Stock Futures Tumble as Treasury Yields Tick Higher

This week will bring a flood of corporate earnings reports

Jake Scott

Deputy Editor

Oct 22, 2024 at 9:04 AM

Futures on Wall Street are indicating another lower open Tuesday, as rising Treasury yields offset a mostly upbeat earnings season. Some pessimism remains regarding the aggressiveness of the Federal Reserve's future interest rate cuts, and the 10-year Treasury yield broke above 4.2% early this morning after rising 11 basis points last session.

Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are down triple digits, while futures tied to the S&P 500 Index (SPX) are also deep in the red. Looking ahead, the rest of the week features earnings report from about one-fifth of SPX components.

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

Schaeffer's Senior V.P. of Research says seasonality could propel the SPX to more record highs.
Options traders blast Tesla stock before earnings.
Plus, General Motors and 3M report third-quarter results, and First Solar stock upgraded.

Futures Chart October 222024

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw nearly 1.5 million call contracts and 734,328 put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.49 and the 21-day moving average stayed at 0.64.
Former Dow member General Motors Co (NYSE:GM) entered the earnings confessional, where the automaker reported third-quarter earnings and revenue that beat Wall Street's estimates and hiked its full-year outlook. In response, GM is up 0.4% in electronic trading. Coming into today, the equity is 65% higher over the last 12 months.
Shares of 3M Co (NYSE:MMM) are 6.3% higher ahead of the open, and looking to add to an 86.3% year-over-year lead after earnings. The blue-chip consumer goods giant reported third-quarter earnings of $1.98 per share on revenue of $6.07 billion, both of which came in above analysts' expectations.
Citi upgraded First Solar Inc (NASDAQ:FSLR) to "buy" from "neutral" and lifted its price target to $254 from $200, helping the shares to a 1.9% pre-market lead. The analyst said the solar stock could benefit no matter who wins the 2024 U.S. presidential election next month. Year over year, FSLR is up 30.2%.
This week features even more blue chip earnings.

Buzz 1022

Producer Prices Slow in South Korea

Asian markets were once again a mixed bag. The Kospi fell 1.3%, even after South Korea’s producer price index (PPI) reading came in at its slowest pace since November 2023, rising 1% year over year and 0.2% on a monthly basis. Japan’s Nikkei dropped 1.4%, while Hong Kong’s Hang Seng and China’s Shanghai Composite rose 0.1% and 0.5%, respectively.

European bourses are lower, as investors unpack a slew of corporate earnings. London’s FTSE 100 is down 0.6% at last glance, while the French CAC 40 sheds 0.3%, and the German DAX inches 0.05% lower.

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