September 28, 2022

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Stock Market News: Stock Market News: S&P, Nasdaq slip, Disney lifts Dow, oil jumps to $94 level

Stock Market News: Stock Market News: S&P, Nasdaq slip, Disney lifts Dow, oil jumps to $94 level

US stock futures were trading higher ahead of another inflation report.

Major futures indices It proposes a 0.3% gain when the opening bell rings on Wall Street.

Oil prices rose on Thursday, adding to the rally in the previous session on supply concerns.

West Texas Intermediate Crude Futures were trading at $92.00 a barrel. Brent crude futures were at $98.00 a barrel.

Average prices for a gallon of gasoline have fallen below $4 for the first time since March.

The Bureau of Labor Statistics is to report wholesale inflation data for July. The producer price index is expected to rise 0.2% m/m according to Refinitiv forecasts.

On an annual basis, the prices paid by wholesalers are expected to jump 10.4% in July.

The Ministry of Labor will release the outcome of new claims for unemployment benefits
Over the past week, the tight jobs market is expected to appear to subside. The forecast is 263,000, a slight increase from the previous week.

Walt Disney shares rose 7% in pre-sale trading after the company said it surpassed Netflix with a total of 221 million streaming subscribers at the end of the last quarter. Disney+ and Hulu prices for both platforms will go up in December.

Disney added 14.4 million customers for Disney+, topping the 10 million consensus forecast by analysts. Disney reported adjusted earnings per share of $1.09, up 36% from the previous year.

In Asia, Hong Kong’s Hang Seng Index is up 2.4% and China’s Shanghai Composite Index is up 1.6%. Tokyo is closed for a holiday.

On Wall Street, the S&P 500 Index rose 87.77 points on Wednesday to 4,210.24, hitting its highest level since early May. It is now nearly 15% above its mid-June low.

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The Nasdaq Composite, which had many high-growth and gargantuan-looking stocks particularly vulnerable to interest rates, jumped 2.9% to 12854.80. The Dow Jones Industrial Average is up more than 20% from June, rising 1.6% to 33309.51.