US Equity Futures Rise Pre-Bell as Traders Assess Declining Oil Prices, Await Fed Rate Decision This Week

MT Newswires Live10-26 19:59

US equity futures were edging higher pre-bell Monday as traders observed oil prices declining while anticipating a fresh wave of corporate earnings and the Federal Reserve's rate decision this week.

Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.3% higher.

The CME FedWatch tool showed that the probability of the Federal Reserve raising its target rate by 25 basis points in October is at 9.4%, down from 18.8% a week ago.

President Donald Trump said Sunday that the trade dispute with Canada would be resolved "soon," without giving any specifics, Reuters reported. "They're willing to give us anything at this moment," Trump said at an event in Michigan.

Slated to report their financial results this week are Visa (V), Coca-Cola (KO), Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), Eli Lilly (LLY), Mastercard (MA), Intel (INTC), Merck (MRK), ExxonMobil (XOM), AbbVie (ABBV), and Chevron (CVX).

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.4% at $110.10 per barrel and US West Texas Intermediate crude 2% lower at $101.25 per barrel.

The Chicago Fed national activity index for September, expected at 8:30 am ET, is seen coming in at negative 0.10, compared with negative 0.04 previously, according to estimates compiled by Bloomberg.

The Dallas Fed's manufacturing survey for October is due to be released at 10:30 am ET.

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