Wall Street futures pointed solidly lower pre-bell Thursday after tech giants Microsoft (MSFT) and Meta Platforms (META) reported tempered earnings and outlooks late Wednesday, undercutting investor optimism. Tech bellwethers Apple (AAPL), Amazon (AMZN) and Intel (INL) are slated to report quarterly earnings after-bell. In economic news, the September personal income and outlays report posts at 8:30 am ET, that includes the personal consumption expenditures core price index, aka the PCE-core, the Federal Reserve's preferred inflation metric.
Pundits project a 2.6% on year rise on the price gauge. In the futures, the S&P 500 fell 0.8%, the Nasdaq declined 1% and the Dow Jones was off 0.5%. Asian exchanges traded mostly lower overnight, while European bourses lost ground midday on the continent. In earnings news, Willis Towers Watson (WTW) traded up 1.5% pre-bell after the insurance brokerage giant reported Q3 adjusted earnings up on year and above expectations of analysts surveyed by Capital IQ.
Company revenue also rose, and met expectations. Merck (MRK) traded evenly after the drugmaker reported Q3 adjusted earnings down on year, but met outlooks. Q3 sales rose, and marginally topped expectations. Merck modestly trimmed guidance. On the economic calendar, in addition to the PCE report, is the Challenger Job-Cut Report for October at 7:30 am ET, followed by the weekly jobless claims bulletin at 8:30 am. The Q3 employment cost index also posts at 8:30 am, followed by the Chicago PMI at 9:45 am, and then the weekly EIA natural gas report at 10:30 am. In pre-market action, bitcoin traded at $72,251, West Texas Intermediate crude oil traded higher at $69.01, and 10-year US Treasuries offered 4.27%.
Spot gold traded for $2,778 an ounce. $US30 $US500.