US Equity Futures Slide as Oil Prices Climb Ahead of PMIs

US equity futures edged lower in pre-bell trading Friday as traders weighed rising oil prices against a continued stream of corporate earnings. Dow Jones Industrial Average futures fell 0.7%, while S&P 500 futures dropped 0.3% and Nasdaq futures slipped 0.1%.

Crude oil prices advanced, with front-month North Sea Brent crude up 1.2% to $114.18 per barrel and US West Texas Intermediate crude rising 1.4% to $100.83 per barrel. The price increase comes as Russia’s first diesel shipment has departed for the United States following a deal struck by President Donald Trump aimed at reducing fuel prices. Reuters reported, citing LSEG shipping data, that the medium-sized tanker Agioi Fanendes loaded 40,000 metric tons of ultra-low sulfur diesel at Russia’s Baltic port of Primorsk on Thursday and is bound for New York.

Corporate results also featured in the morning session, with American Express reporting higher third-quarter earnings and revenue. Investors are also positioned for a release of economic data later in the day. Bloomberg estimates compiled for the October S&P Global Composite Purchasing Managers’ Index point to a reading of 57.6, down from the previous 58.4, with data due at 9:45 am ET. The final University of Michigan consumer sentiment report for October, scheduled for 10 am ET, is expected to show an index at 46.3, unchanged from the prior period.