Dow Futures Up Triple Digits to Kick Off Busy Week

The Federal Reserve's interest rate decision is coming

Digital Content Manager
Oct 30, 2023 at 9:27 AM
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Futures on the Dow Jones Industrial Average (DJIA) are up triple digits to kick off a busy week, with the Nasdaq-100 Index (NDX) not far behind, as the former gets a boost from McDonald's' (MCD) earnings beat. S&P 500 Index (SPX) futures are firmly above breakeven as well, though the benchmark last week slipped into correction territory. Due out Wednesday, the Federal Reserve's interest decision is already on traders' minds, with the central bank expected to keep rates steady.

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

  • Unpacking another rough week on Wall Street.
  • Crypto giant immigrating to the Emerald Isle.
  • Plus, behind MCD's earnings win; SOFI higher on beat-and-raise; and analyst chimes in on DKNG.

Futures 1030

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 1 million puts traded Friday. The single-session equity put/call ratio rose to 0.82 and the 21-day moving average stayed at 0.68.
  2. McDonald's Corp (NYSE:MCD) stock is up 2.8% in premarket trading, after the fast food giant announced a top- and bottom-line win for the third quarter. Higher prices also helped the company secure a 8.1% jump in same-store sales. MCD shed 13.5% in the last six months, however.
  3. SoFi Technologies Inc (NASDAQ:SOFI) reported better-than-expected revenue for the third quarter, and lifted its annual guidance to boot thanks to student loan originations. SOFI is up 7.7% ahead of the open, and sports a 49% lead for this year.
  4. TD Cowen kept its "outperform" rating on DraftKings Inc (NASDAQ:DKNG) stock, but lowered its price target to $35 from $37. The analyst in question said the sports betting giant will have to prove "market share resilience” next year to break higher. DKNG is up 133.9% in 2023, and 1.3% higher before the bell.
  5. Check out what's on tap this week. 

OV Buzz Chart Oct 30

European Stocks Higher on Germany GDP Data

Asian markets finished mostly higher, with the exception of Japan’s Nikkei, which dipped 1% ahead of the Bank of Japan’s (BoJ) interest rate decision later this week. The South Korean Kospi rose 0.3%, while China’s Shanghai Composite added 0.1%, and Hong Kong’s Hang Seng logged a fractional gain.

Stocks in Europe are higher across the board. London’s FTSE 100  and the German DAX are both up 0.7% at last glance, while the French CAC 40 rises 0.5%. Germany’s gross domestic product (GDP) fell 0.1% last quarter, compared to analysts’ expectations of a 0.3% drop.

 

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