Make Kitco Your Homepage

Nasdaq futures lifted by Big Tech as focus turns to earnings

Kitco News

Oct 12 (Reuters) - Gains in technology stocks kept Nasdaq futures afloat on Tuesday, while futures tracking the Dow and the S&P 500 were pressured by worries of higher inflation and its impact on third-quarter earnings starting this week.

Mega-caps growth names including Microsoft Corp (MSFT.O), Facebook Inc (FB.O), Amazon.com Inc (AMZN.O), Google-parent Alphabet (GOOGL.O) and Tesla (TSLA.O) inched higher in premarket trading.

Tesla rose 0.7% after data showed the electric vehicle maker sold 56,006 China-made vehicles in September, the highest since it started production in Shanghai about two years ago. read more

Oil firms including Exxon Mobil (XOM.N) and Chevron Corp (CVX.N) gained 0.1% and 0.3%, respectively, as Brent crude hit a near-three year high on energy crunch fears.

Higher oil prices and supply chain disruptions have set off alarm bells for businesses and consumers ahead of the third-quarter reporting season that kicks off on Wednesday with JPMorgan Chase & Co's (JPM.N) results.

"We believe that market participants could stay concerned over high energy prices translating into further acceleration in inflation, and thereby faster tightening by major central banks," said Charalambos Pissouros, head of research at JFD Group.

Shares of JPMorgan and other major U.S. lenders traded lower.

Analysts expect a 29.6% year-over-year increase in profit for S&P 500 companies in the third quarter, according to IBES data from Refinitiv as of Friday. read more

At 6:42 a.m. ET, Dow e-minis were down 22 points, or 0.06%, S&P 500 e-minis were up 0.25 points, or 0.01%, and Nasdaq 100 e-minis were up 31 points, or 0.21%.

Investors also looked ahead at the release of minutes from the Federal Reserve's meeting on Wednesday for clues on taper timeline, while inflation and retail sales data will be scrutinized to gauge the pace of economic recovery.

MGM Resorts International (MGM.N) rose 2.2% after Credit Suisse upgraded the U.S. casino operator's stock to "outperform" from "neutral".

Reporting by Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.