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US Pre Market Open: Wall Street fails to follow Tokyo’s lead; earnings in focus

Market Analysis /
16 Oct 2018

It’s been a relatively quiet overnight session for US index futures with little to suggest that Wall Street is going to follow Tokyo’s lead, where improving risk sentiment left the Nikkei posting meaningful gains on the day. Earnings season continues to impress, although with yesterday’s numbers from Bank of America highlighting an improvement in consumer credit, this does point towards the Fed having to maintain a keen eye on borrowing levels. Goldman Sachs and Johnson & Johnson are amongst highlights publishing their latest updates before the opening bell, although perhaps the most significant direction will come from Netflix, which is due to report after the close and could provide a steer for the broader tech sector.

Economic data is thin on the ground although there’s some scope for progress to be seen over the missing Washington Post journalist. If Saudi Arabia admit to being involved here, this could help ease the stand off between Washington and Riyadh, in turn providing a little more support for stocks. For now however, Wall Street is failing to tackle last week’s sell off.

Ahead of the open we’re calling the DOW up 26 at 25277 and the S&P up 4 at 2755. 

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