Futures climb ahead of big bank earnings, producer prices data



(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Futures up: Dow 0.61%, S&P 0.69%, Nasdaq 0.81%

Oct 14 (Reuters) - U.S. stock index futures climbed on Thursday as surging oil prices lifted energy shares, while investors awaited earnings updates from big banks and a fresh reading on inflation data.

After a strong quarterly performance from JPMorgan Chase & Co JPM.N , peers Bank of America BAC.N , Citigroup C.N , Wells Fargo WFC.N and Morgan Stanley MS.N were set to publish their results before the opening bell.

Their shares edged higher in premarket trading after declining sharply in the previous session.

The S&P 500 and the Nasdaq ended higher on Wednesday, led by mega-cap tech names after the Federal Reserve signaled it could start reducing its crisis-era support by mid-November, with several policymakers worried that high inflation could persist longer than previously thought.

The case for a Fed interest-rate hike was further strengthened on Wednesday as consumer prices rose solidly in September. All eyes are on producer prices data and initial jobless claims, due at 08:30 a.m. ET. At 06:00 a.m. ET, Dow e-minis 1YMcv1 were up 208 points, or 0.61%, S&P 500 e-minis EScv1 were up 30.25 points, or 0.69%, and Nasdaq 100 e-minis NQcv1 were up 119.25 points, or 0.81%.

Mega-caps growth names including Facebook Inc FB.O , Microsoft Corp MSFT.O , Amazon.com Inc AMZN.O , Tesla Inc TSLA.O , Apple Inc AAPL.O and Google-parent Alphabet GOOGL.O rose about 1%.

Energy firms including Chevron Corp CVX.N and Exxon Mobil XOM.N gained 0.7% and 1.2%, respectively, tracking Brent crude prices LCoc1 that rose toward $84 per barrel.

Rising oil prices coupled with supply chain disruptions have rattled investors, with investors focusing on how companies are going to mitigate rising costs as earnings get under way.

UnitedHealth Group Inc UNH.N rose 2.1% after the health insurer beat analysts' estimates for third-quarter profit, helped by a jump in revenue from its Optum unit that manages drug benefits.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co Ltd TSM.N added 3.4% after the chipmaker posted a 13.8% jump in quarterly profit and lifted its revenue growth forecast for 2021, citing an "industry megatrend" of strong chip demand.

Pharmacy chain Walgreens Boots Alliance Inc WBA.O and pizza chain Domino's Pizza Inc DPZ.N are also slated to report their quarterly earnings later in the day.
Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.