Dow Futures

Dow Futures contract was up 65 points, or 0.2%, at 06:20 ET (10:20 GMT), the S&P 500 Futures contract was up 6 points, or 0.1%, and the Nasdaq 100 Futures contract was down 7 points, or 0.1%.

1. Powell’s speech, SoftBank’s loss, and Disney’s earnings beat – what’s influencing markets?
2. Futures are dormant as investors await fresh policy clues.
3. Tapestry, the producer of Coach handbags, has reduced its revenue forecast for 2024 due to weakening demand.
4. Virgin Galactic reduces its workforce by 18% as it shifts its focus to Delta Class spaceships.
5. TransDigm will pay $1.385 billion for CPI’s Electron Device Business.
6. Rogers Communications, Canada’s largest wireless company, fulfills quarterly revenue projections.
7. Orecap sells a 20% share in the NAK project to American Eagle.
8. Canadian Tire Corporation publishes third-quarter earnings and anticipates a share buyback in 2024.
9. Aflac declares a $0.42 dividend per share with a 2.1% trailing yield.
10. Wix’s (NASDAQ:WIX) third-quarter sales exceeded expectations, and next-quarter growth appears promising.
11. Himax (NASDAQ:HIMX) outperforms expectations in the third quarter.
12. TransDigm Group will pay $1.385 billion in cash to acquire Communications & Power Industries’ Electron Device Business.
13. Cameco has completed its $2.1 billion acquisition of a 49% share in Westinghouse Electric.
14. Disney exceeds earnings projections as Iger establishes a ‘construction’ phase
15. Hapag Lloyd has canceled services in order to cut expenses – CEO
16. Nexi reports a 5% growth in revenue in Q3 and maintains its favorable annual outlook.
17. Hollywood actors and studios reach tentative agreement to end strike
18. Sony’s second-quarter profit drops 29%, dragged down by the semiconductors division.
19. SoftBank suffers another quarterly loss as investment losses negate Arm’s profits.
20. APM Terminals Pipavav’s net profit increased by 52% in the second quarter, however cargo volumes fluctuated.
21. Airbus is optimistic about aircraft production since profits outweigh the space price.
22. Arcelor Mittal reports a higher-than-expected third-quarter profit.
23. Henkel raises its forecast for 2023 as a result of rising costs.

GLOBAL NEWS 

1. Australia’s equities closed higher, with the S&P/ASX 200 up 0.28%.
2. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 1.59%.
3. The Nifty 50 is down 0.25% at the closing of trade in India.
4. Japan’s lobby chief encourages the BOJ to normalize policy in order to live with interest rates.
5. The ECB balance must contract, but not too much: Lane
6. NAB reports an increase in annual cash earnings but falls short of expectations.
7. European stocks open flat as investors await policy hints.
8. Nvidia intends to launch three new processors in China, according to local media.
9. Nissan’s operational profit more than doubles in the second quarter, exceeding expectations.
10. Despite a decrease in delivery, the UK’s Domino’s Pizza announces increasing sales.
11. Earnings boost Asian stocks, while China lags due to disinflationary concerns.
12. As China’s deflation impacts on Asia’s currencies, the dollar remains stable.
13. Despite the Chinese housing slump, Asian stocks are rising.
14. The euro regains its footing as a result of hawkish policy pronouncements and decreased energy costs.
15. China’s consumer prices have dropped again due to weak demand.
16. The euro regains its footing as a result of hawkish policy pronouncements and decreased energy costs.
17. Sony’s second-quarter profit drops 29%, dragged down by the semiconductors division.
18. Merck KGaA expects its FY profit to fall to the lower end of its target range.
19. Aspo sells 15.4% of its stake in ESL Shipping to fund additional vessel investments.

Economic data

Sept wholesale sales +2.2% above consensus +0.8% and vs Aug +2.0%; Sept wholesale inventories revised to +0.2% (consensus unchanged) from unchanged; U.S. Sept stock/sales ratio 1.33 months’ worth vs Aug 1.36 months.

Weekly mortgage data from Mortgage Bankers Assoc (MBA) showed weekly home applications rose +2.5% in latest week, purchase index climbs 3.0%, refinance index climbs 1.6% as the 30-year mortgage rate falls 25 bps to 7.61% in Nov 3 week (lowest rate since end of July).

The Federal Reserve Bank of Cleveland said Wednesday it has begun to search for a replacement for its current president Loretta Mester. Mester, who has been in office since 2014, is scheduled to retire on June 30, 2024 due to Fed rules that limit officials service due to age/length of service.

Global Economic data

China Oct CPI falls (-0.1%) m/m vs flat consensus; falls (-0.2%) y/y vs (-0.1%) consensus; and China Oct PPI falls (-2.6%) y/y vs (-2.7%) consensus.

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 15.4 vs -26 last week. Bulls rise to 42.6% from 24.3%, Neutrals rise to 30.2% from 25.4%, Bears fall to 27.2% from 50.3%.

Federal Reserve Bank of Chicago President Austan Goolsbee said the U.S. central bank will need to pay close attention to the effects of higher longer-term bond yields to make sure they don’t slow the economy more than expected over the coming year, the Wall Street Journal reported.

Fed’s Harker: Repeats preference to hold rates steady; rates should remain high as the inflation battle goes on; does not see near-term rate cuts; time to take stock of past rate hikes and their impact; next Fed meeting could go either way; Fed remains data dependent; labor market is seeing better balance; not forecasting a recession though growth is likely to cool.

Economic Calendar

 8:30 AM               Weekly Jobless Claims…est. 218K

 8:30 AM               Continuing Claims…est. 1.82M

9:30 AM                Fed’s Bostic and Barkin Speak on Survey Data

10:30 AM              Weekly EIA Natural Gas Inventory Data

2:00 PM                 Fed’s Powell Speaks on Panel at IMF Conference

Other Key Events

Baird Global Industrials Conference 2023, 11/7-11/9, in Chicago, IL

Bank America West Coast Payments Tour, 11/8-11/9, in San Francisco, CA

Deutsche Bank Access AutoTech Conference 11/9 (virtual)

Truist Securities BioPharma Symposium, 11/8-11/9, in New York

 China CPI, PPI data for October

Must read book about investing – check here

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