Pre-Bell｜U.S. Futures Rise; Tupperware Jumps Another 13%; One Medical Company Soars 545%

U.S. Futures for Wall Street's main stock indexes rose on Thursday as Treasury yields eased, while investors looked forward to crucial inflation data to gauge the Federal Reserve's interest-rate outlook.

The Labor Department report, due at 8:30 a.m. ET, is expected to show consumer prices rising 0.3% in September according to economists polled by Reuters.

Prices are seen rising to 3.6% in the 12 months through September. The core figure, which excludes volatile food and energy prices, is expected to rise 0.3% last month.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 114 points, or 0.34%, S&P 500 e-minis were up 15 points, or 0.34%, and Nasdaq 100 e-minis were up 48.5 points, or 0.32%.

Pre-Market Movers

Microsoft (MSFT) - Microsoft fell 0.5% after the technology giant said it has received a notice from the Internal Revenue Service that it owes $28.9 billion in back taxes, plus interest and fines, covering the period from 2004 to 2013. Microsoft said in a filing with the Securities and Exchange Commission that it disagrees with the proposed adjustments, and will “vigorously contest” the IRS request through administrative appeals, and if necessary, in court. Microsoft said a resolution likely would take several years.

Ford (F) - Ford was down 2.3% after the United Auto Workers union called a strike at the auto maker’s Kentucky Truck Plant in Louisville. With nearly 9,000 workers, the Kentucky plant is Ford’s largest in the world. The union said the surprise move marked a “new phase” in its ongoing strike.

Delta Air Lines (DAL) - Delta Air Lines reported third-quarter adjusted earnings of $2.03 a share, beating analysts’ estimates of $1.95 a share Revenue of $14.6 billion beat forecasts of $14.5 billion. The carrier adjusted its fiscal earnings view, saying it expects adjusted earnings in 2023 of $6 to $6.25 a share. Shares of Delta rose 2.2%.

Walgreens Boots Alliance (WBA) - Walgreens Boots Alliance was down 1.6% after the global pharmacy chain’s fiscal fourth-quarter adjusted earnings missed estimates and the company issued a forecast for fiscal 2024 below Wall Street expectations.

Domino’s Pizza (DPZ) - Domino’s Pizza earned $4.18 a share in the third quarter, beating analysts’ estimates of $3.31, but revenue of $1.03 billion fell from a year earlier and missed forecasts of $1.05 billion. The stock declined 3%.

Fastenal (FAST) - Fastenal was up 4.3% after the industrial distributor’s third-quarter earnings topped forecasts.

First Solar (FSLR) - First Solar was upgraded to Overweight from Equal Weight at Barclays and the price target was reduced to $224 from $230. Shares of the solar company rose 3.8% to $157.20.

Birkenstock (BIRK) - Birkenstock was rising 0.8% in premarket trading to $40.50 following its disappointing trading debut. The German shoe maker’s initial public offering was priced at $46 a share, and the stock opened Wednesday at $41, down 11% from the IPO price. Birkenstock closed the day down 12.6% at $40.20.

Victoria’s Secret (VSCO) - Victoria’s Secret said it expects an adjusted third-quarter operating loss in the range of $45 million to $65 million, compared with previous guidance ranging from a loss of $45 million to $75 million. The company, a maker of bras, lingerie and sleepwear, also said it sees an adjusted net loss of between 70 cents to 90 cents a share, instead of 70 cents to $1. Victoria’s Secret said its international sales growth “has been ahead of plan” and sales trends in North America “continue to improve each month as planned.” Shares rose 2.8%.

Tupperware (TUP) - Tupperware stock jumped another 13.3% in premarket trading Thursday after soaring more than 55% Wednesday for its largest gain since July.

OpGen (OPGN) - In an exciting development for Unit Curetis GmbH, a substantial payment of 750,000 Euros has been received. This payment is directly linked to the successful sale of specific Unyvero A50 systems to a strategic partner. The transaction signifies a significant milestone for OpGen’s Subsidiary Curetis, further solidifying their position in the market. OpGen shares soared 545% in premarket trading Thursday.

Tempest Therapeutics (TPST) - Tempest Therapeutics stock tumbled 41.3% in premarket trading Thursday after soaring nearly 4,000% Wednesday on study data, poison pill.

Market News

Fed Minutes Show Officials Divided on Future Rate Rise

Federal Reserve officials were split over whether they would need to raise interest rates again this year when they decided last month to hold their benchmark policy rate steady.

“A majority of participants judged that one more increase in the target federal-funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted,” said the minutes from the Fed’s Sept. 19-20 policy meeting released Wednesday.

Officials most recently raised their benchmark federal-funds rate in July to a range between 5.25% and 5.5%, a 22-year high. They began lifting rates from near zero in March 2022.

Israel Latest: Gaza Ground Offensive Looms, More Than 2,400 Dead

Israel vowed to wipe Hamas “off the face of the Earth” as its new unity government signaled a major ground offensive soon. The assault by the militant group since the weekend has killed some 1,200 people in Israel. In Gaza, at least 1,200 people have been killed in reprisal attacks.

“I say here, to everyone — we will wipe out this thing called Hamas,” Defense Defense Minister Yoav Gallant said alongside Prime Minister Benjamin Netanyahu. The address came hours after Secretary of State Antony Blinken headed to Israel to show US support.