Stock Futures Mixed; Wall Street Still Headed for Winning Week

China's GDP came in slightly above estimates

Jake Scott

Deputy Editor

Oct 18, 2024 at 9:04 AM

The market is struggling for direction before the bell this morning. Dow Jones Industrial Average (DJI) futures are firmly lower, while futures on the S&P 500 Index (SPX) futures sit modestly higher, and Nasdaq-100 (NDX) futures sport a triple-digit lead. Like the rest of the week, traders are taking in several big name earnings reports, while shares of Nvidia (NVDA) rally amid strong demand for its Blackwell chip. At this point, all three major U.S. benchmarks are on track to lock in their sixth-straight weekly wins.

Continue reading for more on today's market, including:

Use this options trading strategy this earnings season.
These 3 retail stocks have contrarian potential.
Plus, Netflix and American Express report third-quarter results, and AAPL boosted on China report.

Futures Chart October 182024

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 1.4 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.77 and the 21-day moving average stayed at 0.64.
Netflix Inc (NASDAQ:NFLX) stock is up 6.4% before the bell, after the streaming giant chimed with in third-quarter revenue of $9.83 billion and total paid subscribers of 282.7 million -- both of which beat Wall Street's estimates. Even better, the company issued fourth-quarter guidance that was ahead of expectations. Coming into today, NFLX boasts a 98.6% year-over-year lead.
American Express Company (NYSE:AXP) stock is 2.3% lower ahead of the open, looking to cut into its 5.4% quarter-to-date lead after earnings. The credit card company reported third-quarter earnings of $3.49 per share on revenue of $16.6 billion, the latter of which missed forecasts. However, American Express did lift its full-year earnings guidance.
The shares of Apple Inc (NASDAQ:AAPL) are 1.7% higher in electronic trading, following an uplifting report in China. Specifically, Apple's iPhone 16 sales are up 20% in the first three weeks of release when compared to last year's model. In a research note, Wedbush wrote: "We believe China sales for iPhone 16 will show a strong rebound over the next year with the beginning of this [artificial intelligence] driven super cycle led by iPhone 16."
Next week features even more blue chip earnings.

buzzoct18

China's GDP Beats Expectations

China’s gross domestic product (GDP) grew 4.6% year over year, which was slightly above estimates though down from last quarter’s 4.7%. In response, China’s Shanghai Composite and Hong Kong’s Hang Seng rose 2.9% and 3.6%, respectively. Elsewhere, the South Korean Kospi shed 0.6%, while the Nikkei rose 0.2%, after Japan’s core consumer price index (CPI) came in slightly above estimates year-over-year.

European markets are mixed at last check, as investors unpack the European Central Bank’s (ECB) back-to-back interest rate cut. London’s FTSE 100 is down 0.2%, while the French CAC 40 rises 0.7%, and the German DAX adds 0.3%.

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