After two consecutive days of decline, US stock futures headed
higher this morning ahead of key manufacturing data.
Later this morning, we will get the US ISM manufacturing index,
which economists believe fell 1.2 points in October to 55. This
indicates that growth slowed during the government shutdown, but
the sector still expanded. In a recent statement, the Fed said that
manufacturing growth is slowing down, but Chicago PMI jumped to a
two-year high of 65.9 last month.
Before the data release, stock futures were heading upward.
(INDEXDJX:.DJI) futures were up 0.28% at 15,521.00 while futures on
(INDEXSP:.INX) rose 0.18% to 1,754.20.
(INDEXNASDAQ:.IXIC) futures climbed 0.27% to 3,378.25.
Overnight, China published its manufacturing PMI, which rose to
50.9 from 50.2 in September, beating expectations. Readings over 50
indicate improving conditions. Australian PMI also rose to 53.2
from 51.7, as Australia's economy is very much tied to Asia's.
Federal Reserve members Jeffrey Lacker and James Bullard, a hawk
and a dove, respectively, will both deliver speeches today.
Following mixed results for energy peers,
) earnings missed expectations. EPS trailed estimates by $0.14 at
$2.57, down fro $2.69 a year earlier. Revenue of $58.5 billion was
higher than forecast. Like
), Chevron blamed lower margins for refining for the decline in
) could see heavy trading today as automakers publish October sales
numbers. Economists say that the annualized pace of domestic
vehicles rose by 100,000 to 11.9 million and total sales rose to
15.4 million from 15.3 million.
) shares fell 4.16% despite reporting that net profit rose 17% in
the third quarter. Earnings per share of $0.96 beat expectations,
but its property and casualty insurance unit paid out more than it
took in through premiums.
(AAPL) iPad Air goes on sale today with the usual queues in front
of Apple stores, but the hype around this device wasn't as high as
the iPhone earlier this fall. The iPad Mini models will go on sale
on Nov. 21.