Stock futures may rebound ahead of earnings reports

FAN Editor

Equity futures are pointing to a modestly higher start to trading.

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Dow Jones futures were rising by 0.11 percent. The S&P 500 added 0.17 percent and the Nasdaq Composite was up 0.35 percent.

Dow components Procter & Gamble and Honeywell will report earnings before the opening bell.

On the economic calendar, traders will get the latest numbers on existing home sales.

U.S. stocks fell Thursday after U.S. Treasury Secretary Steven Mnuchin tweeted that he will not attend the Saudi summit.

The Dow Jones Industrial Average slipped 327.23 points, or 1.27 percent, to 25,379.45. The blue-chip index fell as much as 470 points in another volatile session.

The broader S&P 500 dropped 40.43 points, about 1.4 percent, to 2,768.78. The Nasdaq Composite fell 157.56 points, or 2.06 percent, to 7,485.14.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25379.45 -327.23 -1.27%
SP500 S&P 500 2768.78 -40.43 -1.44%
I:COMP NASDAQ COMPOSITE INDEX 7485.1387 -157.56 -2.06%

Mnuchin joined a growing list of global business and world leaders that have cancelled their attendance at the Future Investment Initiative summit in Saudi Arabia next week, in response to Saudi Arabia’s potential involvement in the disappearance of journalist Jamal Khashoggi. FOX Business Network, a sponsor of the conference, also said it will not attend.

Economic data released Thursday included weekly jobless claims. Initial claims dropped by 5,000 to a seasonally adjusted 210,000 in the week ended Oct. 13, according to the Labor Department. This matched economists’ expectations.

In Asian markets, China’s third quarter economic growth slowed to its weakest pace since the global financial crisis.

It missed expectations at 6.5 percent as a years-long campaign to tackle debt risks and the trade war with the United States began to take hold.

Beijing moved to mitigate rising risks to the economy.  Regulators pledged steps aimed at calming markets and supporting struggling firms.

China’s Shanghai Composite rose 2.58 percent after dipping to near four-year lows.

Hong Kong’s Hang Seng index had a volatile morning, but was up about 0.5 percent in late afternoon trade.

Nikkei ended the day down 0.56 percent, recording a third week of losses.

In Europe, London’s FTSE opened up 0.2 percent, Germany’s DAX was lower by 0.1 percent and France CAC was higher by 0.1 percent.

Fox Business’ Leia Klingel contributed to this report

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