel Pharmaceuticals ($AVDL) rose by over 27% after a court ruled in favor of the Food and Drug Administration against Jazz Pharmaceuticals (JAZZ) concerning the FDA's endorsement of the Lumryz oxybate treatment. Conversely, Matinas BioPharma ($MTNB) witnessed a drop of 54% after revealing plans to cut its workforce by 80% immediately and halt all product development efforts to preserve capital.
This decision stems from the termination of talks regarding a non-binding term sheet for the global rights to MAT2203 with a potential partner. Equillium ($EQ) also saw shares tumble by 44% after Ono Pharmaceutical allowed an option to acquire Equillium's rights to itolizumab to expire. Furthermore, MDJM ($MDJH) shares dropped by 47%, following a slight increase in the preceding session..