Stock Futures Remain Higher After Jobless Claims: Markets Wrap

(Bloomberg) — Stocks remained higher in early US trading, with traders parsing the latest reading on jobless claims and a raft of corporate earnings.

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S&P 500 futures rose 0.5%, with the benchmark gauge heading toward its first gain this week. Treasury 10-year yields declined four basis points to 4.21%. United Parcel Service Inc. jumped after returning to sales and profit growth for the first time in nearly two years. Tesla Inc. surged after the carmaker reported surprisingly strong earnings and forecast as much as 30% growth in vehicle sales next year.

New applications for US unemployment benefits fell amid volatility in filings in Southeastern states affected by Hurricanes Helene and Milton. Initial claims decreased by 15,000 to 227,000 in the week ended Oct. 19. The median forecast in a Bloomberg survey of economists called for 242,000 applications.

Corporate Highlights:

Boeing Co. factory workers rejected a new labor contract that would have increased their wages by 35% over four years, exacerbating the aircraft manufacturer’s crisis as it struggles to overcome a crippling work stoppage.
Harley-Davidson Inc.’s motorcycle shipments fell in the latest quarter on lower overall demand and fewer sales of its highest-margin bikes, prompting a downward revision in its full-year forecast.
Honeywell International Inc. lowered its revenue outlook for the year following weaker-than-expected third-quarter sales.
International Business Machines Corp. reported underwhelming revenue in the third quarter, hurt by a slowdown in consulting demand.
Lam Research Corp. reported better-than-expected first quarter results. Analysts note that investors will welcome this report after ASML’s weak report earlier this month.
T-Mobile US Inc. reported more monthly mobile-phone and broadband subscribers that analysts expected, leading it to raise forecasts for new customers and earnings this year.
Newmont Corp. reported quarterly earnings that fell short of Wall Street’s expectations.