There are plenty of earnings out this morning
The market is struggling for direction following yesterday's steep losses, though futures on the Nasdaq-100 Index (NDX) are up triple digits with help from Tesla's (TSLA) post-earnings surge. Investors are unpacking a flood of other corporate reports this morning as well, including blue chips Honeywell International (HON) and IBM (IBM). Meanwhile, jobless claims came in at 227,000 for last week, below Wall Street's estimates of 245,000.
Continue reading for more on today's market, including:
- 3 chip stocks to watch amid rising bond yields.
- Revisiting McDonald's stock's slide.
- Plus, Boeing strike continues; Tesla flustered after earnings; and IBM breaks down.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 793,508 put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.58 and the 21-day moving average dropped to 0.63.
- Down 2.7% before the bell, Dow member Boeing Co (NYSE:BA) is once again making headlines, after news the company's machinery employees rejected the latest bid to end the worker's strike, which is now in its sixth week. Boeing also yesterday posted a lackluster Q3 report. In 2024, BA has shed almost 40%.
- Shares of Tesla Inc (NASDAQ:TSLA) are 13% higher ahead of the open, after the company's third-quarter earnings beat and revenue miss. Should these gains hold, the electric vehicle (EV) maker is primed to breakout above its year-over-year breakeven mark.
- Tech behemoth IBM (NYSE:IBM) is 3.4% lower in electronic trading, after posting a third-quarter revenue miss, overshadowing its comfortable earnings beat. Its fourth-quarter outlook came in line with current levels. IBM has been trending notably higher since its late-April post-earnings bear gap.
- This week features even more blue chip earnings.
South Korea Avoids Recession
Asian markets finished mostly lower, though Japan's Nikkei reversed its losses for a 0.1% pop. South Korea narrowly avoided a technical recession after its gross domestic product (GDP) growth came in at 0.1% for the quarter, though missing estimates of 0.5%. The South Korean Kospi fell 0.7%, while China's Shanghai Composite and Hong Kong's Hang Seng dropped 0.7% and 1.3%, respectively.
On the other hand, European bourses are higher across the board as earnings continue to flood in. London's FTSE and the French CAC 40 were both up 0.5% at last glance, while the German DAX rises 0.6%.