Futures gain on Amazon, Intel boost; key inflation data awaited
© Reuters. Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 26, 2023. REUTERS/Brendan McDermidAmazon.com gained 5.4% in premarket trading after saying growth in its cloud business is stabilizing on signing new deals. However, it warned that customers remained wary about spending heading into the holiday quarter.
Intel gained 7.9% after forecasting fourth-quarter revenue and margins above estimates as the chipmaker was optimistic about a rebound in personal computer sales, improved data center business and demand for manufacturing services.Investor focus will be on personal consumption expenditure for September, the Federal Reserve's preferred inflation metric, at 8:30 a.m. ET for more clarity on the monetary policy outlook.
The U.S. Commerce Department's report is expected to show a 0.3% monthly rise in the headline and core figures, excluding volatile energy and food items, according to a Reuters poll. Annually, they are seen rising 3.4% and 3.7%, respectively. Traders have fully priced in an interest rate hold in the Fed's policy decision on Nov. 1 and a 80% chance of the same in December, as per CME's FedWatch tool.All the three benchmark indexes are set for weekly and monthly losses with investors gauging the earnings and data deluge for clues on the economy's strength.) lost 2.
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S&P 500 futures rise after well-received Amazon and Intel resultsSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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