Before the bell: Futures turn lower after Goldman's results

Posted Oct 15th 2009 7:35AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Earnings Reports, Intel (INTC), Market Matters, Citigroup Inc. (C), JPMorgan Chase (JPM), Goldman Sachs Group (GS), Economic Data

U.S. stock futures were mixed to lower Thursday morning, trading in a tight range as investors look beyond Dow 10,000. Another wave of earnings is due out today, including from financial giants Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS). Also, a slew of economic releases will be reported, including inflation and two key regional indexes. [[Update 8:15 a.m.: Futures turned lower after Goldman's results.]]

Wall Street rallied Wednesday on earnings optimism, following upbeat profit reports from Intel (NASDAQ: INTC) and JPMorgan Chase (NYSE: JPM). It was enough to lift the Dow industrials to its first close above 10,000 in a year. But some, like my colleague Dan Burrows, think it won't last.

Already, Goldman Sachs (NYSE: GS) reported that third-quarter earnings rose to $5.25 a share from $1.81 in the same period last year on net revenue of $12.37 billion, beating forecasts calling for earnings of $4.24 a share.

In addition to earnings releases, economic data is abound today:

Starting at 8:30 a.m., the September Consumer Price Index is due out. The key inflation gauge is expected to have risen 0.2% in September, according to Briefing.com, after rising 0.4% last month. Excluding the often volatile food and energy prices, core CPI is expected to have edged up 0.1% in September, same as in August. Economists generally say that consumers may be slowly showing signs of life as the prices they encounter in stores remain low.
At the same time, 8:30 a.m., initial and continuing claims will be released. Economists expect claims to have generally remain unchanged.
Still at 8:30, October Empire Manufacturing index will be reported. It will be followed by another regional manufacturing survey at 10:00 a.m., when the Philadelphia Fed is due out.

More from the economic front, a report from RealtyTrac showed that despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter.

Overseas, European stock markets were lower Thursday, despite an earlier rally in Asia.

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