To The Moon

U.S. stock futures inched up ahead of earnings reports from major companies and data on the housing market.

• Futures tied to the S&P 500 added 0.33%, pointing to muted gains after the broad market rallied earlier this week. Nasdaq-100 futures rose 0.59%.
• “The numbers coming through on the earnings are more positive than expectations. That’s giving a short-term momentum,” said Niall O’Sullivan, chief investment officer of multiasset strategies at Neuberger Berman. “But actions you would expect to see in the early stages of a recession are being taken” such as hiring freezes, “which maybe speak to a more challenging environment coming."
• Earnings reports today include Procter & Gamble ahead of the market open and Tesla and IBM after the close.
• Oil prices edged up with global crude benchmark Brent gaining 0.94% to trade at $90.88 a barrel. The Biden administration said it plans to sell more oil from strategic reserves, Light Crude Oil surged 1.26%; while gold slid 0.69% to $1644.3.
• VIX rose over 1% while VIXmain slid slightly.
• The yield on benchmark 10-year Treasurys edged up to 4.065% from 3.996% the day before.
• Data on the housing market is set to go out at 8:30 a.m. ET. with housing starts and building permits for September.