(Bloomberg) — Stock futures fluctuated as traders weighed the latest inflation data, while big banks climbed after reporting earnings.
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Markets barely budged after data showed the producer price index for final demand was flat in September, restrained by declines in gasoline, suggesting further progress toward tamer inflation. S&P 500 contracts were little changed. Treasuries saw small losses across the curve, with the yield on 30-year bonds hitting the highest since July. The dollar fluctuated.
“Overall, this is a relatively benign update on producer prices and one that we doubt will materially shift policy expectations,” said Ian Lyngen at BMO Capital Markets. “From here, the market will be watching the University of Michigan Sentiment survey, although we doubt this will have a material impact on the tone in US rates into the long weekend.”
Corporate Highlights:
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JPMorgan Chase & Co. reported a surprise gain in net interest income for the third quarter and raised its forecast for the key revenue source, even amid expectations that US interest rates will continue to fall.
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Wells Fargo & Co. posted third-quarter profit that topped analyst expectations as a surge in investment-banking fees helped counter a dip in lending revenue as interest rates fall.
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BlackRock Inc. pulled in a record $221 billion of total client cash last quarter, pushing the world’s largest money manager to an all-time high of $11.5 trillion of assets as it seeks to become a one-stop shop for stocks, bonds and, increasingly, private assets.
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Bank of New York Mellon Corp.’s third-quarter profit topped expectations after a jump in asset values fueled a 5% increase in fee revenue.
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Elon Musk unveiled Tesla Inc.’s highly anticipated self-driving taxi at a flashy event that was light on specifics, leaving investors questioning how the carmaker expects to achieve its ambitious goals.
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With the paralyzing labor strike now running for a full four weeks, Boeing Co. is taking a harder line with union representatives by filing unfair labor practice charges, saying the other side has bargained in bad faith and undermined its own deal.
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Humana Inc. released final quality ratings for private Medicare Advantage health plans.
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BP Plc expects its net debt to have risen in the third quarter due to lower refining margins and changes to the timing of asset sales.
Some of the main moves in markets:
Stocks
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S&P 500 futures were little changed as of 8:33 a.m. New York time
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Nasdaq 100 futures fell 0.1%
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Futures on the Dow Jones Industrial Average were little changed
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The Stoxx Europe 600 rose 0.1%
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The MSCI World Index was little changed
Currencies
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The Bloomberg Dollar Spot Index fell 0.1%
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The euro rose 0.1% to $1.0945
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The British pound rose 0.1% to $1.3076
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The Japanese yen fell 0.2% to 148.89 per dollar
Cryptocurrencies
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Bitcoin rose 2.8% to $61,375.66
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Ether rose 2.4% to $2,422.78
Bonds
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The yield on 10-year Treasuries advanced two basis points to 4.08%
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Germany’s 10-year yield advanced three basis points to 2.28%
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Britain’s 10-year yield advanced two basis points to 4.23%
Commodities
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West Texas Intermediate crude fell 0.6% to $75.39 a barrel
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Spot gold rose 0.7% to $2,648.84 an ounce
This story was produced with the assistance of Bloomberg Automation.
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