Here is what you need to know on Wednesday, October 27:
US futures are slightly up this morning on the back of positive results from Microsoft and McDonald's. McDonald's (MCD) quarterly earnings came in before the market opens on Wednesday and delighted on both top and bottom lines. A good proxy for consumer spending, MCD shares rose 2.4% in the premarket after revenues came in 2.8% above consensus and earnings per share (EPS) arrived 12.2% above average estimates. Microsoft reported easy beats on revenue and EPS as well. Bank of America (BAC) is down slightly on a flattening yield curve. Boeing (BA) missed both revenue and EPS projections.
According to data from Refinitiv, about 30% of S&P 500 companies have reported earnings this round. Of those, 82% have beaten Wall Street estimates. This demonstrates to some that supply chain issues and rising inflation may not be the worry points that have tempered outlooks.
Chancellor of the Exchequer Rishi Sunak provided a more optimistic forecast of UK economic growth.
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The US Dollar Index (DXY) fell 0.18% to 93.78, as the US 10-year yield dropped to 1.581%. Bitcoin plunged 5.8% over the past 24 hours to $58,946, and Gold is flat at $1,793.
European markets are down: Eurostoxx -0.2%, Dax -0.37% and FTSE -0.16%.
US futures are up: Nasdaq Composite +0.12%, Dow +0.09%, S&P 500 +0.05%.
Wall Street (SPY) (QQQ) top news
The US trade deficit jumped to $96.3 billion in September.
US Commerce Deparment's September Durable Goods Orders: -0.4%; Consensus -1.0%.
Microsoft (MSFT): Stifel raised price target to $380 from $325. Cowen & Co. raised their target from $320 to $360; BMO, from $325 to $355; and Mizuho, from $350 to $360.
Boeing (BA) lost $0.60 a share on $15.3 billion. Consensus was a loss of $0.17 on $16.5 billion.
Spotify (SPOT): Chip shortage is hurting operations.
UBER to partner with Hertz to add as many as 50,000 Teslas to UBER's network by 2023.
Plug Power (PLUG) and Lhyfe to produce renewable hydrogen in Europe.
Southwest Gas (SWX): Icahn Enterprises has offered $75 a share in cash buyout.
Paysafe (PSFE) now working with Bitrise to innovate cryopto wallet payments.
Tesla (TSLA): Investor Ron Baron says he will hold onto stake for another 10 years.
Carvana (CVNA) partners with Hertz to boost online sales.
Coca-Cola (KO) raises full-year guidance.
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