The Supreme Court is debating the legality of President Donald Trump's tariffs
Stock futures are retreating from yesterday's triple-digit gains but remain in the black, as Wall Street looks to the Supreme Court's decision on the legality of President Donald Trump's tariffs. Meanwhile, a jobs report out of Challenger, Gray & Christmas pointed to 153,074 layoffs in October, the highest number for the month in more than two decades, with 2025 seeing the most layoffs since 2009.
A handful of tech earnings and lingering AI uncertainty are also impacting sentiment. At last glance, futures on the Dow Jones Industrial Average (DJIA) are up 34 points, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are inching higher as well.
- This utility stock enjoyed a pre-earnings pop.
- Inflation data could be delayed if the shutdown continues.
- Plus, Peloton's recall; semiconductor stock struggles; and APP surges after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange saw 2.4 million call contracts and 1.4 million put contracts exchanged on Wednesday. The single-session equity put/call ratio dropped to 0.57, while the 21-day moving average remained at 0.58.
- Peloton Interactive Inc (NASDAQ:PTON) stock is off 0.6% ahead of the open, after the company recalled over 800,000 electronic Bike+ models due to a seat post fault, which has caused two reported injuries. While PTON has seen support at the $7 level, it remains 18% lower year to date.
- Shares of Qualcomm Inc (NASDAQ:QCOM) are down 1.1% ahead of the bell, after the semiconductor company reported a fiscal fourth-quarter earnings and revenue beat, but said expenses are surpassing prior expectations. QCOM is up 17% since January and recently tapped an Oct. 27, 52-week high of $205.95.
- AppLovin Corp (NASDAQ:APP) stock is 7.3% higher this morning, surging after posting an impressive third-quarter report and announcing a higher-than-expected current-quarter revenue outlook. Over the past 12 months, APP has been on a tear, adding 273%.
- Earnings season is seeing no signs of slowing down.
Asian Markets Edge Higher as European Stocks Slump
Asian bourses finished the day higher, mirroring last night’s tech-driven rally stateside. Japan’s Nikkei gained 1.3%, holding above 50,000 as AI-adjacent companies rose across the board. South Korea’s Kospi shrugged off small cap weakness to add 0.6%. Hong Kong’s Hang Seng led the region with a 2.1% gain, even after autonomous vehicle companies WeRide (WRD) and Pony AI (PONY) stumbled in their trading debut. China’s Shanghai Composite tacked on 1%.
Over in Europe, markets are moving lower as earnings trickle in. At last check, London’s FTSE 100 is off by 0.2%, with AstraZeneca’s (AZN) report in focus. The French CAC 40 and German DAX are 0.6% and 0.2% lower, respectively, with the latter unpacking an quarterly report from defense giant Rheinmetall.