Morning Brief| Index Futures up, Oil Plunges As Israeli Avoided Iran Crude Facilities
2min read Pre-market Movers
Ahead of Monday's trading, the three major U.S. stock index futures were up, with Dow futures up 0.47%, S&P 500 futures up 0.53% and Nasdaq 100 futures up 0.64% at press time.
Royal Philips NV plunge 16.1% in premarket trading, after the medical technology firm slashed its annual sales-growth forecast on tepid demand in China. It expects comparable sales to grow as much as 1.5% in 2024, plummet from a previous forecast of as much as 5%.
Energy stocks slumped as Israel's attack on Iran was more restrained than expected. Drilling contractor Noble is falling 2.6%, Exxon Mobil, EOG Resources and Halliburton are all down 2% or more.
Airline stocks are benefiting with aviation fuel fall, with American, United and Delta all up about 2.5%.
Market Watcher
Warning! S&P 500 Profit Beats is the lowest in 2 years
S&P 500 companies are beating profits estimates at the lowest rate in almost two years, a trend that could point to declines for stock prices.
The early S&P 500 stats are now pointing to a mildly disappointing reporting season so far," said Lori Calvasina, a strategist at RBC Capital Markets. Given peak investor optimism ahead of the season, "we remain on guard for another short-term pullback in US equities
Pre-market Headlines
Boeing Launches $19 Billion Share Sale to Boost Liquidity
Boeing Co. launched a nearly $19 billion share sale meant, offered to sell 90 million common shares and about $5 billion of depositary shares, to address the troubled planemaker's liquidity needs and stave off a potential credit rating downgrade to junk.
Boeing shares fell about 0.14% in pre-market US trading
Oil Plunges as Israel Limits Iran Strike to Military Targets
Oil tumbled more than 6% at the start of the week, after Israeli strikes avoided Iran crude facilities, raising the prospect for easing hostilities in the region.
World at A Glance
Apple banned from selling iPhone 16 in Indonesia
Indonesia has banned the sale of the iPhone 16 in the country, citing Apple's failure to meet 40% local content in handsets and tablets, the Ministry of Industry said. The world's fourth most populous country is potentially a huge market for Apple products
VW plans major layoffs, to shut at least three German plants
Volkswagen plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe's biggest economy as it plots a deeper-than-expected overhaul, the carmaker's works council head said.
Japan plunged into political uncertainty after election gives no party majority
Japan's Liberal Democratic Party(LDP), which has governed almost continuously since 1955, has lost its parliamentary majority in the powerful lower house for the first time in 15 years. The LDP and its coalition partner Komeito secured just 215 of the House of Representatives' 465 seats, short of the 233 needed to reach a majority, according to public broadcaster NHK.
China Jan-Sept gold consumption slides 11% as high prices deter buying appetite
China's gold consumption in the first three quarters of 2024 slid 11.18% from the same period a year ago to 741.732 metric tons as high prices dented buying interest for jewellery products, the state-backed gold association said on Monday.
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