Wall Street futures pointed moderately lower pre-bell Thursday as traders awaited the pending consumer inflation report from Washington and prepared for the earnings season. The consumer price index for September is set to release at 8:30 am ET, with analysts projecting a year-over-year rise of 2.3% and a core CPI increase of 3.2%, which excludes certain food and energy costs.
Inflation rates that significantly exceed or fall short of these expectations could play a crucial role in influencing US Federal Reserve policymakers during their upcoming policy session starting on Nov. 6. Several notable companies are scheduled to report earnings pre-bell on Friday, including JPMorgan Chase (JPM), Wells Fargo (WFC), and BlackRock (BLK).
In the futures market, the S&P 500 was down 0.2%, the Nasdaq declined by 0.2%, and the Dow Jones saw a slight decrease of 0.1%. Asian exchanges traded mostly higher overnight, indicating a positive tone in those markets, while European bourses tracked sideways as midday approached on the continent.
Notably, Delta Air Lines (DAL) experienced a significant stock drop of 5.9% pre-bell after the company announced lower Q3 adjusted earnings. Similarly, Domino's Pizza (DPZ) shares fell by 1.3% pre-bell following a revision to its fiscal 2024 net store growth guidance, reflecting ongoing challenges in the food service sector. On the economic calendar, in addition to the CPI report, traders will also be eyeing the weekly jobless claims bulletin set to be released at 8:30 am ET.
Later in the morning, the weekly EIA domestic natural gas report will be posted at 10:30 am. Noteworthy speeches will also be made by Federal Reserve Governor Lisa Cook at 9:15 am, Richmond Fed President Thomas Barkin at 10:30 am, and New York Fed President John Williams at 11 am. In premarket activity, Bitcoin was trading at $63,127, representing a key point of interest for cryptocurrency investors.
Meanwhile, West Texas Intermediate crude oil traded higher at $74.40, and the 10-year US Treasuries offered a yield of 4.08%. Spot gold traded at $2,618 an ounce, maintaining its position as a safe-haven asset in uncertain economic times. Additionally, traders are watching the movements of indices like $US30 and $US500 closely as they react to these developments..