The major benchmarks are inching higher ahead of the open
Futures on the Dow Jones Industrial Average (DJI) are up 43 points this morning, as the blue-chip index looks to extend its third-straight record close to four. Nasdaq-100 (NDX) futures are on the rise as well, while S&P 500 (SPX) futures remain closer to breakeven. Investors are unpacking plenty of earnings reports, including those from Microsoft (MSFT) and Alphabet (GOOGL). Meanwhile, durable-goods orders dropped 0.4% in September -- the first decline since April -- mostly due to supply and labor contstraints, specifically in the auto and aircraft sectors.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White shares what to expect from the S&P 500 this season.
- Ford revealed a new partnership ahead of this evening's earnings report.
- Plus, HOOD drops after quarterly losses; ENPH surges; and more on GOOGL's earnings beat.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Tuesday, compared to 942,212 put contracts. The single-session equity put/call ratio rose to 0.43, and the 21-day moving average stayed at 0.48.
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Robinhood Markets Inc (NASDAQ:HOOD) is down 9% before the bell, after the trading platform posted wider-than-expected third-quarter losses per share, along with revenue that came in below estimates. To follow, no fewer than four analysts slashed their price targets, including J.P. Morgan Securities to $26 from $35.
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Enphase Energy Inc (NASDAQ:ENPH) is surging in electronic trading, up 17.9% at last check, after its strong third-quarter results. Analysts have been quick to chime in, with no fewer than 10 price-target hikes. Heading into today, ENPH is up 67.3% year-over-year.
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Alphabet Inc (NASDAQ:GOOGL) is flat in pre-market trading, last seen 0.03% higher, despite the FAANG name's third-quarter results beat. No fewer than 11 analysts raised their price objectives. Year-to-date, GOOGL is up 59%.
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Today will bring the goods trade balance.
Stocks Lower in Europe, Asia
Asian markets fell on Wednesday, as Japan’s Nikkei cooled from yesterday’s surge, dropping 0.03%, and the South Korean Kospi fell 0.8%. Meanwhile, China’s Shanghai Composite dropped nearly 1%, despite industrial profits in the country surging 16.3% year-over-year in September, while the Hong Kong Hang Seng shed 1.6%.
Over in Europe, stocks are also lower, while traders keep an eye on a budget update from the U.K. finance minister, and a slew of fresh earnings roll in, including a report from Deutsche Bank. The shares have lost more than 2% today, after the finance giant reported a drop in revenue, but an earnings beat. In response, the French CAC is down 0.3%, the German DAX is 0.3% lower, and the London FTSE 100 is off by 0.1% so far today.