Stock Market Update

The S&P 500 futures are up ten points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 65 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 32 points and are trading 0.1% above fair value.

Market participants are waiting on today's election results. Equity futures are higher, boosted by pre-open gains in some mega cap names. Market rates are also higher after sliding yesterday. The 10-yr yield is up one basis point to 4.32% and the 2-yr yield is up one basis point to 4.19%.

Today's economic calendar features: September Trade Balance at 8:30 ET, final October S&P Global US Services PMI at 9:45 ET, and October ISM Services PMI at 10:00 ET.

In corporate news:

• Palantir Technologies (PLTR 47.33, +5.92, +14.3%): beats by $0.01, beats on revs; guides Q4 revs above consensus; guides FY24 revs above consensus
• Boeing (BA 156.99, +1.92, +1.2%): reached a ratified agreement with IAM 751 & W24 tonight
• Apple (AAPL 221.45, -0.56, -0.3%): mulling push into smart glasses, according to Bloomberg
• NXP Semi (NXPI 221.90, -15.00, -6.3%): beats by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
• DuPont (DD 84.00, +2.15, +2.6%): beats by $0.15, reports revs in-line; guides FY24 EPS above consensus, revs below consensus
• Cirrus Logic (CRUS 99.25, -11.35, -10.3%): beats by $0.23, beats on revs; guides Q3 revs below consensus

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's Nikkei: +1.1%, Hong Kong's Hang Seng: +2.1%, China's Shanghai Composite: +2.3%, India's Sensex: +0.9%, South Korea's Kospi: -0.4%, Australia's ASX All Ordinaries: -0.4%.
  • In economic data:
    • China's October Caixin Services PMI 52.0 (expected 50.5; last 50.3)
    • Japan's October Monetary Base 0.0% yr/yr (expected 0.3%; last 0.1%)
    • South Korea's October CPI 0.0% m/m (expected 0.2%; last 0.1%); 1.3% yr/yr (expected 1.4%; last 1.6%)
    • Hong Kong's October Manufacturing PMI 52.2 (last 50.0)
    • Singapore's September Retail Sales 0.4% m/m (last 0.8%); 2.0% yr/yr (last 0.7%)
    • Australia's October Services PMI 51.0 (expected 50.6; last 50.5)
  • In news:
    • China's Caixin Services PMI (52.0) showed an acceleration in activity in October.
    • South Korea's CPI decelerated to 1.3% from 1.6% yr/yr in October, prompting speculation about more rate cuts.
    • The Reserve Bank of Australia left its cash rate at 4.35%, as expected, and Governor Bullock said that the last part of bringing down inflation is not easy.
• Major European indices trade near their flat lines. STOXX Europe 600: UNCH, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.1%, France's CAC 40: +0.1%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: UNCH.
  • In economic data:
    • U.K.'s October Services PMI 52.0 (expected 51.8; last 52.4)
    • France's September Industrial Production -0.9% m/m (expected -0.5%; last 1.1%) and September government budget deficit EUR173.8 bln (last deficit of EUR171.9 bln)
    • Spain's October Unemployment Change 26,800 (expected 26,500; last 3,200)
    • Swiss October Unemployment Rate 2.6%, as expected (last 2.6%)
  • In news:
    • French food retailer Carrefour is looking to boost its valuation.
    • Political parties in Germany are struggling to reach an agreement that would avert a collapse of the ruling coalition.
    • Ireland's Prime Minister is expected to call a general election this week.
    • Vodafone's merger with Three UK received clearance from the British antitrust regulator.