US Index Futures are trending upward on Wednesday, reflecting
the possibility of new stimuli in China and a temporary agreement
to maintain U.S. government funding, with Wall Street aiming to
recover from significant declines in the previous session.
As of 06:55, Dow Jones futures (DOWI:DJI) rose 88 points, or
0.26%. S&P 500 futures increased by 0.35%, and Nasdaq-100
futures were up by 0.34%. The yield on 10-year Treasury bonds was
In the commodities market, West Texas Intermediate crude oil for
November rose 1.58%, to $91.82 per barrel. November Brent oil
increased 1.25%, nearing $95.13 per barrel. Iron ore with a 62%
concentration level rose 0.59%, quoted at $115.72 per ton.
On Tuesday, Senate leaders, both Democrats and Republicans,
agreed on a plan to avert government shutdown until mid-November
and to provide $6 billion in aid to Ukraine. However, to avoid the
shutdown on October 1st, the existing impasse in the House still
On Wednesday’s U.S. economic agenda, investors are awaiting the
weekly mortgage index at 7 AM, and durable goods orders at 8:30 AM.
At 10:30 AM, the Department of Energy will release last week’s oil
stock, which is expected to see a decline of 1.65 million barrels.
Later, at 1 PM, the government will conduct another Treasury
auction, this time with a five-year maturity. Yesterday, the
two-year auction had a rate of 5.085%, with a volume of $48
In Germany, the GfK Index revealed that inflation is impacting
economic recovery, with a drop of 26.50 points in October,
surpassing the forecasted decline of 26 points. Andrea Enria, from
the ECB, is scheduled to speak at 8 AM.
In Asia, relief signs were noted after a 17.2% increase in
China’s industrial profit in August, compared to a 6.7% decline in
July. The People’s Bank of China stated it will intensify support
to the economy, responding to external challenges and decreased
internal demand, with precise and robust monetary policies to
encourage demand and economic confidence.
However, Evergrande is again in focus after reports that
creditors may seek judicial liquidation if no new debt
restructuring plan emerges by October. The company is seeking
approval for a debt restructuring proposal offshore of $31.7
In Japan, Prime Minister Fumio Kishida has proposed tax
incentives to stimulate investments in sectors such as
semiconductors and batteries and implement strategies to boost wage
At Tuesday’s close, international markets experienced a strong
aversion to risk, with indices showing significant depreciation in
response to disappointing data on consumer confidence and new home
construction, revealing a weakening of consumption in the world’s
largest economy. The Dow Jones fell 388.00 points or 1.14% to
33,618.88 points. The S&P 500 dropped 63.91 points or 1.47% to
4,273.53 points. The Nasdaq Composite plummeted 207.71 points or
1.57% to 13,063.61 points.
The reaction to this data was intensified by the expectation
that interest rates will remain at elevated levels for an extended
period in the U.S., a stance frequently reiterated by Federal
Reserve leaders following the most recent FOMC meeting on monetary
Ahead of Wednesday’s corporate earnings, investors will be
watching the Paycheck (NASDAQ:PAYX) report before the market
opens. After the close, results are awaited from Micron
Technology (NASDAQ:MU), Jefferies Financial Group (NYSE:JEF),
Concentrix (NASDAQ:CNXC), Duckhorn Portfolio (NYSE:NAPA), HB Fuller
(NYSE:FUL), Worthington (NYSE:WOR), Aytu BioScience (NASDAQ:AYTU)
and Sangoma Therapeutics (NASDAQ:SANG).
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – China’s cyberspace
regulator has listed the first app stores that have submitted
business details under new supervision rules. Among the 26 are
Tencent, Huawei and Xiaomi; Apple’s App Store is not
included. These measures intensify state control, potentially
affecting the availability of apps in China.
Amazon (NASDAQ:AMZN) – The US Federal
Trade Commission (FTC) has accused Amazon of antitrust practices,
asking for consideration for the sale of assets of the online
retail giant, valued at $1.3 trillion. The FTC alleges that
Amazon inflates costs, monopolizes and harms consumers and
sellers. Amazon refutes this, citing stimulation of
competition and innovation. The case could have significant
repercussions, highlighting growing bipartisan concerns about the
power of big technology companies. States and individual
consumers have also filed suit, increasing legal pressure on the
Alphabet (NASDAQ:GOOGL) – Judge Amit
Mehta, who is overseeing the US antitrust case against Google, will
allow trial documents to be published online at the end of each
day. Google and others will have until 9pm to oppose the
release of any exposure. This adjustment seeks to resolve
public access disputes to information from the high-profile legal
case, providing insider glimpses into the influential technology
company, while balancing privacy concerns and sensitivity of the
OpenAI – OpenAI, developer of
ChatGPT, is in talks about a possible share sale that could value
it between US$80 billion and US$90 billion, a value almost triple
its previous valuation this year, according to the Wall Street
Journal. The company, a pioneer in generative AI, with
Microsoft (NASDAQ:MSFT) investing US$13 billion,
is seeing growing revenues as companies embrace ChatGPT technology,
heading towards annual revenue of $1 billion.
SAP (NYSE:SAP) – SAP introduced Joule, a
generative AI co-pilot integrated into its enterprise software
products, enabling natural language queries. Available in
November, Joule provides proactive, contextualized insights,
increasing productivity and improving business results. It
performs tasks autonomously and will be embedded in several of the
company’s software offerings. SAP has not yet revealed the
Vedanta (NYSE:VEDL) – Vedanta shares hit
their lowest value in more than a year after Moody’s downgraded
Vedanta Resources, citing high debt restructuring risk. The
decline reflects concerns about subsidiaries’ ability to generate
cash flow as commodity prices decline.
Bunge (NYSE:BG), Glencore (LSE:GLEN)
– The government of Canada is reviewing the proposed merger between
Bunge and Viterra, expected to be completed by June 2, 2024, to
assess the impact on competition in port terminals and access for
farmers at fair prices and services. Bunge anticipates that
the transaction, creating a US$34 billion giant in agricultural
trade, will be completed in mid-2024.
Tesla (NASDAQ:TSLA) – Tesla CEO Elon Musk
warned that demands from the United Auto Workers for a 40% pay
raise and a 32-hour work week could lead to GM
(NYSE:GM), Ford (NYSE:F) and
Stellantis (NYSE:STLA) into bankruptcy. Musk
criticized President Biden’s support for these demands, pointing
out that the increases would make cars unaffordable, decrease sales
and cause bankruptcies. Tesla, which is not unionized, could
benefit from this impasse involving its competitors.
Stellantis (NYSE:STLA), Samsung
SDI (USOTC:SSDIY) – Samsung SDI Co Ltd plans to
invest US$2 billion in a second electric vehicle battery factory in
the US, in partnership with Stellantis NV, running from April 2024
to November 2027 Production is expected to begin in 2027.
Fisker (NYSE:FSR) – Shares of electric
vehicle startup Fisker Inc rose on Tuesday after the company
reiterated its plans to increase deliveries of the Ocean SUV and
received a positive review from Wall Street. The company,
focused on EVs, has already built 5,000 units and plans to ramp up
deliveries to 300 per day, positioning itself advantageously in the
growing EV market with a business model considered low risk.
Instacart (NASDAQ:CART) – On Tuesday,
Instacart shares closed below their IPO price for the first time,
falling 1.65% to $29.89. Meanwhile, Arm
and Klaviyo (NYSE:KVYO) have also
experienced declines, with lackluster performances from both since
their debuts, raising questions about the viability of future IPOs
after a prolonged period of market inactivity.
TrueCar (NASDAQ:TRUE) – TrueCar announced
Oliver Foley as its new chief financial officer, succeeding Teresa
Luong, effective October 30. Foley, who will report to CEO
Jantoon Reigersman, leaves Flexcar LLC to join TrueCar.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase
has made leadership changes at its investment bank, naming Jay
Horine as the new head of North America, succeeding Fernando
Rivas. Additionally, it formed a new digital banking group,
led by Samik Chandarana, focused on advanced technology.
Wells Fargo (NYSE:WFC) – Wells Fargo is
collaborating with Centerbridge Partners to create a fund capable
of lending more than $5 billion to midsize U.S.
companies. This fund, called Overland Advisors, reflects
increased collaboration between traditional banks and private
equity providers to offer credit as regulation and costs intensify,
forcing banks to diversify services. The loans, intended for
significant initiatives, will likely have higher interest rates
compared to traditional bank debt.
Morgan Stanley (NYSE:MS) – Guy Metcalfe,
who helped build Morgan Stanley’s real estate banking segment, will
retire after 33 years. Metcalfe, who served as president of
the unit, participated in transactions worth over US$850 billion
and excelled in corporate ownership and institutional investments,
playing a vital role in several important negotiations, such as the
sale of Canary Wharf Group and the exit from Morgan Stanley of
Revel Casino post-2008 crisis.
Deutsche Bank AG (NYSE:DB) – Deutsche Bank
AG has appointed experienced insurance executive Dominik Hennen to
lead a new division focused on personal banking services,
encompassing its German retail business. Formerly of Talanx
AG, Hennen will take up the role next month, reporting to Lars
Stoy, and will manage the Deutsche Bank and Postbank brands, which
have faced challenges following systems integration issues and
Coinbase (NASDAQ:COIN) – The
cryptocurrency exchange Coinbase is coordinating a significant
lobbying effort today, called “Stand With Crypto Day,” aiming to
build legislative support for crypto-friendly regulations. The
company has mobilized crypto executives and launched a non-profit
alliance, the “Stand With Crypto Alliance,” to advocate for more
friendly laws, although expectations for legislative success in the
short term are limited, considering the current focus of lawmakers
on pressing issues such as the looming government shutdown.
AssetMark (NYSE:AMK) – AssetMark will pay
$18 million to resolve US Securities and Exchange Commission (SEC)
allegations of failure to disclose conflicts of interest and
payments received. Accused of benefiting financially without
due transparency between 2016 and 2021, the company neither
admitted nor denied the SEC’s conclusions. This agreement
comes after recent changes in leadership at AssetMark, including
the departure of CEO Natalie Wolfsen.
Envestnet (NYSE:ENV) – Envestnet, a
leading provider of wealth management technology, has selected
former BlackRock (NYSE:BLK) executive Joshua Warren as its new
chief financial officer, replacing Peter D’Arrigo. Warren will
officially take over on November 15, with D’Arrigo becoming senior
advisor to CEO William Crager until March 2024. Warren seeks to
strengthen the company’s market position, expand margins and
deliver value. D’Arrigo had held the position of CFO since
Target (NYSE:TGT) – Target will close nine
stores in the US due to concerns about theft and organized crime,
affecting the safety of employees and customers. Despite
security efforts, challenges persist. The company seeks to
relocate affected employees and reiterates the significant impacts
of organized crime on business performance.
Dick’s Sporting Goods (NYSE:DKS) –
Dick’s Sporting Goods will hire 8,600 temporary workers for
Christmas, down from last year. Other retailers have also
announced conservative hiring plans, reflecting a trend toward
reduced seasonal hiring in the U.S. due to rising labor costs and
United Parcel Service (NYSE:UPS) –
UPS plans to hire more than 100,000 seasonal workers for holiday
2023, similar to the previous year. This comes after the
company lowered revenue targets due to unexpected labor costs and
lost business during negotiations with the Teamsters union.
Costco Wholesale (NASDAQ:COST) – Costco
exceeded expectations with increases in quarterly revenue and
profit. Consumers, looking for more affordable products, drove
robust sales, even with weak demand for discretionary
items. Membership grew 8%, and membership revenue rose
13.7%. Total revenue increased 9.5% to US$78.94 billion, and
earnings per share were US$4.86, exceeding forecasts.
Rocket Lab USA (NASDAQ:RKLB) – Following
an unsuccessful launch on September 19, Rocket Lab USA has adjusted
its projections for the third quarter, now expecting revenues
between $66 million and $68 million, below previous
expectations. Adjusted gross margin was also reduced to
26%-28%. The company is investigating the incident but does
not anticipate significant additional expenses.
MillerKnoll (NASDAQ:MLKN) – Furniture
company MillerKnoll has improved its financial forecast for 2024,
now anticipating adjusted earnings of between $1.85 and $2.15 per
share, up from its previous forecast of $1.70 per share.
Additionally, the company reported quarterly earnings and revenue
that exceeded analysts’ estimates.
AAR Corp (NYSE:AIR) – AAR Corp, a provider
of aviation services to commercial and government entities,
anticipates profit in the current fiscal second quarter due to
expanding operating margins, as mentioned by CEO John Holmes to The
Wall Street Journal. The company recently reported quarterly
adjusted earnings of 78 cents per share, beating forecasts,
accompanied by 23% sales growth.
Peloton Interactive (NASDAQ:PTON) – On
Tuesday, Peloton announced the appointment of Nick Caldwell as
chief product officer effective November 1, succeeding co-founder
Tom Cortese. Caldwell will report to CEO Barry McCarthy.
Airbnb (NASDAQ:ABNB) – Airbnb plans to
host half a million people in Paris during the 2024 Olympics and
CEO Brian Chesky is encouraging more residents to list their homes
to avoid price hikes. It ensures that the platform can offer
affordable prices compared to hotels during the event,
circumventing potential accommodation issues due to high demand and
hotel space limitations.
Uber Technologies (NYSE:UBER) – Uber is
partnering with Los Angeles Yellow Cab to integrate more taxis onto
its platform. The company has already entered into similar
partnerships globally. The partnership will allow Uber users
to book with taxis associated with LA Yellow Cab, potentially
adding up to 1,200 taxis to the Uber platform, benefiting both
drivers and users as the post-pandemic recovery continues.
Blizzard (NASDAQ:ATVI), Take-Two (NASDAQ:TTWO), Electronic
Arts (NASDAQ:EA), Playtika
Holding (NASDAQ:PLTK), Microsoft
Corp (NASDAQ:MSFT) – On Tuesday, video game stocks
outperformed the market after striking actors voted to expand their
protest to the games industry, a sector larger than film and
TV. The vote took place on Monday, with 98.3% of Screen Actors
Guild members supporting a “strike authorization” in the gaming
industry, affecting major companies like Activision Blizzard and
Electronic Arts. The union seeks better wages, safety
precautions and protections against exploitative uses of AI.
Media (NASDAQ:LSXMA), Sirius XM
Holdings (NASDAQ:SIRI) – Liberty Media has proposed a
long-awaited merger with Sirius. The proposal favors Liberty,
which owns 82% of Sirius XM, but raises skepticism. Sirius
XM’s current investors, who hold the remaining 18%, and the
proposed share exchange structure are under scrutiny, and the offer
is significantly below market value. Offer discounting is
controversial, and complex and structural tax issues persist.
Activision Blizzard (NASDAQ:ATVI)
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