Dow Futures

Dow Futures contract was up 115 points, or 0.3%, the S&P 500 Futures contract was up 10 points, or 0.2%, and the Nasdaq 100 Futures contract was mostly flat.

1.  What’s moving markets? Blinken’s diplomatic mission, corporate results, and Rite Aid.
2. Dow futures rise as earnings season approaches.
3. Reports cause Apple stock to decline. In China, Huawei is gaining a larger-than-expected market share.
4. Novo Nordisk has agreed to pay $1.3 billion for a hypertension medication.
5. US closes loopholes in AI chip export restrictions to China – official
6. Following the success of the password-sharing crackdown, Netflix may consider price increases.
7. Pfizer and BioNTech stock prices have dropped due to concerns about COVID product sales.
8. Rite Aid declares bankruptcy and achieves a restructuring arrangement with its creditors.
9. Chip stocks slump as the United States plans to tighten export curbs on China.
10. Netflix members will soon be able to play games like GTA or Squid Game on their phones, according to the Wall Street Journal.
11. Yellen: It is too soon to speculate on the economic effects of the Israel conflict.
12. Manchester United’s stock drops after Sheikh Jassim withdraws his bid.
13. Oil prices remain above $90 per barrel as investors examine the Israel-Hamas conflict.
14. The Canadian Automobile Workers Union Unifor has approved the GM labor agreement.
15. QPR Software anticipates stable revenues as it transitions to SaaS.
16. Microsoft completes its $69 billion acquisition of Activision Blizzard following UK clearance.
17. Stellantis and Ford have laid off another 1,250 workers as a result of the UAW strike.
18. BioNTech warns of a COVID vaccine write-off of up to 900 million euros.
19. Tesla earnings: investors keep an eye on profits, deliveries, and self-driving technology
20. Gold falls as safe haven rally slows, M. East tensions focus.
21. Q4 2023 Oracle earnings double as generative AI improves.

GLOBAL NEWS 

1. Asian stocks are poor as Middle East tensions persist, with the Nikkei falling.
2. Fears of an escalation between Israel and Hamas have caused global markets to be cautious.
3. Australia fined Musk’s X platform $386,000 for deficiencies in anti-child abuse legislation.
4. Infosys Reports Strong Q2 FY24 Performance; Revenue Growth Guidance Revised
5. Fearing China, South Korea targets Taiwan navy submarine contractors.
6. Chip stocks slump as the United States plans to tighten export curbs on China.
7. With the Israel-Hamas conflict in the spotlight, Asia’s currency markets are subdued and the dollar falls.
8. China’s third-quarter GDP growth is expected to decelerate to 4.4% as headwinds linger, according to a Reuters poll.
9. The wholesale pricing index in India fell 0.26% year on year in September.
10. Casino, a French retailer, has reached an initial agreement to sell a stake in Exito Group.
11. Following the disclosure of false NPAs, Indian bank shares have increased.
12. Stock lending may dilute the BoJ’s equity ETF purchases.
13. Uber expects Australian gig-economy legislation to raise service rates.
14. Rite Aid declares bankruptcy and receives a $3.45 billion commitment
15. As a result of the merger, HDFC Bank experiences solid business development in the second quarter and reappoints its CEO.

Economic data

Import prices for September rose a smaller-than-expected +0.1% vs. est. +0.5% and below Aug +0.6% while Export prices rose +0.7% topping the +0.5% estimate, but below Aug +1.1%. U.S. Sept year-over-year import prices -1.7%, export prices -4.1%.

University of Michigan surveys of consumers sentiment prelim Oct 63.0 vs. consensus 67.2 and below Sept-Final 68.1; current conditions index prelim Oct 66.7 vs. Sept-F 71.4 and consumers expectations index prelim Oct 60.7 vs. Sept-F 66.0.

Inflation expectations rise: University of Michigan surveys of consumers 1-year inflation outlook prelim Oct 3.8% vs final Sept 3.2% and University of Michigan surveys of consumers 5-year inflation outlook prelim Oct 3.0% vs final Sept 2.8%.

 Global Economic data

Iran sent a message to Israel on Saturday stressing that it does not want further escalation in the Hamas-Israel war, but that it will have to intervene if the Israeli operation in Gaza continues, Axios reported. Meanwhile, Western diplomats and leaders warned Iran not to wade into the Israel-Hamas war, as Israeli forces appeared on the verge of a ground invasion of Gaza.

Economic Calendar

  8:30 AM ET                  Empire Manufacturing for October

10:30 AM ET                Fed’s Harker Speaks on the Economic Outlook

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