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Market Headlines 👀 

• US 30y mortgage rates 6.52% highest level since August.

• Qualcomm (QCOM) says it will wait until elections are over before they decide whether they will move forward with their bid to acquire Intel or not.

• BlackRock (BLK) is in talks with billionaire Mukesh Ambani to form a private credit venture in India.

• Billionaire investor Stanley Druckenmiller says he sold Nvidia too early after he began buying October 2022.

• ASML (ASML) company CEO shares his view on the latest in the chip market heading into 2025.

• Amazon (AMZN) announces its first color Kindle and will be available for purchasing later this month.

Earnings 💸

• Morgan Stanley (MS)

  • EPS: $1.88 beats (exp. $1.59)

  • Revenue: $15.3b beats (exp. 14.2b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

As the 10 year Treasury rate has shot up almost 0.50% from the lows seen in late 3Q, mortgage rates have also risen which will likely dampen housing purchase and refinance activity. Following a strong NFP (non-farm payrolls) and a reaccelerating in GDP, Fed officials such as Bostic are even trading that a November rate cut may now be off the table even though rate futures are still pricing in 50 bp in cuts by year end.  (Contributed by Benjamin Lavine, CIO at Freedom Investment management).

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

Market Preview 🎞️ 

• 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)

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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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