Dow Futures

Dow Futures contract was up 20 points, or 0.1%, at 06:30 ET (10:30 GMT), while the S&P 500 Futures contract was down 15 points, or 0.4%, and the Nasdaq 100 Futures contract was down 80 points, or 0.5%.

1. What’s moving markets? Microsoft, Alphabet, Chinese sovereign debt, and Deutsche Bank.
2. The Bank of Canada is expected to keep interest rates unchanged in the face of an economic slowdown.
3. Consumer Reports discovers higher lead and cadmium in chocolate and calls on Hershey to reform.
4. California Governor Gavin Newsom meets with Chinese President Xi Jinping.
5. Hilton’s income exceeds Wall Street expectations due to record hotel prices.
6. Futures in the United States are mostly lower; Microsoft and Alphabet earnings are in the spotlight.
7. Alphabet falls 6% as operating profitability and cloud revenues fall short of expectations; analysts decrease predictions.
8. Analysts remain quite bullish on Microsoft as good earnings overcome cautious guidance.
9. Due to sluggish biotech demand, Thermo Fisher has reduced its annual profit prediction.
10. UPS profit will be impacted by union contract fees and sluggish demand.
11. Despite Tesla’s stumble, Big Tech expects robust Q3 results.
12. Honda and GM have scrapped their intention to co-develop cheaper EVs.
13. General Dynamics’ quarterly revenue increases because to increased weapon demand.
14. T-Mobile raises its free cash flow forecast as subscriber additions exceed expectations.
15. Despite luxury concerns and warmer weather, Moncler sales are expected to increase.
16. Moody’s earnings were $0.11 more than expected, but sales was in line with expectations.
17. Earnings at Old Dominion Freight Line were $0.18 higher than expected, and revenue exceeded expectations.
18. CME Group’s earnings were $0.04 higher than expected, but revenue fell short of expectations.
19. Teledyne Technologies’ earnings were $0.29 higher than expected, but revenue fell short of expectations.
20. ADP’s earnings were $0.06 higher than expected, while revenue fell short of expectations.
21. T-Mobile US earnings were $0.12 higher than expected, while revenue fell short of expectations.
22. Westinghouse Air Brake’s earnings were $0.24 higher than expected, and revenue above expectations.

GLOBAL NEWS 

1. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.60%.
2. At the close of business in Australia, the S&P/ASX 200 was down 0.04%.
3. The Nifty 50 is down 0.83% at the closing of trade in India.
4. China’s central bank structural policy tools increased to $959 billion at the end of September.
5. Despite luxury concerns and warmer weather, Moncler sales are expected to increase.
6. The Australian currency climbs when interest rates rise, but the US dollar pauses.
7. With a $10 billion grant, India tops the AIIB’s project funding list.
8. Weak eurozone lending exacerbates recession fears.
9. Inflation will be factored into company balance statements in Turkey until at least 2026.
10. Japan’s 10-year yield reaches a fresh decade high amid anticipation about a BOJ policy change.
11. Asian stocks are rising, with China taking the lead on new stimulus plans.
12. Woolworths sales in Australia are increasing as low prices fuel demand.Kokusai Electric shares surge 28% on their Tokyo debut.
13. Deutsche Bank’s stock has risen in response to the company’s third-quarter earnings and bullish forecast.
14. China’s central bank structural policy tools increased to $959 billion at the end of September.
15. German business morale is improving, but recession fears remain.Uber Australia and BYD collaborate to increase EV adoption.
16. The net profit of IndusInd Bank has increased, and the resolution plan of Reliance Capital has been evaluated.
17. Inditex, the owner of Zara, will purchase recycled polyester from a US start-up.
18. Qualcomm sees fixed wireless connectivity based on 5G as a game changer for India’s telecom sector.
19. European stocks tumble on mixed earnings, with luxury firms dragging.
20. Amazon Web Services is planning to establish a European sovereign cloud.

Economic data

S&P Global October flash composite PMI at 51.0 (vs 50.2 in September) and U.S. S&P Global October flash services PMI at 50.9 (vs 50.1 in September).

Richmond Fed services revenues index -11 in Oct vs +4 in Sept and Richmond Fed manufacturing shipments index +9 in Oct vs +7 in Sept.

 Global Economic data

The U.S. Federal Reserve is expected on Wednesday to propose an official review of the fees banks can charge retailers for debit card transactions, setting up a battle between the two industries that could result in a court challenge. The scheduled Fed board meeting will mark the first time in over a decade that the central bank has proposed revising the fees, which generated around $24.31 billion for lenders in 2019, the most recent Fed data shows. – Reuters

The worst selloff of longer-term Treasuries in more than four decades is putting a spotlight on the market’s biggest missing buyer: the Federal Reserve. The Fed is shrinking its portfolio of government securities at a $720 billion annual pace, making the Treasury Department’s job of funding a near-$2 trillion federal deficit all the harder – Bloomberg.

Israel’s credit outlook was cut to negative by S&P Global Ratings, which cited risks related to its war with Hamas.

Economic Calendar

 7:00 AM ET                  MBA Mortgage Applications Data

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

10:30 AM ET                Weekly DOE Inventory Data

1:00 PM ET                   US Treasury to sell $49B in 5-year notes.

Must read book about investing – check here

Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures Dow Futures