DJIA Today: Dow Jones Futures Rise for Second Day as Financials Lead

Dow Jones futures rose for a second consecutive day Wednesday, boosted by another strong quarterly report from a major US bank.

Futures on the blue-chip Dow Jones Industrial Average were up 62 points by the close. The main price-weighted index rose 40.68 points, or 0.2%, to 18,202.62.

dow

Two-thirds of the Dow 30 recorded gains. Financials were the strongest contributors, with credit cards American Express Co (NYSE: AXP) and Visa Inc. (NYSE: V) rising 2% and 1.5%, respectively. US multinational investment bank Goldman Sachs Group Inc. (NYSE: GS) finished 1.1% higher. JPMorgan Chase & Co (NYSE: JPM), which also finished in the top five, rose 1%.

New York-based Morgan Stanley (NYSE: MS) was the last of the major US banks to report earnings Wednesday. Morgan Stanley reported third quarter earnings of 81 cents per share on revenue of $8.9 billion, well above median forecasts of 63 cents profit and sales of $8.2 billion.

Intel Corp (NASDAQ: INTC) was by far the biggest decliner after the chipmaker gave disappointing revenue guidance for the fourth quarter. The company, which posted 80 cents profit on revenue of $15.78 billion in the third quarter, said it expects revenues to reach $15.87 billion in October-December. Intel stock closed 5.9% lower.

Shares of US consumer company Procter & Gamble Co (NYSE: PG) fell 2.2%. Johnson & Johnson (NYSE: JNJ), a leading manufacturer of healthcare products, also fell 0.7%.

Wall Street finished mostly higher on Wednesday, with the S&P 500 Index rising 0.3% to 2,145.98. The Nasdaq Composite rose 0.1% to 5,248.17.
European stocks also scored their second consecutive day of gains as surging oil prices helped to offset early-day volatility. The Stoxx Europe 600 Index closed 0.3% higher. All of the major individual bourses finished with gains.

Meanwhile, Asian markets finished mixed after Chinese GDP data matched analysts’ forecast. China’s Shanghai Composite Index finished flat. Hong Kong’s Hang Seng Index ended 0.4% lower. Japan’s Nikkei recorded gains of 0.2%.

On Wednesday, China’s statistics bureau said third quarter GDP expanded 6.7% year-over-year. The economy grew by a similar amount in each of the previous two quarters.

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About the author

Sam Bourgi

Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.

Indices

NamePrice($)CommentChange($)Change %
S&P 5002,192+0.87+0.04%
NASDAQ5,256+4.55+0.09%
NYSE10,839+9.59+0.09%
FTSE 1006,730.72-22.21-0.33%
DAX10,513.35-20.70-0.20%
CAC 404,528.82-31.79-0.70%
EURONEXT 100872.00-5.61-0.64%
Nikkei 22518,426.08-87.04-0.47%
HANG SENG INDEX22,564.82-313.41-1.37%

Commodities

NamePrice($)Change($)Change %Comment
Light Sweet Crude Oil Futures,D47.48-0.01-0.02%
Gold Dec 161,175.70+8.80+0.75%
Silver Dec 1616.75+0.32+1.94%
Copper Dec 162.62-0.01-0.36%