October 7, 2015 / 12:30 PM / 2 years ago

Futures up as oil prices rise for fourth day

3 Min Read

Traders work on the floor of the New York Stock Exchange September 22, 2015.Brendan McDermid

(Reuters) - U.S. stock index futures rose on Wednesday as crude oil prices increased for the fourth day in a row, with Brent crude touching its highest level in a more than a month.

* Brent crude and U.S. light crude were up nearly 2 percent, with Brent touching $52.99, after data showed a fall in U.S. stockpiles and inventories after two years of surplus. [O/R]

* Shares of Dow components Exxon and Chevron were up more than 1 percent premarket.

* Global stocks were also boosted by mining and energy shares as investors bought into the prospect of continued support from the world's central banks.

* Expectations that the Federal Reserve will lift interest rates off near-zero levels this year are fading, with concerns mounting about slowing global growth and its effect on corporate results.

* S&P 500 companies are expected to report a 4.2 percent fall in third-quarter profit, the biggest decline in six years, according to Thomson Reuters data.

* U.S. stocks closed lower on Tuesday, snapping a five-day winning streak, led by a rout in healthcare and biotech stocks.

* Yum Brands slumped 16.3 percent to $69.79 after it cut its full-year profit forecast due to a slower-than-expected recovery in China and a strong dollar.

* McDonald's, which is also facing issues in China, fell 1.5 percent to $100.35.

* Adobe fell 3.11 percent to $82.50 after lowering its 2016 profit forecast due to a strong dollar.

* Freeport-McMoRan rose 3.13 percent to $12.20, extending gains from Monday when the copper and gold miner said it is considering exiting the oil and gas business.

* Monsanto and Constellation Brands are expected to report results before the bell.

* A Fed report is expected to show U.S. consumer credit increased $19 billion in August, below the $19.10 billion rise in July. The data is due at 3:00 p.m. ET (1900 GMT).

Futures snapshot at 7:19 a.m. ET:

* S&P 500 e-minis were up 11 points, or 0.56 percent, with 189,848 contracts traded.

* Nasdaq 100 e-minis were up 31.75 points, or 0.74 percent, on volume of 36,772 contracts.

* Dow e-minis were up 99 points, or 0.59 percent, with 28,765 contracts changing hands.

Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D'Souza

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below