Markets Review - 2019.10.29
Courtesy of AskTraders
U.S. stocks are pointing to a slightly lower open, with the S&P 500 Index on track to slip on the open after closing at its all-time best level yesterday, and the Nasdaq Comp was within a few points of its all-time record ahead of another very busy day of earnings. Internet giant GOOGL reported disappointing earnings last night (the third of the FAANGS to disappoint this quarter following AMZN and NFLX results lower amid increased spending), ahead of results from AAPL and FB still later this week. However better earnings results from Pharma giants (and Dow components) MRK and PFE help pare early losses. In Asian markets, The Nikkei Index rose 106 points to 22,974, the Shanghai Index dropped -25 points to 2,954 and the Hang Seng Index fell -104 points to settle at 26,786. In Europe, the German DAX is down about -30 points to 12,900, while the FTSE 100 is down over -30 points to 7,300. Central banks also in action this week with the FOMC tomorrow (rate cut expected) and BoJ as well as more earnings and key economic data this week as well (GDP and jobs data). Commodity prices are lower as gold slip over $7 in recent action and oil prices also trading lower.
· 7:45 AM EST ICSC Weekly Retail Sales
· 8:55 AM EST Johnson/Redbook Weekly Sales
· 9:00 AM EST S&P CaseShiller 20-city index for August
· 10:00 AM EST Consumer Confidence for October…est. 128.0
· 10:00 AM EST Pending Home Sales MoM for September…est. 0.8%
· 4:30 PM EST API Weekly Inventory Data
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