Investing.com — Market Overview

Futures Lower

US stock futures edged mostly lower ahead of new economic data and corporate earnings. By 03:30 ET, Dow futures were down 26 points (0.1%), S&P 500 futures slipped 7 points (0.1%), and Nasdaq 100 futures shed 27 points (0.1%). The previous session closed positively, buoyed by Fed meeting minutes.

In individual stocks, Alphabet (NASDAQ:GOOGL) trimmed losses after the US DOJ hinted at potential breakup actions against Google’s search business.

CPI Ahead

Investors await inflation data that could influence Fed policy. Economists expect the consumer price index (CPI) to slow to 2.3% YoY in September, compared to 2.5% in August. The core CPI should match August's 3.2%, easing slightly to 0.2% monthly. First-time unemployment claims are projected to rise to 231,000 from 225,000 amid Hurricane Helene's impact and Boeing's strikes.

Recent job reports have raised hopes for a soft landing in the economy despite elevated inflation.

Most Fed Members Support Interest Rate Cut

Minutes from September's Fed meeting revealed that a substantial majority supported a 50-basis point rate cut. However, there were reservations about the size of the reduction. Traders speculate there's an 85% chance of another 25-basis point cut at the November meeting.

Delta Air Lines to Report

Delta Air Lines (NYSE:DAL) kicks off third-quarter earnings for US airlines after reporting record revenue of $15.4 billion last quarter, despite slightly missing estimates. Analysts expect a focus on seat capacity growth in the upcoming report, highlighting a positive industry backdrop and stable air travel demand.

Crude Gains as Hurricane Milton Hits Florida

Oil prices rose with Hurricane Milton impacting Florida, raising fears of supply disruptions in the Middle East. Brent crude increased 0.7% to $77.09 per barrel, and U.S. crude (WTI) also rose by 0.7%, trading at $73.77 per barrel. Both contracts have seen around a 5% drop over the last two sessions. Traders are concerned about potential escalation in Middle Eastern conflicts, particularly regarding Israel and Iran's oil facilities.