Welcome Back,

Market Headlines 👀 

• US House of Representatives fills its speaker void by electing Republican Mike Johnson.

• US new homes sales for September come in at 759k; est: 680k.

• S&P 500 falls below 4200 for the first time since May; Nasdaq 100 has its worst day of 2023.

• Microsoft (MSFT) edge in AI helps along with acceleration in Azure from earnings yesterday, while Google cloud lagged.

• Meta platforms (META) reports earnings and beats on top and bottom line.

• Apple (AAPL) announces major overhaul in the coming two years for its Airpods.

• Apple (AAPL) announces it will increase AppleTv price from $6.99 a month to $9.99.

• FTX founder Sam Bankman-Fried will testify in his fraud trial.

Earnings 💸

• Meta platforms (META)

  • EPS: $4.39 beats (exp. $3.65)

  • Revenue: $34.2b beats (exp. $33.5b)

• ServiceNow (NOW)

  • EPS: $2.92 beats (exp. $2.56)

  • Revenue: $2.29b beats (exp. $2.27b)

• Boeing (BA)

  • EPS: $-3.26 misses (exp. $-2.96)

  • Revenue: $18.1b misses (exp. $18.3b)

• International Business Machines (IBM)

  • EPS: $2.20 beats (exp. $2.13)

  • Revenue: $14.75b meets (exp. $14.75b)

  S&P 500 Heat Map

Recap Around the Street 🧠

Santa Clause may come early for Congress as the long awaited revenue from delayed California tax receipts expected to arrive in November assuming the IRS doesn’t extend the filing deadline (again).(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Mortgage rates of around 8% and tighter loan standards are weighing on buyer and seller sentiment. Rather than adjust on price, both will hold out for lower rates come next summer.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• 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!

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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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