The S&P 500 futures are up by two points, while the Nasdaq 100 futures have decreased by five points. The Dow Jones Industrial Average futures have increased by eight points.
Investors are reviewing earnings from Bank of America (BAC, Financial) and Goldman Sachs (GS, Financial), both receiving positive feedback. However, UnitedHealth (UNH, Financial) shares are lower after its earnings report.
Oil prices have fallen, with WTI crude oil futures down 4.4%, priced at $70.62 per barrel, due to Israel's decision not to target oil or nuclear sites in its response to Iran.
The economic highlights for today include the release of the October NY Fed Empire State Manufacturing index at 8:30 ET.
Boeing (BA, Financial) has filed a $25 billion mixed securities shelf offering. Walgreens Boots Alliance (WBA, Financial) reported earnings above expectations and plans to close about 1,200 locations over the next three years.
Johnson & Johnson (JNJ, Financial) reported better-than-expected earnings and revenues, with ongoing progress in its talc-related legal matters. Nvidia (NVDA, Financial) and AMD (AMD, Financial) may face export restrictions from the Biden administration on chip sales to specific countries.
Shares of Chevron (CVX, Financial) and Exxon Mobil (XOM, Financial) are falling due to the decline in oil prices.
Today's News
Wolfspeed (WOLF, Financial) saw its shares climb over 25% after the Biden-Harris administration announced a substantial funding plan to support the expansion of its silicon carbide manufacturing in the U.S. The Department of Commerce and Wolfspeed signed a preliminary memorandum under the CHIPS and Science Act, which includes a $750M funding proposal. This initiative aims to bolster Wolfspeed's North Carolina expansion, accompanied by an additional $750M financing from investment groups.
Alibaba (BABA, Financial), Baidu (BIDU, Financial), and other Chinese tech stocks faced declines amid concerns over Beijing's stimulus measures. The Hang Seng Index and CSI 300 Index both dropped significantly, impacting U.S. premarket trading for these companies. Notable declines included Alibaba and JD.com (JD, Financial), both falling around 4% to 6%, while Tencent and Meituan also experienced significant losses.
Johnson & Johnson (JNJ, Financial) revised its full-year earnings outlook lower despite surpassing Q3 expectations, largely due to its pharmaceutical unit's performance. The company adjusted its earnings guidance following the acquisition of V-Wave, while raising its sales forecast. JNJ's standout drugs, including Darzalex, contributed significantly to its revenue growth.
Walgreens Boots Alliance (WBA, Financial) rallied after exceeding earnings expectations and announcing a plan to close 1,200 stores. Despite a 38% drop in adjusted operating income, the company showed a 6.1% revenue increase, driven by growth in its U.S. Retail Pharmacy segment. The store closures are part of a strategy to streamline operations.
Nvidia (NVDA, Financial) might face new export restrictions as U.S. officials consider capping AI chip sales to certain countries. These discussions, focusing on national security, are in early stages and could impact AI capabilities in regions like the Persian Gulf. The initiative aims to balance security with easing licensing requirements for AI chip shipments.
UnitedHealth (UNH, Financial) reported strong Q3 results but saw its shares dip due to rising medical costs. The company's medical care ratio increased, exceeding Wall Street's expectations, which concerned investors. This trend also affected other managed care peers like Humana (HUM, Financial) and Cigna (CI, Financial).
Bank of America (BAC, Financial) surpassed earnings estimates despite a decline in Q3 profits. Gains in its Global Markets and Wealth Management units helped offset higher credit loss provisions. The bank's net interest income grew, supported by investment banking and asset management fee increases.
Warner Bros. Discovery (WBD) is expanding its streaming service, Max, to seven additional Asian countries. This move aligns with the company's strategy to increase its subscriber base by six million this quarter. The expansion reflects Warner Bros. Discovery's focus on global market penetration amid industry disruptions.
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