U.S Futures falling - Watch MSFT, GE, BA, UPS, FISV, FTV

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The S&P 500 Futures remain on the downside as the While House hinted that a fiscal stimulus deal is unlikely before the Nov. 3 election

Downtrend 6

The S&P 500 Futures remain on the downside as the While House hinted that a fiscal stimulus deal is unlikely before the Nov. 3 election.

Later today, the U.S. Commerce Department will report September wholesale inventories (+0.4% on month expected).

European indices are facing a drop as a new lockdown is expected to be announced later today in France. In Germany, Angela Merkel proposed to close bars and restaurants for one month. France's INSEE has released October Consumer Confidence Index at 94 (vs 93 expected).

Asian indices closed in dispersed order as the Japanese Nikkei and the Hong Kong HSI were down when the Australian ASX and the Chinese CSI ended in the green. Australia's 3Q CPI grew 0.7% on year (vs +0.6% expected).

WTI Crude Oil futures are falling amid renew Covid-19 fears. The American Petroleum Institute (API) reported that U.S. crude-oil inventories rose 4.6M barrels in the week ending October 23. Later today, the U.S. Energy Information Administration (EIA) will release official crude oil inventories data for the same period.

U.S indices closed mixed on Tuesday with the Nasdaq (+0.64%) closing up, while the Dow Jones (-0.80%) and S&P 500 (-0.30%) closed down. Retailing (+1.16%), Media (+0.84%) and Technology Hardware & Equipment (+0.81%) sectors were the best performers on the day, while Banks (-2.73%), Capital Goods (-2.6%) and Automobiles & Components (-2.09%) sectors were the worst performers.

Approximately 70% of stocks in the S&P 500 Index were trading above their 200-day moving average and 42% were trading above their 20-day moving average. The VIX Index gained 0.66pt (+2.03%) to 33.12, while Gold rose $5.21 (+0.27%) to $1907.29, and WTI Crude Oil jumped $0.90 (+2.33%) to $39.46 at the close.

On the US economic data front, Durable Goods Orders jumped 1.9% on month in the September preliminary reading (+0.5% expected), compared to a revised +0.4% in the August final reading. Finally, the Conference Board's Consumer Confidence Index unexpectedly declined to 100.9 on month in October (102.0 expected), from a revised 101.3 in September.

Gold lost ground as U.S dollar gets firmer
on pessimism over U.S stimulus.

Gold fell 10.37 dollars (-0.54%) to 1897.63 dollars.

The dollar index rose 0.43pt to 93.373.


U.S. Equity Snapshot


Microsoft (MSFT), the software development company, lost some ground after hours as the company expects current quarter sales between 39.6 and 40.4 billion dollars, slightly below expectations. Separately, the company reported first quarter earnings that beat estimates.


Source: TradingView, GAIN Capital

General Electric (GE), the industrial conglomerate, is soaring before hours as third quarter adjusted EPS and industrial free cash flow beat estimates.

Boeing (BA), the aircraft maker, is slightly recovering premarket after posting quarterly earnings above expectations. 

UPS (UPS), the global package delivery company, quarterly adjusted EPS beat estimates. 

Fiserv (FISV), a provider of payment processing to the financial industry, unveiled third quarter adjusted EPS of 1.20 dollar, above forecasts, up from 1.02 dollar a year ago on revenue of 3.8 billion dollars, in-line with expectations, up from 3.6 billion dollars in the previous year. The company raised its full year adjusted EPS growth guidance. 

Fortive (FTV), a diversified industrial technology company, released third quarter adjusted EPS of 0.94 dollar, beating expectations, up from 0.87 dollar a year earlier, on revenue flat at 1.9 billion dollars, above estimates. 

Juniper Networks (JNPR), a developer of software and hardware for the networking industry, gained ground after hours as third quarter sales beat estimates.

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