S&P 500 futures are down 29 points, down 0.5%. Nasdaq 100 futures have dropped 134 points, also down 0.5%. Dow Jones Industrial Average futures are down 180 points, down 0.4%.
Early trading shows a negative trend. Some large-cap stocks are facing losses before the market opens.
Recent earnings reports have received mixed reactions. GE Aerospace (GE, Financial), Sherwin-Williams (SHW, Financial), and Verizon (VZ, Financial) are trending lower in pre-market trading. Meanwhile, companies such as 3M (MMM, Financial) and RTX (RTX, Financial) have received positive responses.
Rising rates are influencing the morning sell-off in stocks. The 10-year yield has increased by two basis points to 4.20%, while the 2-year yield is up three basis points to 4.05%.
No significant US economic data is expected today.
Today's News
Walmart (WMT) is set to revolutionize its service offerings by introducing a rapid prescription delivery service in the U.S., promising delivery in as little as 30 minutes. This service, free for Walmart+ members, allows customers to add prescriptions to their grocery orders, enhancing convenience. The retail giant plans to extend this service to 49 states, covering 86% of U.S. households by January. Chief eCommerce Officer Tom Ward emphasized the importance of comfort items like tea and soup for sick customers, highlighting the comprehensive nature of this initiative.
Philip Morris International (PM, Financial) saw its stock rise in premarket trading after surpassing Q3 earnings expectations and raising its full-year profit guidance. The company's revenue grew by 8.4% year-over-year to $9.91 billion, driven by strong performances from IQOS and ZYN. CEO Jacek Olczak noted the record quarterly net revenues and EPS, attributing the success to robust sales growth across all regions and product categories.
General Motors (GM, Financial) exceeded Wall Street expectations in its Q3 results, with profits and sales surpassing consensus estimates. The automaker's profit rose to $2.96 per share, driven by a 10.5% increase in revenue to $48.76 billion. CEO Mary Barra expressed pride in GM's strong financial results, while also acknowledging the competitive and regulatory challenges ahead.
RTX (RTX, Financial) reported a swing to profit in its latest quarter, with sales rising by 6% to $20.09 billion, surpassing analyst expectations. The aerospace and defense company's order backlog reached a record $221 billion, leading to an upward revision of its full-year sales guidance. COO Chris Calio highlighted strong demand in the defense sector and aftermarket services.
Verizon (VZ, Financial) experienced a 3% drop in premarket trading despite a slight beat on its Q3 earnings per share. The telecom giant reported $33.3 billion in revenue, slightly missing consensus estimates due to declines in wireless equipment revenue. The company incurred $2.3 billion in charges related to severance and restructuring efforts.
Amadeus IT (OTCPK:AMADF) saw its shares fluctuate amid speculation of a potential acquisition by Uber (UBER), although the company confirmed no contact had been made. This speculation follows recent reports of Uber's interest in diversifying through acquisitions, including a possible takeover of Expedia (EXPE).
GE Aerospace (GE, Financial) shares fell 5.1% after reporting revenue growth that missed Wall Street expectations. Despite a 25% increase in adjusted earnings, the company's revenue of $8.9 billion fell short of the anticipated $9.38 billion. GE revised its operating profit guidance upwards, reflecting optimism for 2024.
Target Corporation (TGT, Financial) announced plans to reduce prices on over 2,000 items this holiday season, including essentials and gifts. This move aims to maintain competitiveness and offer affordability to consumers. By the end of the year, Target will have lowered prices on more than 10,000 items to attract holiday shoppers.
Fiserv (FI, Financial) reported Q3 earnings that exceeded analyst expectations, although its revenue growth fell short. The company raised its full-year guidance, citing consistent top-line growth and margin improvements. Fiserv's adjusted EPS rose to $2.30, surpassing the consensus estimate of $2.26.
Freeport-McMoRan (FCX, Financial) reported Q3 earnings that slightly beat expectations, with revenue reaching $6.79 billion. Despite a challenging market environment, the company managed to deliver a positive performance, aided by favorable market conditions and strategic initiatives.
General Electric (GE, Financial) reported mixed results with a revenue miss but an earnings beat in its aerospace division. The company maintained its revenue growth forecast for 2024 and adjusted its earnings guidance upwards, reflecting confidence in future growth prospects.
3M (MMM, Financial) exceeded Q3 estimates and updated its full-year guidance, despite ongoing challenges. The company continues to navigate a complex market environment, balancing risk and reward as it transforms its business operations.
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