Dow Futures

Dow Futures contract was down 90 points, or 0.3%, the S&P 500 Futures contract was down 23 points, or 0.6%, and the Nasdaq 100 Futures contract was down 130 points, or 0.9%.

1. What’s influencing markets: Amazon, US GDP, and the ECB’s rate decision.
2. Dow futures fall; Amazon, Meta earnings, and US GDP all in the spotlight
3. Bunge exceeds third-quarter earnings expectations.
4. Royal Caribbean rises on a beat-and-raise quarter due to strong cruise demand.
5. Bristol Myers said it will need another year to meet its new medication target.
6. Comcast exceeds revenue expectations despite streaming growth and broadband declines.
7. Codelco employees caution against job losses and do not rule out a walkout, according to the union’s president.
8. UPS lowers their annual revenue prediction due to low delivery demand.
9. The return of the US 10-year yield to near 5% puts additional pressure on stocks.
10. The United States’ third-quarter economic growth was the fastest in nearly two years.
11. Overstock (NASDAQ:OSTK) misses third-quarter sales targets.
12. Honeywell’s earnings were $0.04 higher than expected, but revenue fell short of expectations.
13. United Parcel Service’s earnings were $0.04 higher than expected, but sales fell short of expectations.
14. Willis Towers Watson’s earnings were $0.19 higher than expected, and revenue exceeded expectations.
15. Merck&Co’s earnings were $0.18 higher than expected, and revenue exceeded expectations.
16. Mobileye Global’s earnings were $0.05 higher than expected, and revenue above expectations.
17. Southwest Airlines’ profit declines, but Boeing forecasts more deliveries in 2023.
18. Financial conditions tighten once more to cool a hot US economy: McGeever
19. The UAW and Ford have reached a tentative labor agreement for a four-and-a-half-year contract.
20. Meta, a Facebook-owned company, outperforms revenue projections for digital ad strength.
21. Walmex’s net profit increased by more than 12% in the third quarter, owing to stronger sales.

GLOBAL NEWS 

1. At the finish of trading in Australia, the S&P/ASX 200 was down 0.61%.
2. At the close of business in Japan, the Nikkei 225 was down 2.22%.
3. European markets fall as a result of poor third-quarter earnings, wiping out 2023 gains.
4. Cemex’s third-quarter profit falls due to a year-ago asset sale and taxation.
5. Despite a drop in demand, Volkswagen maintains its EV targets and pricing.
6. Rosbank’s $12 million damages claim against Citi is upheld by a Moscow court.
7. The Bank of Israel’s war cost projections are optimistic, according to a Fin Min official.
8. The RBA has signaled potential rate increases in response to the recent surge in inflation.
9. Japanese bond yields have reached a decade high as global yields have risen.
10. According to a Reuters poll, Bank Indonesia is likely to keep its main rate at 6.00% until mid-2024.
11. South Korea’s economic growth exceeds expectations, supporting a rate halt.
12. Asian markets follow the US tech meltdown.
13. Asia’s currency falls, and the yen faces intervention after crossing 150.
14. Stellantis enters the Chinese EV market with a $1.6 billion investment in Leapmotor.
15. The Turkish central bank is anticipated to boost interest rates to 35% on October 26.
16. Gold tests $2,000 as concerns about the Middle East outweigh anxieties about rate hikes.
17. Scyne Advisory, a PwC Australia spin-off, has laid off 78 people.
18. Volvo Cars’ third-quarter profit rises as costs reduce.
19. Hyundai Motor’s net profit increased 151% in the third quarter, exceeding expectations.
20. Azure Minerals in Australia has agreed to a $1 billion buyout by lithium giant SQM.
21. Westpac warns of a $109 million damage to its fiscal 2023 profit.

Economic data

Sept single-family home sales jumped 12.3% to 759K annual rate, above consensus of 680K and vs. Aug 676K; Sept home sales Northeast +22.5%, Midwest +4.7%, South +14.6%, West +7.5%; the Sept new home supply 6.9 months’ worth at current pace vs aug 7.7 months and the Sept median sale price $418,800, -12.3% from Sept 2022 ($477,700).

In Washington DC, U.S. House Republican Mike Johnson secures 217 votes needed and was elected as House of Representatives speaker. The vote comes 3 weeks after Kevin McCarthy was voted out of office by his peers.

 Global Economic data

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -13.9 vs -0.5 last week. Bulls fall to 29.3% from 34.1%, Neutrals fall to 27.5% from 31.3%, Bears rise to 43.2% from 34.6%.

Economic Calendar

8:30 AM ET                  Weekly Jobless Claims

8:30 AM ET                  Continuing Claims

8:30 AM ET                  Gross Domestic Product (GDP) Q3-Advance

8:30 AM ET                  GDP Price Deflator for Q3-A

8:30 AM ET                  Personal Consumption for Q3-A

8:30 AM ET                  PCE Prices Q3-Advance

8:30 AM ET                  Core-PCE Prices for Q3

10:00 AM ET                Pending Home Sales M/M for September

10:30 AM ET                Weekly EIA Natural Gas Inventory Data

11:00 AM ET                Kansas City Fed Manufacturing for October

1:00 PM ET                   US Treasury to sell $37B in 7-year notes.

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