Building on Thursday’s gains, U.S. stock futures pointed to a higher open on Friday, ahead of another busy day in the earnings season, with reports from Morgan Stanley and General Electric Co. on tap. Upbeat growth from China also helped lift the mood and sent stocks higher in both Europe and Asia. Futures for the Dow Jones Industrial Average DJZ3 +0.30% added 24 points, or 0.2%, to 15,320, while those for the S&P500 index SPZ3 +0.15% picked up 2.50 points, or 0.1%, to 1,730.30. Futures for the Nasdaq 100 index NDZ3 +1.13% rose 14 points, or 0.4%, to 3,315.00. The gains came after the S&P 500 SPX +0.67% on Thursday finished at a record level, as Wall Street turned from the fiscal drama on Capitol Hill to corporate earnings that included better-than-expected results from Verizon Communications Inc. VZ +1.33% . “The sentiment in the market today is one of mild relief and back to business as usual. In spite of very few actually believing the U.S. would default on its debt, most money managers had at least worked hard to prepare for the event. Now, the market is getting back to pricing in future value and observing performance,” said David White, trader at Spreadex, in a note on Friday. Chinese data showing the country’s gross domestic product grew 7.8% in the third quarter further helped to lift investors’ mood premarket on Friday. Earnings are also in the spotlight. Dow component General Electric GE +2.92% on Friday posted net earnings of 31 cents a share in the third quarter, while profit slipped 9% to $3.2 billion. GE was projected to report third-quarter earnings of 35 cents a share, according to a consensus survey by Thomson Reuters. Heavyweight bank Morgan Stanley MS +2.66% is also slated to deliver its latest quarterly results on Friday. It’s the last of the six mega-banks to report and is forecast to post third-quarter profit of 40 cents a share. Analysts at Citi earlier this month cut Morgan Stanley’s earnings outlook by 5 cents a share to 40 cents on lower core trading revenue, particularly from its fixed-income unit. So far, the season for banks sis best described as “plodding”. Honeywell International Inc. HON -0.87% is expected to report earnings of $1.24 a share in the third quarter. Google Inc. GOOG +9.70% late Thursday posted third-quarter profit and revenue ahead of Wall Street expectations, sending its shares up nearly 8% in after-hours trading. They also saw a rise of 8% premarket on Friday. Shares of Chipotle Mexican Grill Inc. CMG +7.95% are expected to be active in Friday’s action, after the burrito chain late Thursday reported third-quarter revenue ahead of expectations. Unlike earnings, it’s quiet on the data calendar for investors. The now-ended government shutdown delayed several readings that will now gradually be released in coming weeks. On Tuesday, the September nonfarm-payrolls report will come out, while consumer-price numbers for the same month will be released Oct. 30. But there are a number of Federal Reserve speakers on the schedule, who will be watched by analysts looking for any clues on the timing of a bond-buying taper. At 8 a.m. Eastern Time, Richmond Fed President Jeffrey Lacker — who isnt a voting member of the central bank’s policy-making committee — gives opening remarks at a Fed conference. Fed Governor Daniel Tarullo, who is a voting member, gives a keynote speech in Washington at 1 p.m. Voting member and Chicago Fed President Charles Evans will speak at 2 p.m., followed by another voter, New York Fed President William Dudley, at 3:40 p.m. Rounding off the lineup of Fed speakers, Jeremy Stein is set to talk about “methods for addressing financial imbalances” at 4.30 p.m. In other financial markets on Friday, the dollar moved lower, while most metals and oil were on the rise. Registers here: ironfxsolidtradingindonesia.blogspot/
Posted on: Fri, 18 Oct 2013 11:38:19 +0000
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