The 10-year Treasury yield rose to its highest levels since July
Stock futures are falling Wednesday, with futures tied to the Dow Jones Industrial Average (DJI) down 235 points, after the S&P 500 Index (SPX) logged its first back-to-back losses since early September. Higher bond yields continue to weigh on Wall Street, with the benchmark 10-year Treasury note rising 3 basis points to 4.23% -- levels not seen since July. Meanwhile, investors are digesting plenty of corporate earnings reports.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White helps us understand what Bollinger Bands measure.
- Bullish sector sentiment boosts 3 gold stocks.
- Plus, everything happening at Boeing; AT&T's mixed report; and Arm heats up feud with Qualcomm.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 777,810 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.64.
- Dow member Boeing Co (NYSE:BA) shared a third-quarter loss of $10.44 per share, which was wider than Wall Street expected. Eyes still remain on the aerospace giant's production woes stemming from an ongoing strike, though things could turn around when its machinists union votes Wednesday on a new contract offer. Down 0.6% before the open, BA already sports a 38.7% year-to-date deficit.
- Shares of AT&T Inc (NYSE:T) are 3.3% higher ahead of the open, and looking to add to a 43.8% year-over-year lead after earnings. The telecommunications company reported third-quarter revenue and postpaid phone net additions that both missed Wall Street's estimates, but better-than-expected adjusted earnings are keeping shares afloat.
- Qualcomm Inc (NASDAQ:QCOM) stock is 2.8% lower in electronic trading, after Bloomberg reported that semiconductor sector peer Arm (ARM) is canceling a license that allowed Qualcomm to design chips via Arm's intellectual property. Coming into today, QCOM is up nearly 60% over the last 12 months.
- This week features even more blue chip earnings.
Investors in Macau Set to Receive Bond Windfall
Asian markets finished mostly higher today, with the exception of the Nikkei in Japan’s 0.8% drop. Tokyo Metro soared 45% after its market debut, which was Japan’s largest initial public offering (IPO) in six years. Hong Kong’s Hang Seng rose 1.3%, while China’s Shanghai Composite and the South Korean Kospi rose 0.5% and 1.1%, respectively. In other news, China’s finance industry said it would issue 5 billion yuan ($701.1 million) worth of yuan-denominated bonds to investors in Macau.
European bourses are lower, as investors eye the latest earnings as well as rising Treasury yields stateside. London’s FTSE 100 is down 0.5% at last glance, while the French CAC 40 drops 0.7%, and the German DAX sits 0.2% lower.