October 11, 2024

Stock Market Today: Dow futures ease ahead of PPI and bank earnings, while Tesla slumps

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How are stock-index futures trading:

S&P 500 futures fell 6.75 points, or 0.12%

Dow Jones Industrial Average futures fell 35 points, or 0.08%

Nasdaq 100 futures fell 44 points, or 0.22%

On Thursday, the Dow Jones Industrial Average fell 58 points, or 0.14%, to 42,454, the S&P 500 declined 12 points, or 0.21%, to 5,780, and the Nasdaq Composite dropped 10 points, or 0.05%, to 18,282.

Stock futures were down very slightly on Friday morning as investors braced themselves for a fresh batch of producer price index (PPI) data and third-quarter earnings statements from Wells Fargo, BNY Mellon, Blackrock and JPMorgan Chase.

Tesla also was in the spotlight, falling in premarket trade after its robotaxi event.

Thursday saw the publication of both stronger-than-expected consumer price index data and worse-than-expected initial jobless claims in what saw markets increase bets the U.S. Federal Reserve will make a 25 basis point rate cut at its upcoming meeting in November.

Heightened tensions in the Middle East also helped lift Brent crude prices as Israel’s public broadcaster reported Netanyahu’s government will soon make a decision on when Israel will respond to Iran’s strikes last week.

Stocks, in turn, fell from record highs as U.S. equities were unable to hold onto recent gains in what saw almost 70% of the S&P 500 index stocks end Thursday lower. European markets showed similar but less dramatic declines.

Alongside the PPI data and bank earnings, investors will also be watching out for comments from Chicago Fed President Austan Goolsbee, Dallas Fed President Lorie Logan and Federal Reserve Governor Michelle Bowman.

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