(C) Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 13, 2021. REUTERS/Brendan McDermid
(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 (NYSE:JPM), peers Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Morgan Stanley (NYSE:MS) 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.
Mega-caps growth names including Facebook Inc (NASDAQ:FB), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Tesla (NASDAQ:TSLA) Inc, Apple Inc (NASDAQ:AAPL) and Google-parent Alphabet (NASDAQ:GOOGL) rose about 1%.
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 (NYSE:UNH) 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 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.
Futures climb ahead of big bank earnings, producer prices data
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.