U.S. stock futures surged on October 13 as investors expect the start of earnings season and a new inflation reading.
The Dow Jones Industrial Average futures gained 24 points, whereas S&P 500 futures surged 0.1% and Nasdaq 100 futures boosted 0.4%.
Investors are waiting for September’s consumer inflation report. It is anticipated to have continued to rise at the same rapid pace as August.
Meanwhile, economists anticipate an increase of 0.3%, or a 5.3% annualized rate, when the consumer price index is published Wednesday. CPI, excluding energy and food, is likely to be up 0.3% month-over-month or 4% annualized.
Q3 earnings season kicked off on October 13 with JPMorgan Chase. The largest U.S. bank by assets announced quarterly profit, beating expectations following a rise from better-than-anticipated loan losses. Revenue for JPMorgan also came in higher than anticipated.
Additionally, the shares surged 0.2% in premarket trading.
Delta Air Lines will also publish a report before the opening bell on Wednesday. Analysts are anticipating positive earnings per share after six quarters of per-share declines.
Apple should reduce iPhone 13 production because of chip shortage
Apple shares were down in premarket trading after the news that it is likely to cut iPhone 13 production because of chip shortages. Chipmakers, Skyworks and Broadcom, were also down in premarket trading.
The FOMC will release the minutes from its September meeting on Wednesday. Investors will be watching for hints about timelines surrounding the central bank’s planned taper for its bond-buying program.
In the previous session, the major averages declined for the third straight session. Remarkably, the Dow Jones Industrial Average (DJIA) fell 117 points, dragged down by a 1.3% decline in Boeing’s stock. Meanwhile, the S&P 500 dipped 0.24%, whereas the Nasdaq Composite closed just 0.14% lower.
Furthermore, small-cap stocks outperformed on October 12, with the Russell 2000 surging 0.6%.