Industrial production fell 0.4% in September, the largest one-month drop since April. Industrial capacity usage slumped to 77.5 in September from 77.9 in the prior month. An index of manufacturing activity in Pennsylvania, Delaware and New Jersey fell to 5.6 in September from 12.0 in August, below the 7.1 expected, according to Econoday.
White House economic adviser Larry Kudlow said Thursday that the U.S. and China have come “further than we ever have before” on a trade deal, in an interview with CNBC, noting that the two sides have seen momentum in reason like financial services and currency management.
“The chatter out of Washington and Beijing has been positive, so the odds of a phase one pact being signed next month at the G7 summit is high,” said Jerry Lucas, senior trading strategist at UBS Global Wealth Management. “With that and Brexit progress, the world is looking like a better place than two weeks ago.”
New York Fed President John Williams was due to deliver a speech and take part in a discussion in Manhattan at 4:20 p.m.
What companies were in focus?
Morgan Stanley /zigman2/quotes/209104354/composite MS +4.82% shares rose 1.5% Thursday after the investment bank reported third-quarter profits and sales that beat Wall Street expectations.
Philip Morris International Inc. ’s stock /zigman2/quotes/201611010/composite PM +4.01% rose 1% as it reported third-quarter results Thursday, announcing that earnings fell less than analysts had anticipated, though revenue rose less than expected.
Shares of Netflix Inc. /zigman2/quotes/202353025/composite NFLX +8.08% added 2.5% on Thursday after it reported third-quarter results late Wednesday. The streaming service said it added 6.77 million new paying subscribers in the quarter, with only 500,000 coming from the U.S.
Shares of International Business Machine Inc. /zigman2/quotes/203856914/composite IBM +2.27% tumbled 5.5% though after it reported less revenue than Wall Street expected after Wednesday’s closing bell.
Rail-based freight company CSX Corp . /zigman2/quotes/208536759/composite CSX -0.59% managed to closed up 1.1% following its report late-Wednesday, which showed that third-quarter profits unexpectedly rose and revenue fell in line with analyst forecasts.
How did other markets trade?
European stocks ended little changed after rising initially following the news of a tentative Brexit deal, with the FTSE /zigman2/quotes/210598409/delayed UK:UKX +0.76% up 0.2% and the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.88% off 0.1% at 393.08.
Oil futures finished higher Thursday, as the U.S. and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions, and a tentative Brexit deal fueled appetite for assets perceived as risk, despite a rise in U.S. crude inventories. West Texas Intermediate crude for November delivery gained 57 cents to $53.93 a barrel.
Gold prices ended at the highest price in a week, up $4.30 at $1,498.30 an ounce on Comex and the U.S. dollar fell 0.4%, according to the ICE U.S. dollar index /zigman2/quotes/210598269/delayed DXY -0.05% .