Welcome Back,

Big earnings day!

Market Headlines 👀 

• US Federal Reserve left fed funds rate unchanged yesterday, full press details here.

• US Department of Treasury issues latest quarterly funding statement here.

• US weekly jobless claims come in at 217k; est: 210k.

• US Jolts job openings come in at 9.6m, a second straight monthly increase.

• US ADP employment report shows 113k workers added last month; est: 130k.

• US Consumer confidence fell in October, third straight monthly decline.

• Apple (AAPL) beats on the top and bottom line due to iPhone sales and services revenue, breakdown here.

• Block (SQ) with a beat on top and bottom line, stock rallies after hours.

• SpaceX and Starlink reach breakeven cash flows Elon Musk announces.

• Bank Of England announces it will leave their terminal rate unchanged, but will remain higher for longer.

Earnings 💸

• Apple(AAPL)

  • EPS: $1.46 beats (exp. $1.39)

  • Revenue: $89.5b beats (exp. $89.42b)

• Square(SQ)

  • EPS: $0.55 beats (exp. $0.45)

  • Revenue: $5.62b beats (exp. $5.47b)

• Bookings.com(BKNG)

  • EPS: $72.32 beats (exp. $67.84)

  • Revenue: $7.34b beats (exp. $7.26b)

• Coinbase(COIN)

  • EPS: $-0.01 beats (exp. $-2.43)

  • Revenue: $684.1m beats (exp. $654.7m)

• Palantir Technologies (PLTR)

  • EPS: $0.07c beats (exp. $0.05c)

  • Revenue: $558.2m beats (exp. $555.8m)

• Cloudfare(NET)

  • EPS: $0.16 beats (exp. $0.10)

  • Revenue: $335.6m beats (exp. $330.6m)

• Shopify (SHOP)

  • EPS: $0.24 beats (exp. $0.16)

  • Revenue: $1.71b beats (exp. $1.7b)

• Eli Lilly (LLY)

  • EPS: $0.10 beats (exp. $-0.15)

  • Revenue: $9.5b beats (exp. $9b)

• Starbucks (SBUX)

  • EPS: $1.06 beats (exp. $0.97)

  • Revenue: $9.4b beats (exp. $9.3b)

• Draftkings(DKNG)

  • EPS: $-0.35 beats (exp. $-0.60)

  • Revenue: $790m beats (exp. $699.7m)

Newsletter Rec 🚨

Recap Around the Street 🧠

Will the 3rd quarter represent peak GDP performance and labor market tightness? The building consensus is for a marked slowdown in economic activity including slower payroll growth. Soft landing seems more achievable that sees slowing inflation without a crash in economic activity and corporate profitability.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

The Fed’s post FOMC messaging has not changed from pre-FOMC official comments. Terminal Fed Funds Iikely achieved for this cycle but also want the optional itch of leaving one more hike on the table should conditions warrant it. The bond market sees the Fed as done with the first rate cut to occur by June 2024.cycle.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Friday, November 3rd: US Non-farm payrolls

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

Enjoy reading?👇

That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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