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U.S. Stock Futures Point to Slightly Higher Open after Selloff

Stock Markets Oct 03, 2019 06:59AM ET
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Investing.com - U.S. stock futures pointed to a slightly higher open on Thursday as Wall Street's main indexes attempted to stage a recovery in the wake of their sharpest one-day decline in almost six weeks a day earlier.

By 6:55 AM ET, Dow futures were up 46 points or 0.1%. S&P 500 futures futures were up just 6 points or 0.2% and Nasdaq 100 futures rose 0.3%.

Markets tumbled on Wednesday after employment and manufacturing data suggested that the U.S.-China trade war is taking an increasing toll on the U.S. economy.

Adding to trade concerns, the U.S. won approval on Wednesday to levy tariffs on $7.5 billion worth of European goods over illegal subsidies handed to Airbus, threatening to trigger a transatlantic trade war.

Investors were looking ahead to the release of IHS Markit’s services and composite purchasing managers indices, along with the Institute of Supply Management’s non-manufacturing surveys later in the trading day for fresh indications of the strength of the economy, ahead of Friday’s government employment report for September.

Earlier Thursday, Chicago Fed President Charles Evans said the outlook for the U.S. economy is "quite good" but modest monetary policy adjustments will not be enough to offset potential economic shocks.

In earnings news, shares in Pepsi (NASDAQ:PEP) rose in premarket trading after it beat quarterly revenue and profit estimates, as ramped up advertising and new low-calorie versions of Gatorade boosted demand for its beverages in North America. Earnings were down nearly 15% year-on-year, even so.

Brewer Constellation Brands (NYSE:STZ) was also due to report ahead of the opening bell, while Costco (NASDAQ:COST) was set to report after the close.

Meanwhile, Tesla (NASDAQ:TSLA) was in focus after falling short of expectations with its third-quarter deliveries, which totalled 97,000. CEO Elon Musk had predicted the company would crack 100,000 for the first time.

The U.S. dollar index, which measures the greenback against six rival currencies, was little changed at 98.74. In commodities, gold futures were flat at $1,507.55 a troy ounce, while crude oil was a touch lower at $52.55 a barrel.

--Reuters contributed to this report

U.S. Stock Futures Point to Slightly Higher Open after Selloff
 

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Comments (3)
Abhishek Mall
Abhishek Mall Oct 03, 2019 8:06AM ET
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Your news analysis is just waste of time!! Now Dow fut is negative.
Brad Dover
Brad Dover Oct 03, 2019 8:06AM ET
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Adding to trade concerns, the U.S. won approval on Wednesday to levy tariffs on $7.5 billion worth of European goods over illegal subsidies handed to Airbus, threatening to trigger a transatlantic trade war.
Derek Klardie
Derek Klardie Oct 03, 2019 7:15AM ET
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Corrections are healthy. They are normal so stop suppressing them. Just let it happen it's like throwing up when you get sick...
Michael Taurosa
Michael Taurosa Oct 03, 2019 7:15AM ET
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The market was down yesterday. It was down the day before. Its well off its highs. How much more should it plummet? The fed mistakenly raised interest rates as much as everyone hates to hear that. Just letting the market remain in freefall is bad. However if you asked me last month I would of said yes the market is overbought but that was when the S&P was above 300. Its since corrected by a decent amount.
 
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