US equity futures are on the rise for the second consecutive day, reducing their weekly drop to less than 1.0%. This comes as investors look past a surge in borrowing costs that earlier in the week dampened market sentiment. As of 8:00am ET, S&P futures are up 0.3% with Nasdaq futures up 0.2%. Megacap tech stocks are mixed: META is up 1.0% and AMZN is up 0.7%, while TSLA is down 1.7% after its second largest one-day gain in history following strong earnings. AAPL is down 1% after a decline in China's Q3 smartphone sales. Treasury yields are down for a second day, leaving the rate on the 10-year note up about one-tenth of a percentage point in the week at 4.18%; the USD is flat. Commodities are mixed with oil higher, base metals mixed, and precious metals lower. Today, the macro focus will be on Durable/Cap Goods Orders, as well as the final revision to Mich. Sentiment.
In premarket trading, Capri crashed 46%, the most ever, after a federal judge blocked a planned takeover by Tapestry due to handbag-market competition concerns. New York Community Bancorp fell 6% after reporting a provision for credit losses for the 3Q that missed the average analyst estimate. Western Digital gains 11% after the computer hardware firm posted 1Q profit that beat, with some analysts noting that the NAND flash memory segment is holding up better than feared. Here are some other notable premarket movers:
Boston Beer (SAM) falls 4% on light trading after the company cut its profit forecast for the full year.
Centene (CNC) gains 11% after the health insurer boosted its revenue guidance for the full year.
Coursera (COUR) plummets 20% after the online-education company cut its year revenue guidance. Management plans to cut about 10% of the company’s global workforce.
Deckers Outdoor (DECK) jumps 14% after the maker of Hoka running shoes and UGG boots boosted its sales forecast for the full year.
Denny’s (DENN) rises 5% as Citi turned bullish on the company, citing greater cost discipline and accelerated store closures.
Newell Brands (NWL) climbs 11% after management increased its year forecast.
Olin Corp. (OLN) slips 8% after the company posted a 3Q loss as Hurricane Beryl hurt results worse than the company initially anticipated.
Skechers U.S.A. (SKX) climbs 7.5% after the footwear company reported third-quarter sales and profit that topped Wall Street expectations and boosted its projections for the full year.
Traders’ attention is turning to US economic data next week, including a monthly payrolls report, for fresh clues on the scope for Federal Reserve interest-rate cuts. With the Nov. 5 presidential vote approaching, some analysts are predicting a stock market boost should Donald Trump win, while others warn it may reignite inflation and slow the pace of Fed easing.
“The markets at least are sniffing out a Republican sweep, and perhaps an electoral/Senate landslide,” Stephen Auth, chief investment officer for equities at Federated Hermes, wrote in a note. “Should this occur, and we think it very well might, we’d expect the modest rally we’ve experienced since July to pick up steam. A Trump win would likely favor the old economy financial, industrial, energy and small cap stocks.”
BofA strategist Michael Hartnett highlighted other pre-election trades. Investors are continuing to load up on gold as a hedge against inflation and populism, while other popular themes — like selling bonds and buying artificial intelligence stocks, are holding up. More in a follow up article later. Gold hit a record high on Wednesday and gold funds recorded their biggest weekly inflow since July 2020, according to the BofA strategists. The yield on US 10-year government bonds briefly breached 4.2% this week, the highest level since July, while shares of US chip company Nvidia Corp. touched an all-time high.
Meanwhile, Europe’s Stoxx 600 index retreated on Friday after lackluster results from companies including French Cognac maker Remy Cointreau SA and Mercedes-Benz Group AG. Gains in banks and energy shares offset losses in travel and personal care. The regional stocks measure is headed for a more than 1% drop in the week. Here are the biggest European movers:
Sanofi shares climb as much as 2.9%, best performer in the Stoxx 600 Health Care Index, after the drugmaker reported better-than-expected sales and earnings for the third quarter.
NatWest shares rise as much as 4.7% on Friday, their biggest intraday gain in three months, after earnings beat estimates and the British lender raised its outlook for the year.
Schibsted shares soar as much as 9.4% to the highest since May as the Norwegian classifieds company reported quarterly profits that blew past analyst estimates.
Holcim shares rise as much as 2% as the Swiss cement giant posts another quarter of margin expansion while sales slightly missed in North America.
Eni shares gain as much as 1.4% after the Italian oil company posts “decent” 3Q results, according to RBC, which adds that the share buyback is marginally ahead of market expectations.
Yara shares jump as much as 7.6%, the most since February, after the Norwegian agricultural chemicals firm’s third-quarter results showed what analysts called a strong Ebitda beat.
Remy Cointreau shares drop as much as 3.7% to a nine-year low after the French cognac maker cut its guidance amid weak demand in the US and China.
Mercedes shares fall as much as 3.9%, the most in just
US equity futures are on the rise for the second consecutive day, reducing their weekly drop to less than 1.0%. This comes as investors look past a surge in borrowing costs that earlier in the week dampened market sentiment. As of 8:00am ET, S&P futures are up 0.3% with Nasdaq futures up 0.2%. Megacap tech stocks are mixed: META is up 1.0% and AMZN is up 0.7%, while TSLA is down 1.7% after its second largest one-day gain in history following strong earnings. AAPL is down 1% after a decline in China's Q3 smartphone sales. Treasury yields are down for a second day, leaving the rate on the 10-year note up about one-tenth of a percentage point in the week at 4.18%; the USD is flat. Commodities are mixed with oil higher, base metals mixed, and precious metals lower. Today, the macro focus will be on Durable/Cap Goods Orders, as well as the final revision to Mich. Sentiment.
In premarket trading, Capri crashed 46%, the most ever, after a federal judge blocked a planned takeover by Tapestry due to handbag-market competition concerns. New York Community Bancorp fell 6% after reporting a provision for credit losses for the 3Q that missed the average analyst estimate. Western Digital gains 11% after the computer hardware firm posted 1Q profit that beat, with some analysts noting that the NAND flash memory segment is holding up better than feared. Here are some other notable premarket movers:
Boston Beer (SAM) falls 4% on light trading after the company cut its profit forecast for the full year.
Centene (CNC) gains 11% after the health insurer boosted its revenue guidance for the full year.
Coursera (COUR) plummets 20% after the online-education company cut its year revenue guidance. Management plans to cut about 10% of the company’s global workforce.
Deckers Outdoor (DECK) jumps 14% after the maker of Hoka running shoes and UGG boots boosted its sales forecast for the full year.
Denny’s (DENN) rises 5% as Citi turned bullish on the company, citing greater cost discipline and accelerated store closures.
Newell Brands (NWL) climbs 11% after management increased its year forecast.
Olin Corp. (OLN) slips 8% after the company posted a 3Q loss as Hurricane Beryl hurt results worse than the company initially anticipated.
Skechers U.S.A. (SKX) climbs 7.5% after the footwear company reported third-quarter sales and profit that topped Wall Street expectations and boosted its projections for the full year.
Traders’ attention is turning to US economic data next week, including a monthly payrolls report, for fresh clues on the scope for Federal Reserve interest-rate cuts. With the Nov. 5 presidential vote approaching, some analysts are predicting a stock market boost should Donald Trump win, while others warn it may reignite inflation and slow the pace of Fed easing.
“The markets at least are sniffing out a Republican sweep, and perhaps an electoral/Senate landslide,” Stephen Auth, chief investment officer for equities at Federated Hermes, wrote in a note. “Should this occur, and we think it very well might, we’d expect the modest rally we’ve experienced since July to pick up steam. A Trump win would likely favor the old economy financial, industrial, energy and small cap stocks.”
BofA strategist Michael Hartnett highlighted other pre-election trades. Investors are continuing to load up on gold as a hedge against inflation and populism, while other popular themes — like selling bonds and buying artificial intelligence stocks, are holding up. More in a follow up article later. Gold hit a record high on Wednesday and gold funds recorded their biggest weekly inflow since July 2020, according to the BofA strategists. The yield on US 10-year government bonds briefly breached 4.2% this week, the highest level since July, while shares of US chip company Nvidia Corp. touched an all-time high.
Meanwhile, Europe’s Stoxx 600 index retreated on Friday after lackluster results from companies including French Cognac maker Remy Cointreau SA and Mercedes-Benz Group AG. Gains in banks and energy shares offset losses in travel and personal care. The regional stocks measure is headed for a more than 1% drop in the week. Here are the biggest European movers:
Sanofi shares climb as much as 2.9%, best performer in the Stoxx 600 Health Care Index, after the drugmaker reported better-than-expected sales and earnings for the third quarter.
NatWest shares rise as much as 4.7% on Friday, their biggest intraday gain in three months, after earnings beat estimates and the British lender raised its outlook for the year.
Schibsted shares soar as much as 9.4% to the highest since May as the Norwegian classifieds company reported quarterly profits that blew past analyst estimates.
Holcim shares rise as much as 2% as the Swiss cement giant posts another quarter of margin expansion while sales slightly missed in North America.
Eni shares gain as much as 1.4% after the Italian oil company posts “decent” 3Q results, according to RBC, which adds that the share buyback is marginally ahead of market expectations.
Yara shares jump as much as 7.6%, the most since February, after the Norwegian agricultural chemicals firm’s third-quarter results showed what analysts called a strong Ebitda beat.
Remy Cointreau shares drop as much as 3.7% to a nine-year low after the French cognac maker cut its guidance amid weak demand in the US and China.
Mercedes shares fall as much as 3.9%, the most in just
