Stock Market Update

The S&P 500 futures are up six points and are trading 0.1% above fair value, the Nasdaq 100 futures are up 51 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are down 81 points and are trading 0.1% below fair value.

Stock futures are mixed in front of a busy week. Pre-open gains in some mega cap names has contributed to upside moves in futures tied to the S&P 500 and Nasdaq 100. This week's lineup includes a slate of earnings results and economic data to get through. 

The Treasury market is closed today for Columbus Day.

In other news, China's Ministry of Finance disappointed investors with a lack of details at the press briefing on economic stimulus. 

In corporate news:

• Boeing (BA 148.15, -2.87, -1.9%): issues downside Q3 revenue guidance; making important strategic decisions to restore the company; to reduce the size of its total workforce by roughly 10%; expects 777x first delivery in 2026
• Caterpillar (CAT 395.99, -6.03, -1.5%):downgraded to Underweight at Morgan Stanley
• Sirius XM (SIRI 25.85, +0.94, +3.8%): 10% owner Berkshire Hathaway's (BRK.A / BRK.B) Warren Buffett bought 3,564,059 shares at $22.96 - $25.14 worth approx. $86.7 mln
• AppLovin (APP 141.75, -5.25, -3.6%): downgraded to Neutral at Goldman Sachs
• Broadcom (AVGO 183.15, +1.67, +0.9%): price target raised to $220 from $190 at Mizuho

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region began the week on a mostly higher note while Japan's Nikkei was closed for a holiday. Japan's Nikkei: HOLIDAY, Hong Kong's Hang Seng: -0.8%, China's Shanghai Composite: +2.1%, India's Sensex: +0.7%, South Korea's Kospi: +1.0%, Australia's ASX All Ordinaries: +0.5%.
  • In economic data:
    • China's September CPI 0.0% m/m (expected 0.4%: last 0.4%); 0.4% yr/yr (expected 0.6%; last 0.6%). September PPI -2.8% yr/yr (expected -2.5%; last -1.8%). September trade surplus $81.71 bln (expected surplus of $89.80 bln; last surplus of $91.02 bln). September Imports 0.3% yr/yr (expected 0.9%; last 0.5%) and Exports 2.4% yr/yr (expected 6.0%; last 8.7%). September New Loans CNY1.59 trln (expected CNY1.09 trln; last CNY900 bln) and Total Social Financing CNY3.76 trln (expected CNY3.73 trln; last CYN3.03 trln)
    • India's September WPI Inflation 1.84% yr/yr (expected 1.90%; last 1.31%)
    • Singapore's Q3 GDP 2.1% qtr/qtr (last 0.4%); 4.1% yr/yr (last 2.9%)
    • New Zealand's September Electronic Card Retail Sales 0.0% m/m (last 0.2%); -5.6% yr/yr (last -2.9%)
  • In news:
    • China's Ministry of Finance held a highly anticipated press briefing about stimulus plans, but did not provide as many details as the market had hoped. The Ministry acknowledged that public revenue will not meet expectations and that there is room to raise debt and increase the deficit.
    • Japan's Prime Minister Ishiba said that there are no current plans to lower the sales tax.
    • The Monetary Authority of Singapore made no policy changes, which was expected.
• Major European indices trade near their flat lines. STOXX Europe 600: -0.1%, Germany's DAX: +0.4%, U.K.'s FTSE 100: -0.1%, France's CAC 40: -0.4%, Italy's FTSE MIB: +0.4%, Spain's IBEX 35: +0.4%