Futures Climb as Delta Ends Seven-Quarter Earnings Beat Streak

Stock futures rose Friday morning after major indexes finished Thursday mixed. In early trading, the Nasdaq gained 210 points, the Dow added 59, the S&P 500 rose 25 and the Russell 2000 gained 6.

Bond yields were slightly above earlier lows but below midweek highs, according to the report. The 10-year yield stood at 5.26%, the two-year at 4.79% and the 30-year at 5.265%.

Oil prices edged lower. WTI crude was around $91 a barrel and Brent crude was $103, both off recent highs but near four-year highs, the report said.

Delta Air Lines’ seven-quarter streak of earnings beats ended. The airline reported third-quarter earnings of $1.72 per share, 8 cents below the Zacks consensus, while revenue of $17.59 billion was 0.89% below estimates.

Delta’s press release pointed to fuel costs, which were up 62% year over year and $500 million above the company’s July guidance. The report said costs were expected to continue into next quarter, and estimates for that period were lower.

The preliminary University of Michigan consumer survey for October was due at 10 a.m. ET. It was expected to rise to 48 from 47.8 in the prior month, still below the 50 level that the report says signals negative consumer sentiment.

Next week brings September consumer and producer price data, followed by the start of third-quarter results from major banks on Tuesday. Estimates cited in the report put year-over-year earnings growth at 17% for JPMorgan, 18.75% for Citigroup and 7% for Wells Fargo.