Nasdaq futures are leading the charge this morning
Stock futures are rising this morning, ready to build on yesterday's records as investors await the Federal Reserve's interest rate decision. CME Group's FedWatch tool is projecting a 99.9% chance the central bank cuts rates by 25 basis points, but Wall Street is eager to hear Fed Chair Jerome Powell's tone in the post-decision remarks. Nasdaq-100 (NDX) futures are indicating a 93-point pop, with Nvidia (NVDA) approaching a $5 trillion market cap.
- The S&P 500 is entering a historically bullish period, per Schaeffer's Senior Quantitative Analyst Rocky White.
- There's a new member in the $4 trillion club.
- Plus, three earnings reports you should know about today.
5 Things You Need to Know Today
- The Cboe Options Exchange saw nearly 2.7 million call contracts and roughly 1.3 million put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.47, while the 21-day moving average remained at 0.58.
- Etsy Inc (NASDAQ:ETSY) stock is down 8.6% ahead of the bell, after the e-tailer's third-quarter earnings fell short of estimates. The company also announced CEO Josh Silverman will step down. ETSY hit an annual high of $76.50 on Oct. 3, and is up 41.3% heading into today.
- Bloom Energy Inc (NYSE:BE) stock is nearly 15% higher before the open, after the fuel cell power company reported a top-line beat for the third quarter. Five brokerages have hiked their price target in response, the highest coming from BTIG to $145. The stock -- a Top Pick for 2025 -- is up over 410%.
- The shares of Fiserv Inc (NYSE:FI) are 38% lower in electronic trading, after the payments firm trimmed its full-year guidance for the second time this year. FI is down 39% even before today's anticipated gap lower, and hit a two-year low of $117.85 on Oct. 16.
- All eyes are on the Fed this week.
Trade Optimism Props Up Asian Markets
Asian markets finished higher, as trade optimism expanded with President Donald Trump’s continued tour of the region and yesterday’s rare earth framework signing. Japan’s Nikkei finished up 2.2%, China’s Shanghai Composite added 0.7%, and South Korea’s Kospi popped 1.8%. Hong Kong markets were closed for holiday.
Earnings season and the Fed meeting are in focus in Europe, with stocks trading mixed. Banking stocks are outperforming, with Deutsche Bank (DB) reporting a notable third-quarter profit beat. At last check, London’s FTSE 100 is up 0.9%, Germany’s DAX is off 0.08%, and France’s CAC 40 is up 0.04%.