Market Rally Cut Short as Investors Eye Earnings

Apple drew out a bullish recommendation ahead of its report

Digital Content Manager
Oct 25, 2022 at 9:26 AM
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Stocks futures are giving back some of yesterday's gains as investors remain focused on the incoming slew of Big Tech earnings reports. JPMorgan gave Apple (AAPL) a bull note, recommending traders buy call options before the event. Meanwhile, Amazon.com (AMZN) just announced a hiring freeze. In other news, the S&P CoreLogic Case-Shiller Home Price Index revealed home prices are falling at a record pace but are still higher than a year ago.

At last glance, futures on the Dow Jones Industrial Average (DJI) are pointed 159 points lower, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are set to open in the red as well. 

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

futures oct 25

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.50 million call contracts and 831,480 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.55, while the 21-day moving average stayed at 0.68.
  2. United Parcel Service, Inc. (NYSE:UPS) is up 2.5% before the open, following the delivery name's third-quarter earnings beat, thanks to expanded profit margins as it hiked its prices. UPS' revenue, meanwhile, missed estimates. Over the past 12 months, the equity has shed nearly 18%. 
  3. Coca-Cola Co (NYSE:KO) posted a top- and bottom-line beat for its third quarter, and lifted its full-year forecast as well, noting strong demand amid higher prices and costs. The equity is up 2.8% ahead of the bell as it nears its year-to-date breakeven level on the charts. 
  4. Another blue-chip member, 3M Co (NYSE:MMM), did not fare as well in the earnings confessional. The company posted an earnings beat for the third quarter, though its revenue missed the mark. The manufacturing name also slashed its full-year outlook on inflation concerns. MMM has shed 2.8% premarket, deepening its 33.4% year-to-date deficit. 
  5. Today's economic calendar brings the FHFA U.S. home price index, and the consumer confidence index. 

OV Buzz Chart Oct 25

U.K. Investors Focus on Rishi Sunak's Appointment to PM

With the exception of Japan’s Nikkei, which added 1%, Asian equities were lower on Tuesday. The Japanese yen finished the session slightly stronger, while the country’s finance minister Shunichi Suzuki once again refused to address suspicion that authorities are intervening amid excessive volatility in the currency market. Meanwhile, the Hang Sang in Hong Kong and China’s Shanghai Composite logged fractional losses, falling 0.1% and 0.04% respectively, after U.S.-listed Chinese tech stocks caved to waning sentiment after the conclusion of China’s party congress. Rounding out the region, South Korea’s Kospi settled marginally lower as well, erasing 0.05%.

The major European bourses are mostly lower too, as traders digest the latest batch of corporate earnings. In addition, investors reacted to news that Rishi Sunak will replace Liz Truss as U.K. prime minister. London’s FTSE 100 was last seen 0.5% lower, weighed down by a dismal corporate report from banking giant HSBC. In Germany, the DAX is 0.6% lower at last glance, as business sentiment in the country remains bleak following a slip in the Ifo Institute’s business climate index. France’s CAC 40, meanwhile, boasts a 0.5% lead ahead of a policy meeting by Europe’s central bank. 

 

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