Stock Futures Signal Breather on Big Tech Bust

Mortgage applications saw a 1.7% weekly drop as demand cools

Digital Content Manager
Oct 26, 2022 at 9:25 AM
facebook X logo linkedin

Big Tech earnings from the likes of Alphabet (GOOGL) and Microsoft (MSFT) have been released and the results are leaving a lot to be desired. The former missed Wall Street's estimates, while the latter's current-quarter forecast came in below expectations. Stock futures are taking a major step back in response, with Dow Jones Industrial Index (DJI) futures last seen down over 100 points, as the benchmark looks to snap a win streak. Meanwhile, futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are pointed lower as well.

On the data front, mortgage applications saw a 1.7% weekly drop, per the Mortgage Bankers Association's Weekly Mortgage Applications Survey. Mortgage rates are seeing a seemingly unstoppable rise, climbing higher for 10-straight weeks, sending demand to its slowest pace since 1997. 

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

  • What should investors expect after Election Day.
  • Bears targeted this solar stock ahead of earnings. 
  • Plus, 2 stocks popping after earnings; more on Microsoft.

futures oct 26

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.31 million call contracts and 817,212 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average stayed at 0.68.
  2. Harley-Davidson Inc (NYSE:HOG) shared a top- and bottom-line beat for its third-quarter, citing a pop in shipments and strong pricing. HOG is up 4% ahead of the bell, and it's looking to break back above its year-to-date breakeven level. 
  3. Hilton Hotels Corporation (NYSE:HLT) is inching higher before the open, last seen up 0.6% after posting a beat-and-raise for the third-quarter, thanks to strong demand for travel. The stock has added 8.3% this month, though it is down more than 16% for the year.
  4. Microsoft Corporation (NASDAQ:MSFT) also shared quarterly results that bested analysts' estimates, though it forecast a sharp decline of personal computers sales. Microsoft said this drop could impact sales of its Windows operating system, while inflationary pressures are also expected to impact the tech firm. MSFT was last seen down 6.9% in the premarket, as it extends its 25.5% year-to-date deficit. 
  5. Trade in goods data and new home sales are on tap today.


European Investors Eye ECB Meeting, Markets Remain Mixed

In Asia, Hong Kong’s Hang Seng and China’s Shanghai Composite added 1% and 0.8%, respectively, rallying after stateside sentiment improved overnight on speculation that the U.S. Federal Reserve may turn less aggressive moving forward. In addition, Chinese onshore and offshore yuan bounced strongly against the greenback. Meanwhile, the Japanese Nikkei rose 0.7%, after the Bank of Japan (BoJ) offered to increase the amount of government bonds it plans to purchase to 150 billion yen – up from 100 billion. Rounding out the region, South Korea’s Kospi tacked on 0.7%.

With earnings season fully underway and the European Central Bank (ECB) meeting ahead, the region’s major bourses are trading in choppy fashion this afternoon. Today investors are digesting corporate reports from such names as Deutsche Bank, Barclays, and Mercedes Benz, while the ECB is expected to raise rates by 75 basis points at tomorrow’s meeting. At last glance, London’s FTSE 100 is 0.5% lower, while the CAC 40 in France sits 0.1% below breakeven, and the German DAX is 0.4% higher. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI