Stock Futures Pop After Retail Sales, TSM Earnings

Retail sales for September rose 0.4%, topping economists estimates of 0.3%

Patrick Martin

Managing Editor

Oct 17, 2024 at 9:06 AM

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Stock futures are indicating a strong move higher today, as global equities get a boost from a variety of tailwinds. A third-quarter beat-and-raise from Taiwan Semiconductor (TSM) has the chip sector buzzing, while investors are also cheering the interest rate cut from the European Central Bank (ECB). Stateside, retail sales for September increased by 0.4%, past the 0.3% consensus. At last check, Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) futures are up nearly triple digits.

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The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.57 and the 21-day moving average stayed at 0.64.
Lucid Group Inc (NASDAQ:LCID) stock is down 19% before the bell, after the electric vehicle (EV) maker announced a wider-than-expected operating loss for the third quarter. LCID was down 22% year-to-date prior to today.
Travelers Companies Inc (NYSE:TRV) stock is 5% higher ahead of the open, after the insurance staple reported third-quarter earnings and revenue that topped analyst estimates. TRV hit a record high of $243.79 yesterday, and is up 27.5% in 2024.
The shares of CSX Corp (NASDAQ:CSX) are 4.1% lower in electronic trading, after the logistics firm reported earnings and revenue that whiffed on estimates for the third quarter. CSX is poised to breach its year-to-date breakeven level today, but is 13% higher year-over-year.
Housing starts could be a big focus tomorrow.

buzzoct17

Property Stocks Weigh on Asia; ECB Cuts Rates

Asian markets finished lower across the board on Thursday. China’s Shanghai Composite dropped 1.1%, after property stocks dropped following China’s housing ministry briefing. Hong Kong’s Hong Sang and the South Korean Kospi fell 1% and 0.04%, respectively, while Japan’s Nikkei shed 0.7% after trade data. The county’s exports fell 1.7% year over year in September, compared to analyst estimates of 0.5% growth, while imports grew 2.1%, missing estimates of 3.2%.

In big news out of Europe this morning, the ECB slashed its key rate by 25 basis points to 3.25% in its third rate-cut this year. European bourses are higher at last glance, with London’s FTSE 100 up 0.3%, the French CAC 40 up 1.1%, and the German DAX up 0.6%.

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