Futures rise on bounce in China factory activity; U.S.
jobs report awaited
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[November 01, 2019] By
(Reuters) - U.S. stock index futures gained
on Friday as a surprise rise in China's manufacturing activity boosted
sentiment, while investors awaited a crucial U.S. jobs report.
Factory activity in the world's second-largest economy expanded at the
fastest pace in more than two years in October, a private business
Meanwhile, the U.S. Labor Department's non-farm payrolls data is likely
to show jobs growth slowed sharply last month, weighed down by a strike
at General Motors <GM.N>, while the unemployment rate is expected to
tick up from near a 50-year low of 3.5%.
The report is due at 8:30 a.m. ET.
Also of interest to investors would be the Institute for Supply
Management's (ISM) manufacturing report due at 10 a.m. ET, which is
expected to show the PMI index rose to 48.9 in October from a 10-year
low of 47.8 a month earlier.
The news comes amid mixed headlines on the trade war between Washington
All three main U.S. stock indexes notched gains in October on the back
of a largely better-than-expected third-quarter earnings season, hopes
of interest rate cut by the U.S. Federal Reserve and upbeat U.S.-China
However, after scaling record highs earlier in the week, the benchmark
S&P 500 edged lower on Thursday as a report said Chinese officials had
doubts about a comprehensive long-term trade deal with Washington.
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A trader works on the floor at the New York Stock Exchange (NYSE) in
New York, U.S., October 31, 2019. REUTERS/Brendan McDermid
At 7:09 a.m. ET, Dow e-minis <1YMcv1> were up 49 points, or 0.18%. S&P 500
e-minis <EScv1> were up 6 points, or 0.2% and Nasdaq 100 e-minis <NQcv1> were up
20 points, or 0.25%.
Among stocks, Qorvo Inc <QRVO.O> jumped 10.2% after the Apple supplier announced
a $1 billion share buyback plan and forecast third-quarter revenue above
Pinterest Inc <PINS.N> tumbled 20.6% as the online scrapbook company missed
quarterly revenue estimates.
Arista Networks <ANET.N> slumped 27% after the cloud infrastructure supplier
forecast current-quarter revenue much below Wall Street expectations.
U.S. Steel Corp <X.N> gained 3.7% after it reported smaller-than-expected
(Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)
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