Stock Futures Eye Strong Start to November

The Fed's two-day policy meeting starts later today

Digital Content Manager
Nov 1, 2022 at 9:22 AM
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Stock futures are pointed higher to start November, as the U.S. Federal Reserve kicks off its two-day policy meeting. Futures on the Dow Jones Industrial Average (DJI) are indicating a 227-point pop, fresh off the blue-chip benchmark's best month since 1976. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are looking to open with solid gains as well, as Wall Street unpacks encouraging corporate reports from heavy-hitters Pfizer (PFE) and Uber Technologies (UBER).

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

  • Schaeffer's Senior V.P. of Research Todd Salamone on how bulls may benefit from this week's Fed decision.
  • Keep tabs on this Toast stock signal.
  • Plus, Pfizer's big earnings win; Avis Budget seeing continued travel demand; and HOLX surges on strong outlook.

Futures 1101

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 723,884 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.61, while the 21-day moving average stayed at 0.68.
  2. Pfizer Inc. (NYSE: PFE) is up 3.2% in premarket trading, after the pharmaceutical concern reported a third-quarter earnings and revenue win. The company attributed the results to strong demand for its older drugs, which made up for sluggish sales of its Covid-19 products, and raised its 2022 outlook. Year-to-date, though, Pfizer stock remains down 21.2%.
  3. Continued travel demand helped Avis Budget Group Inc (NASDAQ:CAR) deliver better-than-expected third-quarter earnings and revenue yesterday. The shares are up 3.6% ahead of the open, as the equity looks to add to its 14% year-to-date lead.
  4. Hologic (NASDAQ:HOLX) is up 6.4% before the open, after the medical device company's Wall Street's fourth-quarter profit and revenue topped estimates. What's more, Hologic's full-year outlook was raised amid “unprecedented strength” across core businesses. HOLX is still down 11.4% year-to-date, though.
  5. Today brings the S&P U.S. manufacturing PMI, the ISM manufacturing index, jobs openings and quits, construction spending, and motor vehicle sales.

OV Buzz Chart November 1

European Markets Higher as U.S. Fed Meeting Kicks Off

Hong Kong’s Hang Seng soared today, adding 5.2% and brushing off a lackluster earnings report from Toyota (TM). For context, the index shed over 14% in October and was trading around 13-year bottoms before today. Unconfirmed news of reopening talks boosted China, with tech stocks leading the charge. China’s Shanghai Composite rose 2.6%, while the South Korean Kospi and Japan’s Nikkei jumped 1.8% and 0.3%, respectively. 

Markets in Europe, meanwhile, are on the rise midday, as investors shift their focus to the Fed’s two-day policy meeting. The French CAC 40 is leading the gainers with a 1.6% pop, while London’s FTSE is up 1.4%, and the German DAX rises 1.3%. 

 
 

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