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Stocks Down Pre-Bell Ahead of Key Inflation Report; Asia Gains, Europe Falls
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Stocks Down Pre-Bell Ahead of Key Inflation Report; Asia Gains, Europe Falls
Nov 27, 2024 4:49 AM

07:23 AM EST, 11/27/2024 (MT Newswires) -- The main US stock measures were pointing lower in Wednesday's premarket activity as traders await the personal income and outlays data for October and several other key economic reports.

Standard & Poor's 500 declined 0.2%, the Nasdaq decreased 0.4% and the Dow Jones Industrial Average edged down 0.1%. The majority of Asian exchanges were tracking north, while European bourses were mostly trending downwards midday on the continent.

The personal income report is scheduled for a 10 am ET release and includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric. Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am.

The durable goods orders report for October, the second estimate of the third-quarter gross domestic product, the international trade in goods, retail inventories and wholesale inventories reports for last month, the weekly jobless claims bulletin and third-quarter corporate profits data are all out at 8:30 am.

The Chicago Purchasing Managers' Index data for the current month posts at 9:45 am, followed by the National Association of Realtors pending home sales index for October at 10 am. The weekly EIA domestic petroleum inventories and natural-gas supplies reports are due at 10:30 am and 12 pm, respectively.

The Federal Reserve Bank of Atlanta's Survey of Business Uncertainty for November is scheduled for an 11 am release, followed by the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm.

US markets will be closed on Thursday for the Thanksgiving holiday, reopening on Friday.

Shares of CrowdStrike ( CRWD ) dropped 6.2% pre-bell even though the cybersecurity company lifted its full-year outlook on the back of better-than-expected fiscal third-quarter results. Dell Technologies ( DELL ) fell 12% as the PC and laptop maker's fiscal third-quarter revenue fell short of market estimates.

Workday's (WDAY) stock tumbled about 11% following its quarterly results, while HP (HPQ) fell 9.3%. Autodesk ( ADSK ) was down 6.6%.

Frontline ( FRO ) and Golden Ocean ( GOGL ) report their latest financial statements before the bell, among others.

In premarket activity, bitcoin inclined 2.3% to $93,372, West Texas Intermediate crude oil edged 0.6% higher to $69.16 a barrel, yields on 10-year Treasuries retreated 2.9 basis points to 4.27% and gold rose 1.1% to $2,675 an ounce.

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