| What to watch today: Dow set to fall more than 400 points as Covid cases rise; more earnings coming | | |  | WED, OCT 28, 2020 | | | | AS OF WED, OCT 28, 2020 • 08:05 ET | | Dow Jones Fut | | 27,463.19 | | Current: | 26,894.00 | | Change: | -471.00 | | Impl. Open: | -463.19 | | | S&P 500 Fut | | 3,390.68 | | Current: | 3,333.50 | | Change: | -49.50 | | Impl. Open: | -49.18 | | | NASDAQ 100 Fut | | 11,598.95 | | Current: | 11,449.50 | | Change: | -138.50 | | Impl. Open: | -136.45 | | | Russell 2000 Mini | | 1,590.71 | | Current: | 1,559.80 | | Change: | -29.20 | | Impl. Open: | -23.71 | | U.S. equity futures are set for a sharply lower open, as investors grappled with an increase in coronavirus cases, uncertainty over next Tuesday's election, and the continued lack of an economic stimulus package. Dow futures implied an opening loss of more than 400 points. S&P 500 and Nasdaq futures also were in the red. On Tuesday, the Dow and benchmark S&P fell, while the tech-heavy Nasdaq gained 0.6%. (CNBC)
* Treasury yields fall for 4th straight day over stimulus concerns (CNBC)
The Dow is already at its lowest in a month, with the S&P 500 and Nasdaq at three-week lows. Based on futures activity, the S&P 500 is likely to go negative for October at the open, joining the Dow and leaving the Nasdaq as the only major index higher for the month. A drop by the Dow today would be its fourth straight and its longest losing streak since late February.
* European markets tumble on coronavirus, U.S. election and stimulus fears (CNBC) | | | | Mortgage applications to purchase a home were essentially flat last week, rising just 0.2% after having fallen for four straight weeks, according to the Mortgage Bankers Association. Later this morning, Energy Department releases its weekly look at oil and gasoline inventories. There are no government economic numbers set for release today. (CNBC) | | | | After-the-bell reports today include Amgen (AMGN), Ford (F), Gilead Sciences (GILD), Pinterest (PINS), Visa (V), Fastly (FSLY), Etsy (ETSY), eBay (EBAY) and Churchill Downs (CHD). | | The chief executives of Facebook (FB), Alphabet (GOOGL) and Twitter (TWTR) are set to testify today in front of the Senate Commerce Committee for a hearing in part focused on Section 230, a decades-old law that provides the companies a legal shield for the content their users post online. The CEOs are expected to warn about the consequences of dramatically changing the law. Facebook's Mark Zuckerberg, for example, is set to reaffirm his openness to more government regulation of tech firms, while emphasizing the role of Section 230 in allowing the social media giant to "empower" its users. (CNBC) | | | | Microsoft (MSFT) beat Wall Street forecasts in its fiscal first quarter results for revenue and per-share earnings, but provided lighter-than-expected revenue guidance that investors zeroed in on. The tech titan's shares were lower by over 2% in early trading. In its quarterly report Tuesday night, Microsoft reported a year-over-year decline of 10% in its search advertising revenue, which is of note for investors ahead of Google-parent Alphabet's earnings release Thursday. That's because in recent quarters, the firms have exhibited similar trends in search advertising revenues. (CNBC) | | | | More than 90,000 people in Southern California were under evacuation orders due to the threat of two wildfires in Orange County. And in the Gulf Coast, Zeta has returned to hurricane strength in a historically busy Atlantic storm season. A life-threatening storm surge could arrive by late today along parts of the northern Gulf Coast, with hurricane conditions expected in portions Louisiana and near the state lines with Mississippi and Alabama, according to the National Hurricane Center. (USA Today/Associated Press) | | FireEye (FEYE) beat estimates by 4 cents with adjusted quarterly profit of 11 cents per share, with the cybersecurity company's revenue also topping estimates. FireEye also gave strong current quarter revenue guidance. | | | | First Solar (FSLR) more than doubled the 61 cent consensus estimate with quarterly earnings of $1.45 per share, with revenue considerably above Wall Street forecasts as well. The solar equipment company said its results have not been materially impacted by the pandemic. | | | | Deutsche Bank (DB) reported a surprise third-quarter profit, with the bank's bottom line benefitting from improved performance by its investment banking operations. | | | | Juniper Networks (JNPR) matched estimates with adjusted quarterly earnings of 43 cents per share, while the networking and cybersecurity company's revenue came in above analyst forecasts. The company said it saw better-than-expected demand during the quarter despite challenges created by the pandemic. | | | | Sony (SNE) raised its annual profit forecast after reporting better-than-expected fiscal second-quarter profit, with its gaming business getting a boost from pandemic-related lockdowns as well as the performance of its Japanese animated film "Demon Slayer." | | | | Caesars Entertainment (CZR) is selling its Tropicana Evansville casino for $480 million, with Gaming & Leisure Properties buying the real property assets and Twin River Worldwide Holdings buying the operating assets. | | | | Akamai Technologies (AKAM) shares are under pressure despite beating estimates on the top and bottom lines for its latest quarter. The provider of online content delivery technology reported adjusted quarterly profit of $1.31 per share, 8 cents above estimates. | The Los Angeles Dodgers captured their first World Series crown in 32 years Tuesday night, topping the Tampa Bay Rays, 3-1, in Game 6 and capping a pandemic-altered MLB season. Corey Seager was named World Series MVP, as the shortstop helped the Dodgers' avenge their championship losses in 2017 and 2018. (LA Times)
Programming note: Thursday is our Technology Executive Council Summit, featuring Frank Slootman, CEO of Snowflake; Alex Stamos, former chief security officer at Facebook; Alexis Wichowski, deputy CTO for innovation at the City of New York; and Tom Leighton, CEO & co-founder of Akamai Technologies. The event will bring together CIOs, CTOs and CISOs and we encourage you to join us. Apply for a seat on the Council today! | | |
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