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“Are you green and growing or ripe and rotting?” – Ray Kroc
With the second and third largest companies in the U.S. reporting earnings after the close yesterday along with dozens and dozens of others, you would have expected to see a larger move in the futures market this morning, but as things stand now, prices are little changed with a slight bias to the upside. Treasury yields are lower with the 10-year back below 1.60% again. The real action in the markets this morning is in the crypto-space, and it’s to the downside as both bitcoin and ether are down over 5% with other smaller assets in the space down even more.
The economic calendar is light today with Wholesale Inventories and Durable Goods hitting the wires at 8:30 and DoE energy inventory data coming out at 10:30.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
With all the earnings reports this week, especially the ones from the largest companies out there, investors were worried about the potential for volatility, but so far, the bulls have won out as the major indices are higher on the week so far (although we do have three full sessions of trading left in the week). Of the ‘big five’ companies reporting this week, Facebook (FB)’s report was met with a disappointing reaction, and last night after the close we heard from Alphabet (GOOGL) and Microsoft (MSFT). In pre-market trading, GOOGL is trading down less than 1% while MSFT trades higher by just over 1.5%. That leaves Amazon.com (AMZN) and Apple (AAPL) for after the close on Thursday, but so far two of the three that have reported have experienced negative reactions to earnings.
As far as the major US averages are concerned, they’re all higher on the week but to varying degrees. The Russell 2000 has been the weakest of the three indices shown below as it was also the only one to trade lower yesterday. The Nasdaq 100 (QQQ) has been the top performer on the week with a gain of over 1%, but it still has yet to take out its record high from early September. Last but not least, the S&P 500 finished off its intraday highs yesterday, but still managed to close at its second record high of the week.
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