U.S. stock futures are trading lower as the geopolitical conflicts between Israel and Palestine-based terrorist group Hamas heightened. President Joe Biden has reached Israel. However, his planned meeting with Arab leaders has been canceled by Jordan following the allegation that Israel bombed a hospital in Gaza Strip.  

Following the news, the price of crude oil increased nearly 1.3%. Higher crude oil prices will make the task harder for the Fed to combat elevated inflation. Rising crude oil prices will likely to result in higher transportation costs, raising the general price level.

Procter & Gamble Co. (PG Quick QuotePG - Free Report) came out with quarterly earnings of $1.83 per share, beating the Zacks Consensus Estimate of $1.71 per share. The company posted revenues of $21.87 billion for the quarter ended September 2023, surpassing the Zacks Consensus Estimate by 1.03%.

Abbott Laboratories (ABT Quick QuoteABT - Free Report) came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.10 per share. The company posted revenues of $10.14 billion for the quarter ended September 2023, surpassing the Zacks Consensus Estimate by 3.60%.

Morgan Stanley’s (MS Quick QuoteMS - Free Report) third-quarter 2023 earnings of $1.38 per share handily surpassed the Zacks Consensus Estimate of $1.27. Net revenues came in at $13.27 billion, up 2% from the prior-year quarter. The top line also beat the Zacks Consensus Estimate of $13.08 billion.