Dow Futures

Dow Futures contract was down 100 points, or 0.3%, the S&P 500 Futures contract was down 15 points, or 0.4%, and the Nasdaq 100 Futures contract was down 50 points, or 0.4%.

1. The Fed’s decision looms, futures fall, and AMD reports – what’s causing market volatility?
2. Dow futures fall ahead of the Fed announcement; corporate results continue to flood
3. Despite the economy’s upbeat tone, the Fed seems expected to keep rates constant.
4. CVS earnings exceeds expectations due to strong pharmacy operations performance.
5. Humana exceeds quarterly earnings projections
6. Estee Lauder anticipates negative annual performance due to Asia’s delayed rebound in travel retail.
7. Canada Goose lowers their sales forecast due to China’s shaky recovery.
8. Thomson Reuters announces increased third-quarter sales and profit.
9. Apollo’s third-quarter earnings increase by 23% due to management fees and retirement services.
10. Earnings at Kraft Heinz were $0.06 higher than expected, but revenue fell short of expectations.
11. Yum! Earnings were $0.16 higher than expected, however revenue fell short of expectations.
12. IDEXX Labs’ earnings were $0.16 more than expected, but revenue fell short of expectations.
13. As investors await the Fed’s rate decision, futures prices fall.
14. DuPont exceeds third-quarter profit predictions but lowering revenue forecast
15. TSM outperforms industry peers despite reduced revenue projections.
16. Pineapple Financial Issues 875,00 Shares at $4/sh
17. AMD slips 2% as sales guidance falls short; analysts remain wary in the face of high valuations.
18. CVS Health Corp’s earnings were $0.08 higher than expected, and revenue above expectations.
19. First Solar announces a Q3 profit as revenue falls short of expectations.
20. RBC provides $2.95 billion to help troubled City National Bank.
21. Wages boost US labor costs in third quarter 
22. Jabil Inc. takes over Intel’s silicon photonics product lines 
23. Saudi Arabia stocks higher at close of trade; Tadawul All Share up 1.46% 
24. US consumer confidence fall further in October 
25. US wage growth slows but still outpaces inflation 
26. Fed likely to pause interest rate hikes amid economic recovery 

GLOBAL NEWS 

1. At the close of business in Australia, equities were up 0.85% on the S&P/ASX 200.
2. Japan’s markets ended the day higher, with the Nikkei 225 up 2.36%.
3. The Nifty 50 is down 0.47% at the closing of trade in India.
4. The World Trade Organization has extended China’s deadline in its anti-dumping dispute with Japan.
5. European stocks rise as the Fed meeting approaches.European stocks achieved a two-week high as a result of the healthcare boost; the Fed rate decision is expected soon.
6. Asian markets react to a probable Fed decision and Japan’s currency intervention.
7. Neste, a Finnish company, will lay off 400 workers owing to increased competition.
8. Despite seasonal sales declines, the auto industry forecasts growth.
9. Argentina uses a Chinese currency exchange line to pay off $2.6 billion in IMF debt.
10. Australia’s rate risk rises as house prices rise, and the IMF weighs in.
11. Japan will spend more than $112 billion to tackle inflation – draft
12. A Chinese company has launched stock indexes in order to capitalize on the desire for safe-haven gold.
13. Aston Martin reduces output target as new sports car development stymies
14. Insolvencies in England and Wales are at a near 14-year high.
15. Nippon Steel raises its yearly forecast due to increased first-half profitability.
16. Neste, a Finnish company, will lay off 400 workers owing to increased competition.
17. Global fund managers are increasing their inspection of banks in the aftermath of the crisis, according to a survey.RBC provides $2.95 billion to help troubled City National Bank.
18. India’s Sensex and Nifty fall ahead of the Federal Reserve’s rate decision in the United States.
19. Portugal’s economy shrinks 0.2% quarter-on-quarter
20. Canadian Tire Regains Full Stake in Financial Services, Enhancing Loyalty Program 
21. GSk acquires exclusive license for JNJ-3989 in a $1 billion deal 

Economic data

·     Chicago PMI inched down to 44 in October from 44.1 in the prior month, and below consensus of 45.3, in contraction territory for a 14 straight month in October.

·     The Consumer Confidence index falls to 102.6 from Sept revised 104.3, but above the 100 est. as the present situation index 143.1 in Oct vs Sept revised 146.2 and the expectations index 75.6 in Oct vs Sept revised 76.4 (previous 73.7). US jobs hard-to-get index 13.1 in Oct vs Sept 14.2.

·     Q3 employment cost index +1.1% (consensus +1.0%) vs Q2 +1.0% (prev +1.0%); U.S. Q3 wages/salaries +1.2% vs Q2 +1.0% (prev +1.0%) and U.S. Q3 benefit costs +0.9% vs Q2 +0.9%. The index has been rising 1.0% or more for 9 consecutive quarters, with the 1.4% surge in Q1 2022 the historic high. Wages and benefits were up 1.2% versus 1.0% in Q2 and 1.2% in Q1.

·     The FHFA House Price Index for August rose +0.6% vs. +0.5% consensus and +0.8% in July and on a y/y basis, home prices rose 5.6%, outpacing the 4.6% climb in the prior month. For the nine census divisions, seasonally adjusted monthly price changes ranged from -0.2% in the South Atlantic division to +1.1% in the Pacific and East North Central divisions.

·     The S&P CoreLogic Case-Shiller Home Price Index showed that house prices continued their upward trend in August. The HPI composite for 20 cities, seasonally adjusted increased 1.0% M/M, exceeding the +0.7% expected and 0.9% rise in July.

·     Asia posted monthly declines as the NIKKEI 225 Index was down 998.77 points or 3.14% this month to 30,858.85 (largest 1-month point and percentage decline since Dec. 2022 and now down for four consecutive months), while the Shanghai Composite Index was down 91.70 points or 2.95% this month to 3018.77, now down for three consecutive months (and 5 of last 6).

 Global Economic data

·     China Oct Caixin Manufacturing PMI was 49.5 vs 50.8 consensus.

·     Japan Oct Manufacturing PMI (final) was 48.7 vs 48.5 preliminary.

Economic Calendar

·     7:00 AM ET                  MBA Mortgage Applications Data

·     8:15 AM ET                  ADP Private Payrolls data for October…est. +150K

·     9:45 AM ET                  S&P Global Manufacturing PMI, Oct-Final…prior 50.0

·     10:00 AM ET                Construction Spending M/M for September…est. +0.4%

·     10:00 AM ET                ISM Manufacturing PMI for October…est. 49.0

·     10:00 AM ET                JOLTs Job Openings for September…est. 9.25M (prior 9.61M)

·     10:30 AM ET                Weekly DOE Inventory Data

·     2:00 PM ET                   FOMC Policy rate meeting at 2:00 – expected to hold 5.25%-5.5%.

·     2:30 PM ET                   Fed Chairman Powell Press Conference

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