Top 5 Things to Know in The Market on Thursday

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Top 5 Things to Know in The Market on Thursday
Credit: © Reuters.

Investing.com - Here are the top five things you need to know in financial markets on Thursday, November 1:

1. Apple Reports Earnings

Apple (NASDAQ: AAPL ) results due out after the market close will be today's main event, as a busy week for earnings rolls along.

The world’s largest company by market cap is expected to report adjusted earnings per share of $2.78 for its fiscal fourth-quarter on revenue of $61.43 billion. In addition to those top- and bottom-line numbers, investors will be paying close attention to iPhone unit sales. Growth in Apple's services business will also be in focus.

Besides Apple, a slew of companies are also set to report results on Thursday. Before the market open, DowDuPont (NYSE: DWDP ), Spotify (NYSE: SPOT ), Teva Pharma (NYSE: TEVA ), Wayfair (NYSE: W ), and Hanesbrands (NYSE: HBI ) will be the highlights.

And after the market close, Apple earnings will also be accompanied by results from Starbucks (NASDAQ: SBUX ), Weight Watchers (NASDAQ: WTW ), US Steel , Kraft Heinz (NASDAQ: KHC ), Arista Networks (NYSE: ANET ), Universal Display (NASDAQ: OLED ), and GoPro (NASDAQ: GPRO ).

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2. Full Slate of Economic Data

On the data front, the economic calendar is busy today.

The highlight will be the October reports on manufacturing activity from Markit Economics and the Institute of Supply Management due at 9:45AM ET and 10AM ET respectively. Investors will pay particular attention to the surveys for any impact tariffs are having on the sector.

Reports on construction spending and auto sales for October are also on the agenda.

The U.S. dollar index , which measures the greenback’s strength against a basket of six major currencies, was down more than 0.5% at 96.38, pulling from the prior day's 16-month peak of 96.98.

Meanwhile, in the bond market, U.S. Treasury prices held steady, with the benchmark 10-year yield standing at around 3.16%.

3. U.S. Stock Futures Point to Higher Open

U.S. stock index futures pointed to a higher start, as investors looked ahead to the latest batch of corporate earnings and economic data.

At 5:40AM ET, the blue-chip Dow futures were up 90 points, or about 0.35%, the S&P 500 futures rose 8 points, or around 0.3%, while the tech-heavy Nasdaq 100 futures indicated a gain of 16 points, or roughly 0.25%.

U.S. stocks rebounded for a second day on Wednesday as investors snapped up beaten-down technology and internet favorites, even as the S&P 500 closed out its worst month in seven years.

Elsewhere, in Europe, shares rose to fresh eight-day highs, as strong results from heavyweights, UK phone group BT Group (LON: BT ) and Dutch bank ING Groep (AS: INGA ), helped offset a disappointing update from Credit Suisse (SIX: CSGN ).

Earlier, shares in Asia were mainly higher in the first trading day of November after a roller coaster October rocked stocks in the region.

4. Oil Prices Slide to 2-Month Lows

In commodities, oil prices sank to their lowest level in more than two months, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

The Brent crude January futures contract lost 79 cents, or 1.05%, to trade at $74.25 per barrel, the lowest since August 22.

West Texas Intermediate WTI crude futures fell 45 cents to $64.86 a barrel, a level last seen on August 17.

Sentiment was bruised after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.

5. Bank of England Policy Meeting

In Europe, the Bank of England is widely expected to keep interest rates on hold at the conclusion of today's policy meeting, amid uncertainty over the economic impact of Brexit. A decision is due at 8:00AM ET.

BoE Governor Mark Carney will hold a press conference shortly after the announcement. Carney said in August that market expectations of about one 25 basis point rate rise a year was a good rule of thumb for households, and economists see no shift from this broad approach on Thursday.

The BoE will also update its growth and inflation forecasts on Thursday. Some economists expect the inflation forecast to come in a fraction closer to 2% than in August, as a stronger currency and higher global interest rates offset the inflationary potential of higher wages.

Headlines surrounding Brexit will also be in focus. The pound jumped more than 1% amid reports that the UK and the European Union are close to a deal that will allow UK financial services companies based to have some access to European markets after Brexit.

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