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Stocks- U.S. Futures Point to Flat Open

Published 2017-10-18, 06:50 a/m
Updated 2017-10-18, 06:54 a/m
© Reuters.  U.S. futures flat ahead of earnings releases.

© Reuters. U.S. futures flat ahead of earnings releases.

Investing.com – U.S futures edged forward on Wednesday as investors digest third quarter earnings results.

The S&P 500 futures increased two and a half points or 0.10% as of 6:34 AM ET (11:34 GMT) while Dow futures jumped 54 points or 0.24%. Tech heavy Nasdaq 100 futures was down three and a half points or 0.06%.

In pre-market trading, technology firm IBM (NYSE:IBM) surged 4.54% after its third quarter earnings topped analysts’ expectations. Consumer goods firm Unilever (LON:ULVR) rose 0.74% while communications firm Nokia (HE:NOKIA) increased 0.68% after a video was leaked of its upcoming Nokia 9 phone.

Meanwhile, mining firm Rio Tinto (LON:RIO) fell 1.81% while restaurant chain Chipotle Mexican Grill Inc (NYSE:CMG) decreased 1.71%. Biotech firm Shire plc (NASDAQ:SHPG) was down 1.32% amid pressure from activist fund Sachem Head Capital Management to spin off or sell its assets.

Earnings season continues on Wednesday, with bank US Bancorp (NYSE:USB) expected to release its earnings before the morning bell. Other firms such as credit card giant American Express (NYSE:AXP) and airline company United Continental Holdings Inc (NYSE:UAL) will release their third quarter earnings after the markets close.

In economic news, building permits for September will be released at 8:30 AM ET (1:30 PM GMT), a key indicator of demand in the housing market. Crude oil inventories, which measures the weekly change in the number of barrels of commercial crude oil held by US firms, will be released at 10:30 AM ET (3:30 PM GMT).

Federal Reserve Bank of New York President William Dudley and Federal Reserve Bank of Dallas President Robert Kaplan who both speak at 8:00 AM ET (1:00 PM GMT). Investors will also be listening closely for signs of who will replace Federal Reserve Chair Janet Yellen next year. U.S. President Donald Trump is expected to make a decision before Nov. 3.

Stocks in Europe edged forward. Germany’s DAX jumped 67 points or 0.52%, while France’s CAC 40 increased 29 points or 0.54% and Spain’s IBEX 35 fell 20 points or 0.20%. In London, the FTSE 100 was up 22 points or 0.29$ while the pan-European Euro Stoxx 50 inched forward 9 points or 0.26%.

In commodities, gold futures fell 0.24% to $1,283.17 an ounce while Crude Oil WTI Futures increased 0.40% to $52.09 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, rose to $93.54.

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