Building on yesterday’s gains of 0.3%-0.8% for US indices, US index futures are up 0.2% to 0.8% this morning with NASDAQ futures playing catch up. The US 10-year treasury note yield is holding near 4.05%.
Overseas, China markets struggled overnight with Hong Kong and Shanghai both falling 1.0%. Chinese Q3 GDP, retail sales and industrial production come out overnight tonight.
US retail sales (0.4% vs street 0.3%), beat street expectations, along with the Philadelphia Fed Manufacturing Survey (10.3 vs street 3.0), and initial weekly jobless claims (241K vs street 260K). US industrial production is due at 9:15 am EDT, followed by the NAHB Housing Market Index at 10:00 am.
Europe is having a good day with the Dax up 0.7%, the FTSE up 0.5% and the CAC up 1.25%. The European Central Bank cut its benchmark interest rate by 0.25% to 4.25% as had been widely expected.
Its another busy morning for results from the US Financials sector. Asset manager Blackstone, insurer Travelers (up 4.3% premarket), and several regional banks have beaten expectations, although KeyCorp disappointed. Netflix*, today’s headliner, reports after the close this afternoon.
Commodity action is mixed today with US Crude Oil up 0.4%, and Copper down 0.8%. Gold is steady, still trading near $2.700/oz.
*Shares of Netflix are held in some portfolios managed by SIA Wealth Management.