U.S. stock futures trended higher on early Wednesday after a volatile trading session, as investors looked beyond the U.S.-China trade war to focus on rate-cut bets and the ongoing earnings season. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were up 0.78%, 0.34%, and 0.55%, respectively, at 5:14 a.m. EST on October 15.
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Markets were volatile in Tuesday’s regular trading session, with the S&P 500 and the Nasdaq Composite ending lower by 0.16% and 0.76%, respectively, while the Dow Jones rose 0.44%. On Monday night, China announced new sanctions on five U.S. subsidiaries of South Korean shipping giant Hanwha Ocean. This move followed U.S. President Donald Trump’s threat to impose an additional 100% tariff on Chinese imports after Beijing announced strict export controls on rare earth minerals.
With no major economic releases scheduled on Wednesday, investors will focus on earnings reports from Bank of America (BAC), Morgan Stanley (MS), PNC Financial (PNC), and Abbott Labs (ABT). Dutch chip company ASML (ASML) announced better-than-expected Q3 bookings but issued a subdued outlook amid weakness in China.
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 4.01%. WTI crude oil futures were trending lower, hovering near $58.64 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,210 per ounce, as of writing, on Wednesday.
Elsewhere, European stocks moved higher in early trading on Wednesday, with luxury players driving gains as LVMH (DE:MOH) (LVMUY) reported a 1% organic revenue growth after two consecutive quarters of decline.
Asia-Pacific Markets Closed Higher on Wednesday
Asia-Pacific markets closed higher today despite the ongoing trade tensions between the U.S. and China. In key updates, China’s consumer prices dropped more than expected in September (down 0.3% year-over-year), remaining in a deflationary zone. Also, deflation in producer prices continued, with the producer price index declining 2.3% year-over-year. This data raised hopes of continued policy support from the government.
Lackluster consumer demand has weighed on China’s economy, which is struggling to recover from a prolonged housing market crisis, with U.S. tariffs putting additional pressure.
On Wednesday, Hong Kong’s Hang Seng Index rose 1.84%. In China, the Shanghai Composite and the Shenzhen Component gained 1.22% and 1.73%, respectively. Japan’s Nikkei rose 1.76%, while the Topix closed higher by 1.58%.
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