Dow Futures

 Dow Futures contract was down 95 points, or 0.3%, the S&P 500 Futures contract was down 13 points, or 0.3%, and the Nasdaq 100 Futures contract was down 45 points, or 0.3%.

1. Goldman Sachs earnings, retail sales in the United States, and County Garden – what’s influencing markets? 
2. Futures prices fall as the Middle East situation weighs on them; bank results and statistics are in the spotlight. 
3. Dow futures rise as Goldman Sachs earnings and US retail sales are scrutinized.
4. Bank of America beats on both the top and bottom lines in the third quarter.
5. Financial stocks delivered mixed results, with Schwab reporting a drop in third-quarter earnings.
6. According to the auto regulator, Tesla would recall almost 55,000 Model X vehicles. 
7. JPMorgan maintains a defensive posture in the face of escalating geopolitical concerns. 
8. J&J earnings were $0.15 higher than expected, and revenue exceeded expectations. 
9. Moskovitz, CEO of Asana, adds another $6 million in equity. 
10. KKR proposed to bear more costs and manpower to sweeten TIM bid-sources. 
11. Choice Hotels has made an offer to buy Wyndham for $7.8 billion. 
12. Bank of America’s earnings were $0.07 higher than expected, and revenue above expectations. 
13. Bank of New York Mellon’s earnings were $0.11 higher than expected, and revenue above expectations. 
14. Earnings at Charles Schwab were $0.02 higher than expected, but revenue fell short of expectations. 
15. According to reports, activist Starboard has a “substantial” stake in News Corp. 
16. Rite Aid declares bankruptcy and achieves a restructuring arrangement with its creditors. 
17. Vista Outdoor is down more than 15% after its outlook is cut. 
18. Fastenal Quarter 3 2023 Reports Daily sales gain of 4%, EPS increase, and leadership changes 
19. Comtech Telecommunication Corp announces a solid fourth quarter and is confident about future growth. 
20. CEOs’ lack of faith in cybersecurity resiliency may stymie progress. 

GLOBAL NEWS 

1. The Nifty 50 is up 0.40% at the closing of trade in India. 
2. Australia’s equities closed higher, with the S&P/ASX 200 up 0.42%. 
3. Basel suggests that banks disclose cryptocurrency beginning in January 2025. 
4. The person in charge of Virgin Australia’s IPO ambitions resigns. 
5. In October, German investor morale improved, according to the ZEW. 
6. If the Tuesday payment is not made, Country Garden’s whole offshore debt will be in default. 
7. Asian stocks regain some of their losses; China GDP and Middle East tensions are in the spotlight. 
8. If the Tuesday payment is not made, Country Garden’s whole offshore debt will be in default. 
9. Dhingra of the Bank of England predicts slower wage growth and lower inflation. 
10. Cebu Pacific of the Philippines plans to buy 100-150 planes for up to $12 billion. 
11. In October, German investor morale improved, according to the ZEW. 
12. A US government agency is investigating pedestrian concerns at GM’s self-driving business Cruise. 
13. Toyota has extended the partial shutdown of two Japanese facilities until Wednesday. 
14. China instructs banks to roll over local government loans, according to sources. 
15. In 2024, Amazon will introduce an online shopping business in South Africa. 
16. Asia FX falls as the dollar regains footing ahead of additional economic data. 
17. Rolls-Royce will eliminate up to 2,500 jobs as part of its current efficiency drive. 
18. Regular salary growth in the United Kingdom has slowed for the first time since January. 
19. China’s Baidu introduces a new Ernie AI version to compete with GPT-4. 
20. Bitcoin falls when BlackRock announces that their ETF application is being reviewed.  
21. The dollar is fluctuating as investors focus on Powell’s remarks causes the yen to waver towards the intervention zone.  
22. Oil prices are holding steady as investors wait for sanctions against Venezuela to be lifted. 
23. As the Israel-Hamas conflict rages, gold falls but remains above $1,900. 
24.  The September inflation rate in Nigeria was the highest in two decades. 
25. The NSE in India is expanding its commodity derivatives market with the addition of 13 new contracts. 
26. As TSMC experiences delays, Samsung is poised to take the lead in 2nm chip production. 
27. HDFC Bank provides information. Following the merger of HDFC Ltd, net profit increased by 51.1% in the third quarter. 

Economic data

New York Empire State current business conditions index -4.6 in October vs. consensus -7.0 and below the +1.9 in September as new orders index -4.2 in October vs +5.1 in September, prices paid index +25.5 in October vs +25.8 in September, state employment index at +3.1 in October vs -2.7 in September and 6-month business conditions index +23.1 in October vs +26.3 in Sept.

 Global Economic data

Interesting data point: the 10-year/3-month yield curve has now been inverted for a record 232 trading days while the 10-year/2-year curve has been inverted for 320 straight trading days, the second longest streak on record.

The Bank of Japan is likely to discuss raising its inflation projection for fiscal year 2023 and 2024 at its policy meeting later this month, extending the period in which it sees prices hitting or exceeding its 2% goal – Bloomberg.

Economic Calendar

7:45 AM ET                  ICSC Weekly Retail Sales

8:00 AM ET                  Fed’s Williams Moderates Discussion at Economic Club of NY

8:30 AM ET                  Retail Sales M/M for October…est. +0.3%

8:30 AM ET                  Retail Sales – Less Autos M/M for October…est. +0.2%

8:55 AM ET                  Johnson/Redbook Weekly Sales

9:15 AM ET                  Industrial Production M/M for September…est. 0.0%

9:15 AM ET                  Capacity Utilization for September…est. 79.6%

10:00 AM ET                Business Inventory M/M for August…0.3%

10:00 AM ET                NAHB Housing Market Index for October…est. 4

10:45 AM ET                Fed’s Barkin Speaks on the Economic Outlook

4:30 PM ET                   API Weekly Inventory Data

Other Key Events:

China Retail Sales and Industrial Output for September

China GDP data for Q3

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