Stock Futures Struggle Amid Slew of Economic Indicators

Durable goods orders and the trade deficit grew last month

Digital Content Manager
Oct 26, 2023 at 9:25 AM
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Wall Street has a slew of economic data to unpack this morning. For one, gross domestic product (GDP) grew a hotter-than-anticipated 4.9% from July to September compared to a year prior, as consumers brushed off interest rates and inflation. Durable goods orders rose last month, while jobless claims edged slightly higher last week, but remain at low levels. Lastly, the U.S. trade deficit grew to $85.8 billion in September.

Dow Jones Industrial Average (DJIA) futures are flat, while Nasdaq-100 Index (NDX) futures are firmly in the red this morning, with a warning from Meta Platforms (META) hurting the latter. S&P 500 Index (SPX) futures are lower as well, as traders try to make sense of this big batch of indicators.

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

  • Dropbox stock looks ready to bounce back.
  • Stock exchange operator for options bulls.
  • Plus, revenue miss weighs on LUV; Meta's dire warning; and cruise stock rises on quarterly win.

Futures 1026

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 1.2 million puts exchanged Wednesday. The single-session equity put/call ratio rose to 0.90 and the 21-day moving average stayed at 0.68.
  2. Southwest Airlines Co (NYSE:LUV) stock is down 4.7% in premarket trading, after the company reported worse-than-expected third-quarter revenue. Though profits met analysts' estimates, cooling demand is prompting the airline to slow capacity growth next year. LUV is down 29.9% in 2023.
  3. Meta Platforms Inc (NASDAQ:META) beat top- and bottom-line estimates for the third quarter, but also issued a warning that advertising revenue is slowing for the current quarter. META is down 4.1% ahead of the open, but still boasts a 148.9% year-to-date lad.
  4. Royal Caribbean Cruises Ltd (NYSE:RCL) stock is up 0.9% before the bell, after the company announced a third-quarter earnings and revenue beat. The cruise line also raised its annual profit outlook on steady demand. RCL is up 66.3% so far this year.
  5. Pending home sales are still due out today

OV Buzz Chart Oct 26

European Markets Drop on Interest Rate Decision

Asian markets finished mostly lower Thursday, though China’s Shanghai Composite managed a 0.5% win. The South Korean Kospi fell 2.7% to its lowest level since Jan. 6, as shares of the country’s chip supplier SK Hynix slipped after earnings. Plus, South Korean’s GDP rose 0.6% in the third quarter, which is slightly higher than analysts expected. Meanwhile, Japan’s Nikkei dropped 2.1%, while Hong Kong’s Hang Seng slipped 0.2%.

The European Central Bank (ECB) just paused interest-rate hikes for the first time in 15 months, keeping the rate at 4%. European bourses are lower across the board, with London’s FTSE 100 and the French CAC 40 down 0.8%, while the German DAX drops 1.5%. Plus, investors are unpacking plenty of corporate earnings, including British bank Standard Charter’s massive profit miss.

 

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