Dow Futures Off Triple Digits Ahead of Big Tech Earnings

Alphabet, Meta Platforms, and Microsoft report earnings this week

Digital Content Manager
Oct 23, 2023 at 9:14 AM
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Surging bond yields are still weighing on the market this morning, after the 10-year Treasury note briefly once again crossed 5%. Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), Nasdaq-100 Index (NDX) futures are firmly lower in response. Wall Street is also looking ahead to this week's onslaught of Big Tech earnings, which will include reports from Alphabet (GOOGL), Meta Platforms (META), and Microsoft (MSFT).

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

  • Last week ended in steep losses across the board.
  • SolarEdge's revenue miss dragged the sector.
  • Plus, Salesforce stock downgraded; China cracks down on Apple supplier; and why this blue-chip stock is surging.

Futures 1023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 1.1 million puts exchanged on Friday. The single-session equity put/call ratio fell to 0.76 and the 21-day moving average stayed at 0.68.
  2. Piper Sandler downgraded Salesforce Inc(NYSE:CRM) stock to "neutral" from "overweight," pushing it 1.9% lower in premarket trading. The firm highlighted risks associated with its mergers and acquisitions, as well as execution. CRM is still up 53.7% in 2023.
  3. Apple Inc (NASDAQ:AAPL) stock is down 1% before the open, amid reports that China is investigating Foxconn -- one of its biggest suppliers -- over land use and taxes. So far this year, AAPL has added 33%.
  4. Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is up 3.4% before the bell, after a J.P. Morgan Securities upgraded to "overweight" from "neutral." The analyst in coverage cited improving cash flow, and is now expecting a "cleaner year ahead." WBA is down 43% this year.
  5. Check out what's coming this week

OV Buzz Chart Oct 23

European, Asian Markets Sharply Lower

Asian markets extended their selloff, closing lower across the board Monday. Japan’s Nikkei dropped 0.8%, slipping back below the 31,000 level, while China’s Shanghai Composite dropped 1.5%, and the South Korean Kospi lost 0.8%. Hong Kong’s Hang Seng was closed for holiday.  

European markets are lower, ahead of this week’s monetary policy decision from the European Central Bank (ECB). London’s FTSE 100 is off 0.7%, while the French CAC 40 sheds 0.1%, and the German DAX falls 0.8%.

 

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