Services and manufacturing data will come out later today
Investors have an avalanche of notable earnings reports to unpack this morning, with even more to come in the days ahead. Dow Jones Industrial Average (DJIA) futures are eyeing a more than 150-point pop this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are comfortably higher as well. A slew of economic indicators are due out later today as well, including services and manufacturing data.
Continue reading for more on today's market, including:
- This steel stock is a hit with options traders.
- Now is the time for the market to right itself.
- Plus, Spotify's bold active user prediction, and unpacking 2 Dow members' quarterly earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 765,467 puts exchanged on Monday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average stayed at 0.68.
- Spotify Technology SA (NYSE:SPOT) stock is up 2.3% in premarket trading, after the company reported better-than-expected third-quarter profits. Though revenue matched estimates, the music streaming name expects to have over 600 million monthly active users in the fourth quarter. SPOT is up 95.8% so far in 2023.
- Dow member 3M Co (NYSE: MMM) announced an earnings for the third quarter, and hiked its full-year adjusted profit forecast. The company cited price hikes and cost-cutting measures, which helped it offset lower demand. Shares are up 4% before the open, but carry a 28.6% year-to-date deficit.
- Coca-Cola Co (NYSE: KO) stock is up 3.4% ahead of the bell, after besting top- and bottom-line expectations for the third quarter. The beverage giant raised its annual outlook as well, with demand staying strong despite higher prices. KO is down 15% this year, however.
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The S&P Case-Shiller home price index, the S&P flash U.S. services purchasing managers index (PMI), and the S&P flash U.S. manufacturing PMI are due out today.
European, Asian Markets Mixed on Economic Data
Asian markets finished mostly higher on Tuesday, after Japan’s PMI flash reading for October showed its first contraction since December 2022, coming in at 49.9. The country’s Nikkei rose 0.2% in response, while China’s Shanghai Composite added 0.8%. Elsewhere, the South Korean Kospi rose 1.1%, after the country’s producer price index (PPI) rose 1.3% year over year in September. Hong Kong’s Hang Seng posted the only losses in the region, returning from holiday with a 1% drop.
Over in Europe, investors are eyeing the euro zone’s October flash PMI, which fell to 46.5 – the lowest reading since November 2020. The region’s bourses are mostly hanging on despite the newly ignited recession fears, however. At last look, the French CAC 40 was up 0.5%, the German DAX was 0.07% higher, and London’s FTSE 100 was inching 0.1% lower.