Stock Market Update

The stock market is on track for a lower open amid a relatively busy morning from a headlines perspective. 

Earnings season kicked into effect this morning with a slate of large financial institutions delivering better-than-expected Q3 earnings reports. The group's results confirmed that the U.S. economy remains solid, with steady loan growth, stable deposits, and no signs of systemic credit stress despite tighter financial conditions.

Futures still point lower this morning as mega-cap tech and semiconductor names once again weigh the market down as trade tensions with China ramp back up. 

Fed Chair Jerome Powell is set to deliver a speech at 12:20 p.m. ET on the Economic Outlook and Monetary Policy, which will be particularly relevant given the recent lack of economic data amid the ongoing government shutdown. Rate cut expectations have held steady over the past week, with the CME FedWatch tool currently assigning a greater than 96% chance of 25-basis point rate cuts at both the October and December FOMC meetings.