US pre-open: Apple hits $900bn mark, jobs data ahead
Apple Inc.
$166.31
07:40 23/04/24
US equity futures are pointing to a slightly higher start to trading ahead of the release of a barrage of economic data, including the October jobs report which is expected to show a massive 285,000 jump as hiring recovers from the impact of hurricanes Harvey and Irma.
Dow Jones I.A.
38,499.13
04:30 15/10/20
Nasdaq 100
17,466.76
07:40 23/04/24
The employment data would come amid recent relatively strong readings for American gross domestic product of 3% over the past three quarter and ahead of the expected approval of US tax reforms.
Indeed, just the night before House Republicans presented their proposals for tax cuts which included a permanent reduction in the corporate tax rate from 30% to 20%.
In parallel, President Donald Trump nominated then current Federal Reserve governor Jerome Powell - who some analysts believed might take a softer approach to financial sector regulation than Janet Yellen - to become the next US central bank chief.
Commenting on the outlook for the US jobs report, Craig Erlam at Oanda said: "The US jobs report is widely regarded as the most important economic report each month and yet, in a week that’s been packed full of other major announcements, it's not attracted the same kind of attention it usually would.
"Still, with the Fed now poised to raise interest rates again in December having passed up the opportunity to earlier this week, focus will be on the jobs data for signs of weakness."
On the economic calendar for the end of the week, investors were waiting on September foreign trade data at 1230 GMT as well a the ISM services sector PMI and factory order figures for September both at 1400 GMT.
Also making headlines ahead of the opening, stock in Apple was trading over 4% higher towards $174.70, pushing its market capitalisation over the $900bn mark.
Overnight, the smartphone maker posted stronger-than-expected third quarter earnings per share and revenues of $2.07 and $52.6bn, respectively. First quarter 2018 sales guidance also topped analysts' estimates.
Elsewhere in corporate news, Duke Energy posted third quarter earnings per share of $1.59 (consensus: $1.55).
Meanwhile, shares in auction house Sotheby's were expected to come under pressure on the heels of much weaker than forecast EPS for the latest three-month stretch of 78 cents.