The Dow is up double digits before the open
Futures on the Dow Jones Industrial Average (DJIA) are modestly higher this morning, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures sit flat, as oil prices and the 10-year Treasury yield take a breather. Wall Street continues to weigh the risks associated with the Israel-Hamas war, which CFRA Research says is unlikely to spur a bear market.
Continue reading for more on today's market, including:
- Can bulls keep newly seized control?
- Biotech stock downgraded after buyout.
- Plus, PEP rises on earnings beat; Palantir scored U.S. army contract; and EV stock upgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 973,669 million call contracts and 640,185 puts exchanged on Monday. The single-session equity put/call ratio dropped to 0.66 and the 21-day moving average stayed at 0.67.
- PepsiCo, Inc. (NASDAQ:PEP) reported a fiscal third-quarter earnings and revenue beat this morning, and raised its annual profit forecast. PEP is up 1.6% in premarket trading, but carries a 10.7% year-to-date deficit.
- Palantir Technologies Inc(NYSE:PLTR) scored a $250 million contract with the U.S. army to test and develop artificial intelligence and machine learning. PLTR is up 1.8% ahead of the open, and has added more than 174% so far this year.
- UBS upgraded Rivian Automotive Inc (NASDAQ:RIVN) to "buy" from "neutral" earlier, with the analyst in question noting the company's improving fundamentals. Shares are up 2.5% before the bell, and have shed 44.7% in the past 12 months.
-
Wholesale inventories data is on tap today.
European Markets Higher
Japan’s Nikkei came back from holiday to score an impressive 2.4% pop, as energy and distribution stocks gave the benchmark a boost. Hong Kong’s Hang Seng finished up 0.8%, while China’s Shanghai Composite dropped 0.7%. The South Korean Kospi reversed its earlier gains to settled 0.3% lower, hitting its lowest level since March.
European bourses are firmly higher at last glance. London’s FTSE 100 is up 1.5%, after U.K. retail sales rose by 2.7% in September, while the French CAC 40 tacks on 1.3%, and the German DAX jumps 1.5%.