Welcome Back,

Big earnings day !

Market Headlines 👀 

• United Auto Works union announces it is expanding its strike and will affect more plants.

• Meta Platforms (META) is being sued by multiple US states over the harm their apps could have on youth.

• Nvidia (NVDA) announces it will enter the PC chip market, by making Arm based chips.

• Microsoft (MSFT) cloud business Azure beat street estimates and reaccelerated.

• Alphabet (GOOGL) cloud business misses on both top and bottom line.

• SpaceX signs a major deal with the European Space agency to launch multiple satellites.

• Apple (AAPL) announces an event on October 30th to reveal the new Mac lineup.

• Apple (AAPL) announces it will overhaul its Appled Tv and video services.

• Chevron (CVX) announces acquisition of of Hess in a $53b deal.

• Pershing Square Capital CEO Bill Ackman announces he is no longer short on the 30y treasury.

• Bitcoin (BTC) hits 35,000 for the first time since May 2022.

Earnings 💸

• Alphabet (GOOGL)

  • EPS: $1.55 beats (exp. $1.45)

  • Revenue: $64.1b beats (exp. $63b)

• Microsoft (MSFT)

  • EPS: $2.99 beats (exp. $2.65)

  • Revenue: $56.5b beats (exp. $54.6b)

• Visa (V)

  • EPS: $2.33 beats (exp. $2.24)

  • Revenue: $8.6b beats (exp. $8.56b)

• Spotify (SPOT)

  • EPS: €0.33 beats (exp. €-0.19)

  • Revenue: €3.36b beats (exp. €3.33b)

• Snapchat (SNAP)

  • EPS: $0.02 beats (exp. $-0.04)

  • Revenue: $1.19b beats (exp. $1.1b)

• Coca-Cola (GOOGL)

  • EPS: $0.74 beats (exp. $0.69)

  • Revenue: $12b beats (exp. $11.4b)

• Verizon (VZ)

  • EPS: $1.22 beats (exp. $1.18)

  • Revenue: $33.3b beats (exp. $33.29b)

• 3M (MMM)

  • EPS: $2.68 beats (exp. $2.34)

  • Revenue: $8.3b beats (exp. $8b)

• General Motors (GM)

  • EPS: $2.28 beats (exp. $1.84)

  • Revenue: $44.1b beats (exp. $43.2b)

• General Electric (GE)

  • EPS: $0.82 beats (exp. $0.56)

  • Revenue: $16.5b beats (exp. $15.7b)

  S&P 500 Heat Map

Recap Around the Street 🧠

The 10 year treasury briefly reached 5% yesterday, the first time since 2007 before pulling back as notable fintwit investors (Ackman, Gross) turned positive on bond valuations. If you believe we’re due for a meaningful economic slowdown or that congress will be at a spending impasse come the middle of November, then long duration positioning makes sense.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Misses are getting punished while material beats are few and far between. Big tech earnings come out later in the month and will be key for how S&P earnings are tracking overall.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Wednesday, October 25th: MBA mortgage applications;New home sales

• Wednesday earnings: Boeing (BA), Facebook (META), IBM (IBM), Facebook (META), and ServiceNow (NOW)

• Thursday, October 26th: Weekly jobless claims; Q3 advanced GDP; Pending home sales; Durable goods

• Thursday earnings: Amazon (AMZN), United Parcel Services (UPS), Southwest Airlines (LUV), Royal Caribbean Group (RCL), Chipotle (CMG), Intel (INTC),and Merck (MRK)

• Friday, October 27th: Personal income and spending (PCE); University of Michigan sentiment

• Friday earnings: Exxon Mobil (XOM) and Chevron (CVX)

• —> 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 today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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