Here is what you need to know on Tuesday, October 26:
Today is a huge earnings day. Futures for the Dow and S&P 500 hit record levels after Facebook (FB) reported earnings above consensus on Monday after the market close as well as initiating a $50 billion buyback plan. Investors were relieved that Apple's (AAPL) iOS changes to privacy did not affect Facebook's top line, as it did to Snap, but executives did warn the privacy changes could affect sales in the fourth quarter.
Tuesday will now offer earnings releases by Alphabet (GOOG), Microsoft (MSFT), AMD and Robinhood Markets (HOOD).
United Parcel Service (UPS) unveiled quarterly profits up 23% on the back of strong e-commerce traffic. General Electric raised its full-year guidance.
New US Home Sales data arrives at 10:00 EST. S&P/Case-Shiller Home Prices Index came in at 19.7% YoY for August, below the 20.1% consensus.
WTI is trading slightly higher at $84.14, up 0.45%. Gold trades at $1,800.50, down 0.35%. Bitcoin is at $62,379.50, and the 10-year Treasury yields at 1.627%, slightly lower.
European markets are booming: Euro Stoxx 50 +0.82%, Dax +1% and FTSE +0.65%.
US futures are also optimistic: Nasdaq Composite +0.56%, Dow +0.32% and S&P 500 +0.39%.
Wall Street (SPY) (QQQ) top news
Draft Kings (DKNG) up 9% premarket after talks end over possible acquisition of Entain.
CrowdStrike Holdings (CRWD), up 2%, is teaming up with Amazon Web Services (AMZN) to better protect against ransomware.
Tilray (TLRY) says it is expanding medical cannabis business in Europe.
Facebook (FB) up 2.5% in premarket after announcing $50 billion buyback plan and beating Q3 EPS consensus.
Upstart Holdings (UPST) downgraded by Jefferies from Buy to Hold but price target raised from $160 to $330.
Beyond Meat (BYND) downgraded by Credit Suisse from Neutral to Underperform with the price target moved from $123 to $75.
Coty (COTY) upgraded by Deutsche Bank from Hold to Buy with price target moved up $1 to $11.
People's United Financial (PBCT) upgraded by KBW from Market Perform to Outperform.
Bakkt Holdings (BKKT) surges another 65% in premarket after rising 234% on Monday on deal with Mastercard (MA).
General Electric (GE) reported adjusted EPS of $0.57, well ahead of expectations.
Economic Calendar
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.