U.S. index futures are falling this Friday, reacting to the latest quarterly reports from corporate giants, notably Apple (NASDAQ:AAPL). Concurrently, investors are digesting a slew of economic indicators from Europe, adding layers of complexity to the global financial landscape. This cautious anticipation comes ahead of the release of the much-awaited U.S. jobs report.

As of 07:02 AM, Dow Jones futures (DOWI:DJI) fell 14 points, or 0.04%. S&P 500 futures were down 0.19%, and Nasdaq-100 futures fell 0.39%. The 10-year Treasury yield stood at 4.66%.

In the commodities market, West Texas Intermediate crude for December rose 0.21% to $82.63 per barrel. Brent crude for December went up 0.02% to around $86.94 per barrel. Iron ore with a 62% concentration, traded on the Dalian exchange, rose 0.43%, priced at $126.23 per ton.

In Friday’s economic agenda, the financial market turns its attention to the release of Non-Farm Payroll data at 08:30 AM, a key indicator that will refine expectations about the interest rate policy of the U.S. economy. Amid the intense monetary tightening cycle conducted by the Federal Reserve to combat inflation, there is a forecast for a moderation in job creation for October in the U.S. Estimates indicate an increase of 180,000 new jobs, a slowdown compared to the 336,000 jobs created in September, with the unemployment rate expected to remain stable at 3.8%.

Shortly thereafter, at 09:45 AM, S&P Global will release the final composite and services PMI indices for October. Predictions point to a performance below the 50-point mark for both, indicating contraction. At 10 AM, ISM will present its services PMI, providing another perspective on the sector. Later, at 1 PM, the energy industry will be in the spotlight as Baker Hughes reports the weekly rig count.

Rounding out the schedule, Federal Reserve Vice Chair for Supervision, Michael Barr, will take the stage for two significant speeches. The first is scheduled for 8 AM, with expectations of commentary on monetary and regulatory policies, while the second, slated for 3:30 PM, may offer further insights into the central bank’s view in light of recent economic data and global financial health.

In the Middle East, Israel is intensifying attacks in Gaza, raising international concerns over Palestinian civilian casualties. U.S. Secretary of State Antony Blinken is in Tel Aviv to advocate for humanitarian ceasefires after Israel encircled Gaza’s largest city.

In Asia, markets gained following Wall Street’s optimism, influenced by stable U.S. interest rates and growth in China’s services PMI.

In Europe, after the Bank of England decided to maintain interest rates at 5.25%, markets responded positively to the German trade surplus of 16.30 billion euros and digested the eurozone’s unemployment rate of 6.50% in September, while the UK reported a contraction in final activities.

U.S. stock markets rose sharply in Thursday’s session due to optimism about interest rates after the Federal Reserve kept rates steady, suggesting the cycle of increases might have ended. Declines in Treasury yields and economic data, such as the unexpected rise in unemployment claims, boosted investor confidence. The Dow Jones jumped 564.50 points or 1.70% to 33,839.08. The S&P 500 gained 79.92 points or 1.89% to 4,317.78. The Nasdaq Composite rose 232.72 points or 1.78% to 13,294.19.

On Friday’s corporate earnings front, investors will be watching reports from fuboTV (NYSE:FUBO), Enbridge (NYSE:ENB), Cinemark (NYSE:CNK), Cardinal Health (NYSE:CAH), Bloomin’ Brands (NASDAQ:BLMN), EOG Resources (NYSE:EOG), among others.

Wall Street Corporate Highlights for Today

Amazon (NASDAQ:AMZN) – Amazon used anti-competitive tactics to harm Walmart (NYSE:WMT) when it entered the e-commerce market, according to the FTC. Amazon removed offers from sellers from the Buy Box if buyers found lower prices on Walmart. Jet.com, acquired by Walmart, was a threat.

Target (NYSE:TGT) – Target is witnessing a reduction in consumer spending, even on essential products, due to higher prices and household debt, according to CEO Brian Cornell. The company is taking a cautious approach for the second half.

Starbucks (NASDAQ:SBUX) – Starbucks plans to expand to 55,000 stores worldwide by 2030, including new formats in the US for pickup and drive-through. The company aims to save $3 billion in three years, increase employee benefits, and expand reward partnerships. After a strong quarterly performance, Starbucks continues to focus on growth.

Micron (NASDAQ:MU) – The Chinese Minister of Commerce welcomed Micron Technology, encouraging its expansion in the Chinese market. This openness reflects an improvement in China-US relations, despite past tensions, as leaders plan a summit meeting soon.

Intel (NASDAQ:INTC) – Intel‘s CEO, Pat Gelsinger, purchased nearly $250,000 worth of company stock on Wednesday. He bought 3,400 shares at an average price of $36.79 and 3,375 shares at an average price of $36.82 through a Gelsinger family fund. He now owns 25,475 shares of Intel.

PayPal (NASDAQ:PYPL) – PayPal gained nearly $4 billion in market value after committing to become more efficient and enthusiastic, despite an SEC subpoena related to its stablecoin. Shares rose nearly 7%, closing at $55.06 on Thursday, due to an optimistic earnings forecast for the year and cost-cutting plans under the new CEO, Alex Chriss. PayPal also named Archie Deskus as Chief Technology Officer.

Palantir (NYSE:PLTR) – Palantir indicated that its artificial intelligence offerings would drive growth in the last quarter of 2023, following its fourth consecutive quarterly profit due to increasing demand for its data analysis services. The company expects revenue of $599-603 million in the fourth quarter. Its shares rose on Thursday, and Palantir is now eligible for inclusion in the S&P 500.

Vodafone (NASDAQ:VOD) – The merger of Vodafone and CK Hutchison, valued at $19 billion in the UK, does not raise competition concerns for the EU. The companies sought EU approval to create the UK’s largest mobile operator. The European Commission is reviewing the agreement through a simplified procedure.

WeWork (NYSE:WE) – WeWork‘s challenges are affecting global business centers, putting pressure on investors looking to refinance expensive mortgages. The pandemic reduced demand for flexible spaces, and an increase in office supply is expected to harm rents in key cities. Investors face uncertainties and potential asset revaluations in 2024.

Uber (NYSE:UBER), Lyft (NASDAQ:LYFT) – Uber and Lyft have agreed to pay $328 million to settle allegations of underestimating earnings and benefits for drivers in New York. The agreement includes guarantees of minimum hourly rates and paid sick leave. Both companies denied wrongdoing and consider the agreement a win for drivers.

Stellantis (NYSE:STLA) – Stellantis has agreed to build a $3.2 billion battery plant and invest $1.5 billion in a new truck factory in Illinois under a tentative deal with the UAW union, including a 25% wage increase and other benefits through 2028.

Toyota (NYSE:TM), Tesla (NASDAQ:TSLA) – The United Auto Workers (UAW) plans to extend its unionization efforts to non-unionized automakers, including Toyota and Tesla, after favorable agreements with the “Detroit Three.” The union seeks to increase its influence despite historical challenges in non-unionized factories.

Tesla (NASDAQ:TSLA) – Tesla delivered 72,115 electric vehicles in China in October, a 2.6% decrease from the previous month. While sales of Model 3 and Y increased by 0.6% year-over-year, Chinese rival BYD (USOTC:BYDDY) delivered 301,095 passenger vehicles, marking a 5% increase from September and a 38.4% increase from the same month last year.

Ford Motor (NYSE:F) – Ford experienced a drop in vehicle sales in the US in October, including its F-Series pickups, following a labor strike. Total sales fell by 5.3%, with F-Series pickup sales declining by 5.1%. Electric vehicle sales increased by 9.1%.

Nikola (NASDAQ:NKLA) – Nikola received 277 non-binding orders for hydrogen fuel cell trucks, despite recent challenges, including battery fires. Orders exceed production capacity, with deliveries scheduled for the second quarter of 2024. The company has faced losses and recall costs, affecting its financial projections.

Boeing (NYSE:BA) – Boeing is investigating a cyber incident that affected its parts and distribution operations following a ransomware threat by the Lockbit group. The company is cooperating with authorities and has assured that flight safety was not compromised. It is unclear which data was compromised.

Chevron (NYSE:CVX) – Chevron is in talks to supply liquefied natural gas (LNG) to Europe for up to 15 years as the region seeks long-term energy supply due to disruptions in Russian gas exports. European buyers are seeking medium and long-term agreements, shifting away from short-term deals. Europe has increased its LNG imports following the disruption of Russian gas exports.

Bunge Global (NYSE:BG) – Bunge has sought regulatory approvals in various jurisdictions for its $34 billion merger with Viterra. It has obtained approvals in smaller markets such as Colombia so far. Bunge expects to complete the deal by mid-2024, subject to closing conditions and regulatory approval.

Novo Nordisk (NYSE:NVO), Eli Lilly (NYSE:LLY) – Novo Nordisk and Eli Lilly anticipate substantial sales of their diabetes and weight loss medications in the coming years, limited only by availability. The success of these medications has positively affected their stocks but has also impacted healthcare and food companies. Both companies face challenges in meeting the growing demand for their medications.

Moderna (NASDAQ:MRNA) – Moderna has lowered its revenue projections for 2023, now expecting to reach only the lower end of its $6 billion to $8 billion estimate due to reduced demand for COVID-19 vaccines. The company’s stock fell in response.

Beyond Meat (NASDAQ:BYND) – Beyond Meat has lowered its annual revenue forecast due to competition and inflation, implementing job cuts and revising operations to save money. The projected net revenue for 2023 has been adjusted to $330-340 million compared to the previous forecast.

MGM Resorts International (NYSE:MGM), Caesars Entertainment (NASDAQ:CZR), Wynn Resorts (NASDAQ:WYNN) – Approximately 35,000 Las Vegas hospitality workers plan to strike on November 10 against casino and resort operators if a labor agreement is not reached by then. The strike, supported by culinary and bartender worker unions, reflects the demand for better wages and benefits amid record industry profits. The union demands salary increases, protection against automation, and better working conditions.

Cedar Fair (NYSE:FUN), Six Flags Entertainment (NYSE:SIX) – Cedar Fair and Six Flags Entertainment have agreed to merge to boost the post-COVID-19 recovery of US amusement park operators. The combined company encompasses various properties with characters like Snoopy and Batman, creating a nationwide network of appealing passes for visitors.

Goldman Sachs (NYSE:GS) – Goldman Sachs will promote 608 executives to managing directors next year, fewer than two years ago, reflecting recent departures of senior staff and job cuts. Racial and ethnic representation varied, with progress in gender and Asian representation but a decrease in Black and Latino representation. The company emphasized its ongoing commitment to diversity.

Wells Fargo (NYSE:WFC) – The SEC is investigating Wells Fargo‘s cash sweep options, a feature for investment advisory clients, amid ongoing compliance concerns after previous scandals. The bank faces regulatory oversight and a series of consent orders.

Bank of America (NYSE:BAC) – Bank of America predicts a recovery in the S&P 500 by year-end due to technical factors, including the Bull & Bear Indicator signaling a positive change. However, the bank warns that expectations of a major rally are high. Other indicators also indicate buying opportunities.

Truist Financial (NYSE:TFC) – Truist is pricing a $1.75 billion bond offering with strong demand. The notes, maturing on October 30, 2029, are expected to be priced about 225 basis points above the 5-year Treasury yield. The offering attracted approximately $8 billion in orders, reflecting robust demand.

Earnings

Apple (NASDAQ:AAPL) – The iPhone manufacturer saw its stock decline by 3.4% in pre-market trading on Friday after reporting its fourth consecutive quarter of declining total sales and offering a discouraging revenue projection for the December quarter. Apple exceeded earnings per share forecasts. Revenue in the fiscal fourth quarter reached $89.50 billion, slightly above analysts’ expectations polled by LSEG, which estimated $89.28 billion.

Paramount (NASDAQ:PARA) – Media group’s stock registered a 10.4% increase in pre-market trading after announcing adjusted earnings of 30 cents per share with revenue of $7.13 billion, surpassing analysts’ expectations polled by LSEG, which estimated earnings of 10 cents per share and revenue of $7.10 billion.

Block (NYSE:SQ) – Block‘s stock saw a 7.4% increase in pre-market trading after delivering a beat on third-quarter earnings. The payment services company reported adjusted earnings of 55 cents per share on revenues of $5.62 billion, exceeding analysts’ estimates polled by LSEG, which projected 47 cents per share and $5.44 billion in revenue. Additionally, Block revised its full-year operating profit projections upward.

Coinbase Global (NASDAQ:COIN) – Coinbase exceeded expectations with higher-than-expected revenue in the last quarter, although trading volumes declined. The company reported a net loss of $2 million in the third quarter, compared to a loss of $545 million the previous year. Revenue increased to $674 million, while analysts estimated $651 million. The stock fell by approximately 3.9% in pre-market trading.

Fortinet (NASDAQ:FTNT) – The cybersecurity company’s stock reversed an 18% decline and is up 0.5% in pre-market trading. Fortinet expects its fourth-quarter revenues to be in the range of $1.38 billion to $1.44 billion, below Wall Street expectations of $1.5 billion, as indicated by LSEG. In the third quarter, Fortinet reported revenue of $1.33 billion, falling short of analysts’ estimates of $1.35 billion.

Cloudflare (NYSE:NET) – Cloudflare‘s stock rose nearly 3% after the release of third-quarter results, which exceeded revenue expectations. The company reported a net loss and an increase in revenue. For the fourth quarter, the company projected revenues of $352 million to $353 million and 12 cents in adjusted earnings per share, which fell below analysts’ expectations.

Live Nation Entertainment (NYSE:LYV) – The ticket provider saw an increase of almost 3% in its stock in pre-market trading after releasing third-quarter financial results. Live Nation announced earnings per share of $1.78 with revenue of $8.15 billion, surpassing the expectations of analysts at LSEG, who predicted earnings of $1.27 per share and revenue of $6.99 billion.

DraftKings (NASDAQ:DKNG) – The sports betting company’s stock increased by 7% in pre-market trading. DraftKings raised its revenue projections for 2023, expecting a range of $3.67 billion to $3.72 billion, surpassing analysts’ expectations polled by LSEG, which estimated $3.55 billion. Additionally, the company announced that it expects revenues in 2024 to range between $4.5 billion and $4.8 billion, compared to previous estimates of $4.31 billion.

Expedia (NASDAQ:EXPE) – Expedia‘s stock increased by 1.68% in pre-market trading after beating revenue and earnings projections in the third quarter. The company achieved adjusted earnings of $5.41 per share and revenue of $3.93 billion, surpassing analysts’ estimates, which predicted $4.93 per share and $3.86 billion in revenue.

Booking Holdings (NASDAQ:BKNG) – Booking Holdings reported quarterly results that exceeded expectations but mentioned that the conflict between Israel and Hamas was affecting travel demand.

Bill Holdings (NYSE:BILL) – Bill Holdings‘ stock fell by 34.2% in pre-market trading due to a forecast below expectations for the second fiscal quarter and a reduction in the full-year revenue outlook. The company anticipates revenues of $293-303 million and earnings of 35-44 cents per share for the second quarter, while Wall Street expected $319 million in revenue and earnings of 48 cents per share.

Insulet (NASDAQ:PODD) – The stock is up 1.98% in pre-market trading after surpassing earnings and revenue projections in the third quarter. Revenue reached $432.7 million, exceeding the expectations of analysts polled by FactSet, who estimated revenue of $414.3 million.

Floor & Decor Holdings (NYSE:FND) – The flooring retailer saw its stock rise by 2.42% in pre-market trading despite falling short of revenue projections in the third quarter. The company reported earnings per share of 61 cents and revenue of $1.11 billion, while analysts polled by FactSet expected 56 cents per share and revenue of $1.12 billion.

Shell (NYSE:SHEL) – Shell reported a 34% year-over-year drop in third-quarter profit, reaching $6.2 billion, due to declining energy prices and operational issues in its LNG division. The company announced share buybacks of $3.5 billion and maintained its dividend unchanged.

Carvana (NYSE:CVNA) – The used car sales company’s stock increased by 15.12% in pre-market trading after the company announced its expectation to achieve total gross profit per unit for the second consecutive year until 2024. Carvana reported revenue of $2.77 billion in the third quarter, slightly below analysts’ estimates of $2.78 billion, as pointed out by LSEG.

Ferrari (NYSE:RACE) – Ferrari revealed on Thursday that its order book is growing through 2025, including its first fully electric vehicle planned for release in the last quarter of 2025. Its quarterly profit exceeded estimates, driven by ongoing demand and customizations. The company raised its profit forecast for this year.

Trupanion (NASDAQ:TRUP) – The pet health insurance company saw an 11.8% increase in pre-market trading, driven by its third-quarter revenue reaching $285.9 million, surpassing analysts’ estimates of $275 million. Additionally, adjusted EBITDA reached $6.1 million, exceeding the estimated loss of $0.6 million, according to FactSet.

Regeneron Pharmaceuticals (NASDAQ:REGN) – Regeneron Pharmaceuticals is experiencing strong initial demand for its higher-dose eye medication Eylea. This could boost the treatment, surpassing Roche’s Vabysmo competition, even though Eylea sales declined by 11% in the third quarter. The company exceeded third

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