US stocks appear poised to open lower during Wednesday's trading session, as investors await critical economic indicators such as existing home sales figures, crude oil inventories, and a significant speech by Federal Reserve board member Michelle Bowman. Futures for the Dow Jones Industrial Average have dipped by 0.6%, while S&P 500 and Nasdaq futures have also seen declines of 0.3% and 0.4% respectively.
The National Association of Realtors is anticipated to release the existing home sales data for September, with expectations of an increase to 3.88 million from 3.86 million recorded in August. This report is pivotal, as it serves as both a reflection of the US housing market's condition and a broader gauge of the nation’s economic vigor. Additionally, the Energy Information Administration is expected to report a weekly change in crude oil inventories, estimating an increase of 700,000 barrels, a notable change from the previous month's report, which saw a decrease of 2.2 million barrels.
Michelle Bowman is set to speak at the Eighth Annual Fintech Conference, and market participants are keenly looking for insights regarding the Federal Reserve's future interest rate considerations. Notably, Bowman previously expressed dissent regarding the Fed's decision to cut rates during the Federal Open Market Committee meetings. Meanwhile, oil prices are taking a hit, with both front-month global benchmarks, Brent crude and West Texas Intermediate crude, experiencing declines of 1.7% and 1.8%, respectively. Examining other global markets, Japan's Nikkei index has fallen by 0.8%, while Hong Kong's Hang Seng index has risen by 1.3%, and China's Shanghai Composite has observed a modest increase of 0.5%.
In Europe, the UK's FTSE 100 is down 0.6% in early trading, alongside Germany's DAX and France's CAC, which have decreased by 0.2% and 0.7%, respectively. Shifting focus to notable equity movements, shares of Virax Biolabs Group ($VRAX) surged by 70% after announcing that its Cambridge Bioscience unit has secured a distribution agreement with Europa Biosite to market its ImmuneSelect Research Use portfolio in both the UK and Ireland.
Similarly, shares in DBV Technologies ($DBVT) skyrocketed by 61% during Wednesday's premarket session following favorable regulatory updates concerning its Viaskin Peanut Patch in both the US and European markets. Spirit Airlines ($SAVE) has seen its stock increase by 30% after reports surfaced in The Wall Street Journal, citing sources that Frontier Group (ULCC) is considering reviving its bid for a merger with the airline, with preliminary discussions already underway. Conversely, shares of Alto Neuroscience ($ANRO) plummeted by 63% after announcing that a phase 2b clinical trial of their ALTO-100 for treating major depressive disorder did not meet its primary goals.
Furthermore, Genprex ($GNPX) felt the pinch with its stock dropping 18%, after experiencing a near 138% rise in the previous session. Constellium ($CSTM) reported a 17% decline in its shares following disappointing Q3 earnings and revenue figures that were below analyst projections from Capital IQ. Lastly, Enphase Energy ($ENPH) shares fell by 16% after reporting Q3 non-GAAP earnings and revenue that also trailed analyst expectations. Overall, the market reflects a mix of optimism from certain sectors while grappling with downward pressures stemming from disappointing earnings reports..