Stock Futures Today
Futures for the Dow Jones Industrial Average (DIA) today (Thursday) gained 32 points in pre-market hours as investors await word from the leaders of the European Central Bank. The ECB President Mario Draghi is expected to announce further stimulus to bolster the struggling Eurozone. Meanwhile, investors anticipate U.S. Federal Reserve Chairwoman Janet Yellen will further justify an interest rate hike next week. The expectations suggest a diverging path for the two central banks and could push the U.S. dollar toward parity with the euro in the future.
Yesterday, the Dow Jones Industrial Average fell 158 points after Yellen bolstered the case for an interest rate hike in December but said the event would still rely on data to justify the central bank’s decision. Oil prices slumped further on already bad news that the U.S. manufacturing sector is weakening. The Fed’s Beige Book suggested evidence of a sector-wide contraction was not an aberration.
Top News in the Stock Market Today
The Stock Market Today: Investors will listen to speeches from three members of the Federal Reserve, including chairwoman Janet Yellen. Investors are also reacting to the weekly jobless claims released by the U.S. Labor Department ahead of tomorrow’s critical November unemployment report.
Oil Outlook: Oil prices regained some footing this morning on news Saudi Arabia has proposed a plan to offer some price support and balance the global crude markets. The news comes after domestic prices fell below $40 yesterday for the first time since August as a struggling U.S. manufacturing sector and a bearish EIA supply report weighed on trader sentiment. In pre-market hours, January WTI prices added 1.8% to hit $40.70 per barrel. Meanwhile, Brent oil – priced in London – gained 2.4% to hit $43.54.
Earnings Outlook: ULTA, AMBA, KR, AEO, BKS, DG, MDT
Earnings Report No. 1, ULTA: After the market closes, Ulta Salon, Cosmetics & Fragrances Inc. (Nasdaq: ULTA) will report fiscal third-quarter earnings. The company is expected to report per-share earnings of $0.83 on top of $732.5 million in revenue.
Earnings Report No. 2, AMBA: Later this afternoon, Ambarella Inc. (Nasdaq:AMBA) will report fiscal third-quarter earnings. The pharmaceutical company is expected to report an EPS of $0.89 on $91.47 million in revenue.
Additional companies reporting earnings include Kroger Co. (NYSE: KR),American Eagle Outfitters (NYSE: AEO), Barnes & Noble Inc. (NYSE: BKS),Dollar General Corp. (NYSE: DG), and Medtronic Plc. (NYSE: MDT).
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