U.S. index futures rose in premarket trading on Thursday, after the Dow Jones Industrial Average set its second record of the week. Investors are closely watching upcoming corporate earnings and today’s economic data.

At 5:25 AM, Dow Jones futures (DOWI:DJI) were up 16 points, or 0.04%. S&P 500 futures gained 0.37%, and Nasdaq-100 futures advanced 0.69%. The 10-year Treasury yield stood at 4.038%.

In commodities, oil prices edged higher, with investors focused on Middle East conflicts and China’s stimulus plans. Oil dropped 6-7% this week after OPEC and IEA cut demand forecasts for 2024-2025. The U.S. Energy Information Administration will release oil inventory data today, and the European Central Bank may cut rates for the second time in 13 years. Uncertainty remains over Israel’s possible response to Iran following the recent attack, elevating oil price risks.

West Texas Intermediate crude for November rose 0.24% to $70.56 per barrel, while Brent for December increased 0.30% to $74.44 per barrel.

Gold prices (PM:XAUUSD) gained 0.1% to $2,677.94 per ounce after hitting a record high of $2,685.69, driven by demand for safe-haven assets ahead of U.S. data releases and a tight presidential race. Lower interest rates also boosted gold.

Iron ore hit a three-week low, reflecting investor doubts about China’s ability to boost the housing market and steel demand. Despite housing project support, iron futures fell, suggesting the stimulus won’t immediately increase demand.

In today’s U.S. economic calendar, initial jobless claims for the week ending October 12 are expected at 245,000, and September retail sales are projected to rise 0.3%, both at 8:30 AM. At 9:15 AM, the Philadelphia Fed manufacturing index is expected at 2.9, followed by September’s industrial production and capacity utilization. August business inventories (0.3% forecast) and October’s builder confidence index (expected at 42) will be released at 10:00 AM.

Asia-Pacific markets closed lower on Thursday, with the Chinese stock rally losing steam after a weak briefing from the Ministry of Housing. China’s CSI 300 fell 1.13%, Hong Kong’s Hang Seng dropped 1.3% in the final hour of trading, and Japan’s Nikkei 225 slipped 0.69%. South Korea’s Kospi ended flat, while the Kosdaq dipped 0.1%.

Australia was an exception, with the S&P/ASX 200 rising 0.86%. Australia’s unemployment rate in September was 4.1%, below the expected 4.2%, while labor force participation rose to 67.2%, as predicted.

Taiwan’s Taiex index also climbed, 0.19%, although Taiwan Semiconductor Manufacturing Company (NYSE:TSM) only reported its impressive earnings after markets closed.

In Japan, exports fell 1.7% in September, marking the first decline in 10 months, contrary to a Reuters forecast of a 0.5% rise. Imports grew 2.1%, below the 3.2% expectation. The trade deficit reached $1.97 billion (¥294.3 billion), exceeding the forecast of ¥237.6 billion.

Tokyo Stock Exchange CEO Hiromi Yamaji stated that the exchange’s role is to facilitate dialogue between companies and investors, not to dictate management practices. He emphasized that sustainable changes depend on voluntary actions by companies, and investors should focus on long-term growth.

Hyundai Motor India plans to price its shares at ₹1,960, at the top of the indicated range, to raise $3.3 billion in its initial public offering. The company will sell 142.2 million shares, making it India’s largest IPO, with an estimated market value of $19 billion.

Minister Ni Hong said China will expand a “white list” of housing projects for financing and increase bank loans by $562 billion (¥4 trillion) by year-end. Additionally, the reconstruction of one million “urban villages” aims to absorb housing inventory and support the real estate sector.

European markets rose Thursday morning, with investors awaiting the European Central Bank’s monetary policy decision, which is expected to be the third rate cut this year. The banking sector is performing best, while telecoms are lagging.

The ECB is expected to cut rates again on Thursday, as inflation in the eurozone is under control and the economy stagnates. This shift, aimed at protecting economic growth, follows two years of underperformance compared to the U.S.

Among individual stocks, Sartorius (TG:SRT3) shares jumped 12.1% after the company maintained its annual outlook and reported nine-month results in line with expectations. Despite a 24% drop this year, strong performance compared to competitors and high short selling helped boost the price.

Mondi (LSE:MNDI) shares fell 7.2% after the company reported a quarterly profit decline, hurt by weak market conditions, high costs, and maintenance shutdowns. EBITDA dropped to $242.2 million.

Publicis Groupe (EU:PUB) raised its annual organic growth forecast for 2024 from 5% to at least 5.5%, despite economic and geopolitical challenges. In Q3, the company posted net revenue of $3.7 billion (€3.42 billion), slightly below the €3.44 billion estimate. Shares are up 1.5%.

Airbus (EU:AIR) plans to cut up to 2,500 jobs in its Defense and Space division, about 7% of the workforce, by 2026. This follows significant losses in its satellite business, particularly the OneSat project. The cuts come amid union negotiations, with shares rising 3.7%.

Nestlé (LSE:0RR6) announced leadership and operational structure changes after weaker-than-expected sales growth. The company cut its organic sales growth forecast to 2% in 2024, facing challenges such as rising costs and weak consumer demand. New CEO Laurent Freixe plans to restructure several regional units.

Pernod Ricard (EU:RI) reported a 5.9% drop in Q1 sales due to weak demand in China and the U.S. Sales in China fell 26%, impacted by anti-dumping measures. Despite this result, the company still expects growth in FY 2024/25 sales. Shares are up 1.5%.

Man Group Plc (LSE:EMG) reported $5.5 billion in outflows in Q3, the largest in four years, after a client shifted to passive investments. Assets under management fell to $174.9 billion. The outflow exceeded estimates and was partially offset by performance gains. Shares are down 0.9%.

ABB Ltd. (LSE:0A6W) raised its profit margin forecast, driven by strong demand for power grid products due to data center investments, offsetting a decline in industrial automation sales. The company reported a 2% rise in Q3 orders, totaling $8.2 billion, and expects a margin above 18%.

Merck KGaA (TG:MRK) cut its growth forecast for its healthcare division, which includes multiple sclerosis drug Mavenclad and cancer treatment Bavencio. The company also lowered its growth target for its life sciences unit from 10% to 9%, following failures in key drug trials. Shares are up 5.2%.

On Wednesday, the Dow Jones rose 0.8% to 43,077.70, driven by gains in Cisco (NASDAQ:CSCO) and UnitedHealth (NYSE:UNH). The Nasdaq advanced 0.3%, closing at 18,367.08, and the S&P 500 gained 0.5% to 5,842.47. The recovery was driven by economic optimism, despite uncertainty early in the session and declines in tech stocks.

The Labor Department reported a 0.4% drop in import prices in September, indicating moderate inflation pressures. Export prices fell 0.7%, beating economists’ expectations.

The Cleveland Federal Reserve reported that rent inflation will continue to burden consumers until 2026. The gap between new rents and existing leases is a major cause of the increase. This may hinder the goal of lowering overall inflation to 2%, even with the predicted slowdown.

Earnings reports are expected from TSMC  (NYSE:TSM), Travelers  (NYSE:TRV), Huntington Bancshares  (NASDAQ:HBAN), Elevance Health  (NYSE:ELV), The Blackstone Group  (NYSE:BX), Infosys  (NYSE:INFY), Texas Capital Bank  (NASDAQ:TCBI), Truist  (NYSE:TFC), Commercial Metals  (NYSE:CMC) and Iridium  (NASDAQ:IRDM) before the open.

After the close, earnings are expected from Netflix  (NASDAQ:NFLX), Intuitive Surgical  (NASDAQ:ISRG), WD-40  (NASDAQ:WDFC), Crown Holdings  (NYSE:CCK), First National Bank  (NYSE:FNB), OceanFirst Bank  (NASDAQ:OCFC), Bank OZK  (NASDAQ:OZK), Alpine Income Property Trust  (NYSE:PINE), Marten Transport  (NASDAQ:MRTN) and Metropolitan Commercial Bank  (NYSE:MCB).