Futures rise on positive earnings; GDP data awaited

Asia's Tech News Daily

Traders work on the floor of the NYSE in New York

By Devik Jain

(Reuters) – U.S. stock index futures edged higher on Thursday, led by gains in Caterpillar, Merck and Ford after upbeat quarterly earnings, while investors awaited data that will likely throw light on the pace of the economic recovery.

The Commerce Department's advance gross domestic product report, due at 08:30 a.m. ET, will likely show the U.S. economy grew at a 2.7% annualized rate last quarter, its slowest pace in more than a year as COVID-19 infections flared up, upending global supply chains and fueling labor and goods shortages.

Market participants have been closely watching outlook from corporate America for clues on how companies are mitigating these challenges as they report their quarterly results.

Ford Motor Co jumped 10.2% in premarket trading after the carmaker reported a stronger-than-expected third-quarter profit and raised its full-year earnings forecast as strong demand for its trucks helped offset the hit from a global semiconductor shortage.

Shares of another Detroit automaker General Motors rebounded 1.7% from a 5.4% decline on Wednesday after its results.

Caterpillar Inc added 2.8% after posting a rise in third-quarter adjusted profit, while a 55% rise in quarterly profit reported by drugmaker Merck & Co Inc helped its shares gain 1.4%.

Stellar earnings report have driven the benchmark S&P 500 index and the Dow Jones Industrial Average to record highs this week, while bringing the tech-heavy Nasdaq to just 1.1% below its all-time peak hit on Sept 7.

Profits for S&P 500 companies are expected to grow 37.6% year-on-year in the third quarter, up from an expected 29.4% rise at the start of earnings season, according to data from Refinitiv.

Focus will also be on earnings reports from iPhone maker Apple Inc and ecommerce giant Amazon.com after market close on Thursday, wrapping up a largely upbeat reporting season for mega-cap technology stocks.

Google owner Alphabet Inc, Tesla Inc, Microsoft Corp and Facebook Inc rose between 0.2% and 2.9%.

At 6:53 a.m. ET, Dow e-minis were up 78 points, or 0.22%, S&P 500 e-minis were up 13.25 points, or 0.29%, and Nasdaq 100 e-minis were up 85.25 points, or 0.55%.

In the run-up to the Federal Reserve's policy meeting next week, market focus has also moved beyond pricing the likely taper of asset purchases this year and onto the timing of an interest rate hike next year.

The central bank's policy hinges on inflation expectations and a labor market recovery, with readings on weekly jobless claims and the Fed's favored inflation gauge, the core PCE price index, also on the radar.

Separately, The Washington Post reported U.S. President Joe Biden is expected to announce on Thursday that Democrats have agreed on a revised framework for his social spending plan that he expects will gain the support of all Democrats.

EBay Inc slipped 5.6% after the e-commerce firm projected downbeat holiday-quarter revenue.

(Reporting by Devik Jain in Bengaluru; Editing by Maju Samuel)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

How much Selling Sunset agents REALLY make selling homes – and Chrishell Stause doesn't get the top commission

SELLING Sunset has taken the world by storm as those at home watch celebrities buy stunning mansions from the real estate agents working for The Oppenheim Group Real Estate. But, ... Read more »

Easy access to tests could play a key role in fighting the Omicron variant

Photograph: Spencer Platt/Getty Images Experts applaud Biden’s plan to expand testing but wonder if the effort goes far enough to stop the spread of the virus US infectious disease experts ... Read more »

Six refugees granted visas in Australia but ordeal far from over

© Provided by Al Jazeera Three asylum seekers gesture to protesters holding a pro-refugee rights rally from their hotel room where they have been detained in Melbourne, after they were ... Read more »

Stock market investors should be cautious due to Omicron, says Market Analyst Nikhil Singh Sumal

© Provided by Zee News Over the last several trading sessions, domestic stock markets have seen a jump in volatility as investors remain concerned about the overall impact of the ... Read more »

Pensioners Alert! Deadline to submit Life Certificate extended: Check details here

© Provided by Zee News New Delhi: In a recent notification, the central government informed that the deadline for submitting life certificates for retirees this year had been extended. According ... Read more »

Charlie Adam explains controversial Rangers comments as Dundee star reveals whether he'll celebrate an Ibrox goal

Dundee midfielder Charlie Adam has moved to explain his controversial comments on Rangers as he prepares to face his old club on Saturday. The veteran came up through the Ibrox ... Read more »

Windows 11 Is Making It Easier To Change Default Browser - Here's How To Do It

© Provided by News18 Windows 11 Is Making It Easier To Change Default Browser – Here’s How To Do It Microsoft is making it easier for Windows 11 users to ... Read more »

Omicron scare: Mumbai airport revises rates of Rapid PCR test, ramps up testing | All you need to know

A health worker conducts an RT-PCR test (Photo: PTI file) Amid rising concerns over the new Covid-19 variant Omicron, the authorities at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) have ... Read more »

Omicron outbreak at Norway Christmas party is biggest outside S. Africa -authorities

Healthcare workers gear up after a person tests positive for omicron variant of coronavirus in Oslo, Norway By Gwladys Fouche and Nerijus Adomaitis OSLO (Reuters) – At least 13 people ... Read more »

Income Tax Return: How To Link Aadhar Card With Your ITR

© Ritu Singh | India.com Business Desk ITR cannot be filed electronically or manually without the Aadhar number. (Photo: IANS) New Delhi: The current income tax laws make it mandatory ... Read more »

WATCH: R Ashwin signals for DRS after getting bowled, gets trolled by former Australian cricketer

© Provided by WION Indian spinner R Ashwin had a brain fade moment in the middle of the pitch while batting during India’s first innings on Day 2 of the ... Read more »

Tega Industries IPO GMP, Subscription, Strength: Your Last Chance to Invest

© Provided by News18 Tega Industries IPO GMP, Subscription, Strength: Your Last Chance to Invest Tega Industries IPO: Tega Industries, which manufactures consumables for the mining company, is set to close ... Read more »

India vs New Zealand: Ajaz Patel becomes 3rd bowler to pick 10 wickets in a Test innings

© Devansh Sharma India vs New Zealand: Ajaz Patel becomes 3rd bowler to pick 10 wickets in a Test innings Mumbai born New Zealand left-arm spin bowler Ajaz Patel on ... Read more »

Don't cancel Christmas parties and kiss whomever you like, says No 10

No 10 is urging people not to cancel Christmas parties and says they are free to kiss whomever they like, in a bid to clear up confusion. Boris Johnson’s spokesman ... Read more »

Three arrested over death of woman in Co Down

The PSNI has appealed for information following the death of a woman in Co Down (Niall Carson/PA) (PA Archive) Three men have been arrested following the death of a 20-year-old ... Read more »

Isko Moreno to retire from politics if not elected president

© Provided by PEP.ph Tuluyan nang magpapahinga sa pulitika si Manila Mayor at presidential aspirant Isko Moreno kung hindi siya mahahalal na susunod na pangulo ng Pilipinas sa 2022 elections. ... Read more »

Prosecutors appeal dismissal of Philippines ferry disaster case

A lawyer for the families of victims of a 2008 Philippines ferry disaster vowed Saturday to challenge the dismissal of a criminal case against a shipping company executive. © JAY ... Read more »

NFTs' next hit may be music industry, former manager for Elton John and Beyonce says

© MATT WINKELMEYER Music manager Merck Mercuriadis believes NFTs will help to transform the music industry. AFP As a former music manager who once counted Elton John, Beyonce and Guns ... Read more »

‘Nutcase' killer stepmum ‘chased ex with a spade' & manipulated men, locals reveal as she's jailed over Arthur's murder

A KILLER stepmum chased an ex with a spade and manipulated men before murdering her six-year-old stepson, horrified neighbours say. Emma Tustin, 32, was caged for life yesterday after being ... Read more »

Britain's Got Talent's biggest transformations - Connie Talbot to Simon Cowell

Britain’s Got Talent has produced a string of household names since the show began just over 14 years ago – many of whom have undergone some amazing transformations. Whether it ... Read more »

Parents of teenager accused over school shooting caught in Detroit

© Provided by PA Media James and Jennifer Crumbley (District Court via AP) The parents of a teenager accused of killing four students in a shooting at a Michigan high ... Read more »

Man Utd told of huge Jesse Lingard blunder as David Moyes hints West Ham deal is off

© Getty Images Jesse Lingard and David Moyes, West Ham 2021, TEAMtalk David Moyes believes Manchester United have completely mistreated Jesse Lingard – but has appeared to suggest the player’s ... Read more »

Mel Brooks on losing the loves of his life: ‘People know how good Carl Reiner was, but not how great'

In February 2020, I joined Mel Brooks at the Beverly Hills home of his best friend, the director and writer Carl Reiner, for their nightly tradition of eating dinner together ... Read more »

Tensions grow as Nphet members must now ask Government for permission to appear on TV and radio

© Getty Dr Tony Holohan. (Photo by Brian Lawless/PA Images via Getty Images) Ministers have agreed new measures to stop senior health officials appearing in the media without the Government ... Read more »

No end to Gurgaon namaz row as protesters park trucks around prayer site

© Provided by The Indian Express Locals and members of right-wing groups who have been attempting to disrupt namaz in Gurgaon over the past weeks resorted to a new tactic ... Read more »

Why George Clooney turned down an offer to make $35 million in a day

George Clooney TIZIANA FABI/AFP via Getty Images George Clooney once had the chance to make $35 million for a single day of work. His response? Thanks, but no thanks. The ... Read more »

George Clooney explains why he rejected $35m for a single day's work

George Clooney has said he once turned down $35m (£26.m) for a single day’s work. The Hollywood actor, writer and director revealed in a new interview that the offer was ... Read more »

Woman who has never even been to Scotland furious as she receives £400 bill for Scottish property 200 miles from home

A WOMAN who has never even been to Scotland has been left furious after receiving a £400 bill for a property 200 miles from her actual home. Christine Young, 69, ... Read more »

'I am still able to hack it around like I do on the golf course' - Donaghy chasing Kerry glory at 38

© James Crombie INPHO Kieran Donaghy. KIERAN DONAGHY CASTS his mind back two decades. On Kerry county final weekend, he can recall being involved in a game of such stature ... Read more »

Spacious, stone-fronted three-bed terrace boasts large garden

© Provided by Extra.ie This end-of-terrace stone front house in Co Leitrim is presented in excellent condition and is within walking distance of Ballinamore town centre and all its amenities. ... Read more »

Norway's FHI: As of December 3, we have 19 omicron-positive samples

As of December 3, 19 positive samples with the omicron variant had been confirmed in Norway, according to a press release from the National Institute of Public Health (FHI). The ... Read more »

Mirzapur Season 2 wins big at Asian Academy Creative Awards 2021

Mirzapur Season 2 won top honour at the Asian Academy Creative Awards 2021. The second season of Mirzapur premiered on Amazon Prime Video in October 2020 and received an overwhelming ... Read more »

IIFT 2022 exam tomorrow: Check last minute revision tips to crack the exam

© Provided by The Indian Express The National Testing Agency (NTA) will conduct the Indian Institute of Foreign Trade (IIFT 2022) entrance exam on December 5, 2021. With only a ... Read more »

Jurors at Ghislaine Maxwell's trial shown Epstein's massage table, photo of sex toys

1 / 5Jurors at Ghislaine Maxwell’s trial shown Epstein’s massage table, photo of sex toysGhislaine Maxwell trial in New York By Luc Cohen NEW YORK (Reuters) -A green massage table ... Read more »

Epstein's massage table brought into court on fifth day of Ghislaine Maxwell trial

Jeffrey Epstein’s green massage table was brought into the courtroom and shown to jurors on the fifth day of Ghislaine Maxwell’s trial over her alleged involvement in the late financier’s ... Read more »

Key moments from the first week of Ghislaine Maxwell's sex abuse trial

Ghislaine Maxwell trial in New York By Luc Cohen NEW YORK (Reuters) – Ghislaine Maxwell's sex abuse trial in Manhattan federal court began this week. Prosecutors have accused the British ... Read more »

Tel Aviv Is Named the Most Expensive City in the World

On Dec. 1, the Economist Intelligence Unit released this year’s Worldwide Cost of Living report Read more »

Brother charged with murder and sexual assault of 16-year-old Amber Gibson

The police scene at Cadzow Glen park in Hamilton where the body of Amber Gibson was discovered (Lucinda Cameron/PA) (PA Wire) Connor Gibson has been charged with murdering and sexually ... Read more »

Toy Story: Disturbing theory about Woody will change how you watch the films

There is a potential revelation about Toy Story 3 that gives the film a disturbing twist. The sequel, which was released in June 2010, follows the gang as they are ... Read more »

New Giant Jake Fromm will be get up-close look at Tua Tagovailoa again

There will be an Alabama-Georgia football doubleheader this weekend, courtesy of the SEC Championship game … and the Giants’ game at the Dolphins. After the two college powerhouses meet Saturday, ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic