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Market Headlines 👀 

• Amazon (AMZN) announces a five year deal with Databricks to use Amazon’s Trainium AI chips.

• Adobe (ADBE) announces a new AI video editor available in its suite.

• Boeing (BA) may need to sell $10b in shares to raise capital and shore up its finances.

• Dell Technologies (DELL) announces major improvements to its data centers cooling facility and enhancements related to Dell Ai factory.

• ASML (ASML) shares fell as company financials leaked a day early and indications around slowing in their bookings.

Earnings 💸

• Goldman Sachs (GS)

  • EPS: $8.40 beats (exp. $7.03)

  • Revenue: $12.7b beats (exp. 11.87b)

• Johnson & Johnson (JNJ)

  • EPS: $2.42 beats (exp. $2.21)

  • Revenue: $22.47b beats (exp. $22.16b)

• United Health (UAH)

  • EPS: $7.15 beats (exp. $7)

  • Revenue: $100.82b beats (exp. $99.28b)

• Citigroup (C)

  • EPS: $1.51 beats (exp. $1.31)

  • Revenue: $20.32b beats (exp. $19.84b)

• Bank of America (BAC)

  • EPS: $0.81 beats (exp. $0.77)

  • Revenue: $25.49b misses (exp. $25.29b)

• United Airlines (UAL)

  • EPS: $3.33 beats (exp. $3.13)

  • Revenue: $14.8b beats (exp. $14.78b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Stock prices have been able to shake off a lot of uncertainty and doubt, including cuts to 3Q24 EPS estimates. 3Q24 EPS estimates have been revised lower by the greatest degree since December 2022, according to Bloomberg. This does create a lowered bar going into this earnings season for companies to jump over. We saw this with the big banks’ results last week- management teams had talked down the quarter in recent investor presentations, only to beat expectations handily.(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Wednesday, October 16th: MBA mortgage applications; EIA Crude Oil inventories

• Wednesday earnings: Morgan Stanley (MS), and ASML (ASML)

• Thursday, October 17th: Weekly jobless claims; Retail sales data

• Thursday earnings: Netflix (NFLX), TSMC (TSM), Intuitive Surgical (ISRG), and Blackstone Group (BX)

• Friday, October 18th: Housing starts; Monthly options expiration (OPEX)

Enjoy reading?👇

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

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