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Market Headlines 👀 

• US consumer confidence rose in October to 108.7; compared to 99.2 in September.

• US economists fear inflation could tick up next year.

• Alphabet (GOOGL) reports earnings and has a top and bottom line beat.

• Apple (AAPL) announces new Mac Mini models along with other products.

• Apple (AAPL) ships $6b Iphones from India marking a major increase as it looks to decrease primary shipment focus from China.

• Bitcoin (BTC) rallies to all time highs briefly touching $73k.

Earnings 💸

• Alphabet (GOOGL)

  • EPS: $2.12 beats (exp. $1.85)

  • Revenue: $88.27b beats (exp. 86.30b)

• Chipotle (CMG)

  • EPS: $0.27 beats (exp. $0.25)

  • Revenue: $2.79b misses (exp. 2.82b)

• Snapchat (SNAP)

  • EPS: $0.08 beats (exp. $0.05)

  • Revenue: $1.37b beats (exp. 1.36b)

• Advanced Micro Devices (AMD)

  • EPS: $0.92 meets (exp. $0.92)

  • Revenue: $6.8b beats (exp. 6.71b)

• Sofi Financial (SOFI)

  • EPS: $0.05 beats (exp. $0.04)

  • Revenue: $689.45m beats (exp. 632.33m)

• PayPal (PYPL)

  • EPS: $1.20 beats (exp. $1.07)

  • Revenue: $7.85b misses (exp. 7.89b)

• McDonalds (MCD)

  • EPS: $3.23 beats (exp. $3.20)

  • Revenue: $6.87b beats (exp. 6.81b)

• Reddit (RDDT)

  • EPS: $0.16 beats (exp. $-0.07)

  • Revenue: $348.4m misses (exp. 312.8m)

• TransMedics (TMDX)

  • EPS: $0.12 misses (exp. $0.29)

  • Revenue: $108.8m beats (exp. 114.99m)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Google earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

PayPal earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Here you can see the pricing out of Fed cuts for 2024 and 2025 (using January 2025 and January 2026 futures pricing). The market is expecting fewer cuts this year and next as economic data holds up better than expected, suggesting that the “neutral rate” could be higher. Of course, this will remain volatile, with cuts priced back in if weak data were to materialize (such as an uptick in the unemployment rate) or if data heats up (such as an uptick in inflation).(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Wednesday, October 30th: ADP employment report; Q3 advanced GDP report; MBA mortgage applications; Pending home sales

• Wednesday earnings: Microsoft (MSFT), Meta Platforms (META), Meta Coinbase (COIN), Robinhood (HOOD), Eli- Lilly (LLY), Starbucks (SBUX), Roku (ROKU) and Etsy (ETSY)

• Thursday, October 31st: Weekly jobless claims; Personal income and spending (PCE)

• Thursday earnings: Apple (AAPL), Amazon (AMZN), Uber (UBER), Mastercard (MA), Peloton (PTON)and Intel (INTC)

• Friday, November 1st: Non-farm payrolls and unemployment rate

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

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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