US stocks: Dow futures rise more than 100 points
New York (Oct 7) US stock futures pointed to a higher open on Wednesday, joining in a global advance led by energy stocks as crude prices rose about 2%.
Investors also will look out for quarterly earnings from Constellation Brands Inc. STZ, -0.70% and Monsanto Co. MON, +0.42% that are due ahead of the opening bell.
S&P 500 futures ESZ5, +0.64% rose 13.40 points, or 0.7%, to 1,982, while Dow Jones Industrial Average YMZ5, +0.65% futures gained 111 points, or 0.7%, to 16,783. Nasdaq 100 NQZ5, +0.86% futures tacked on 36 points, or 0.8%, to 4,326.25.
On Tuesday, the S&P 500 SPX, -0.36% closed 0.4% lower at 1,979.92, snapping a five-day losing streak, while the Dow DJIA, +0.08% was up less than 0.1%.
Investors “need the S&P 500 to make a run and a break through 2,000,” and that would energize other markets, said Scott Schuberg, CEO of Rivkin Securities in Australia, in a note late Tuesday. The U.S. stock benchmark is down 3.8% for the year.
Other markets: November West Texas Intermediate crude CLX5, +1.90% rose more than 2% early Wednesday. That built on Tuesday’s 4.9% gain, which came amid signs of cuts to oil investments and lower crude supplies.
Energy shares helped lead the way higher for European SXXP, +0.64% and Asian markets ADOW, +3.14% early Wednesday. Trading remains closed for a holiday in Shanghai, and Japan’s central bank kept its monetary policy unchanged.
Gold GCZ5, +0.26% and the dollar DXY, -0.06% both inched higher.
Stocks to watch: Beyond earnings before the open for Constellation and Monsanto, investors are focused on the latest release from Yum Brands Inc. YUM, -15.37%
The parent company for KFC, Pizza Hut and Taco Bell saw its shares tumble late Tuesday after cutting its earnings outlook for the year, citing a slower-than-expected recovery in China and lingering currency issues.
Shares in beer giants Anheuser-Busch InBev N.V. ABI, +2.13% BUD, -1.03% and SABMiller PLC SAB, +1.16% SBMRY, -3.45% traded higher after AB InBev made a fresh bid for the Peroni maker.
U.S. economic news: There are no top-tier U.S. economic reports due Wednesday, and also no Federal Reserve speeches expected. Minutes from the last Fed meeting are slated to get released Thursday, along with weekly jobless claims.
Source: MarketWartch
