Morning Dose: Amazon and Apple Lead Charge, Futures Green
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. It is Friday, October thirty-first, and futures are pointing to a green open! We’re looking to claw back a good chunk of yesterday’s losses right from the bell.
Overnight Headlines
Yesterday saw profit-taking in mega-caps after a strong run-up. However, today, the market is rebounding pre-market thanks to solid earnings from Amazon (AMZN) and Apple (AAPL).
Economic Announcements
Key data at 8:30 AM Eastern includes Employment Cost Index, Personal Income, Personal Spending, and the crucial PCE Price Index – consensus expects a 0.3% rise in the core reading.
Earnings Highlights
- Amazon (AMZN) beat earnings expectations with a 20% increase in AWS sales.
- Apple (AAPL) surpassed EPS estimates and provided strong revenue guidance despite light iPhone revenues.
- Netflix (NFLX) announced a stock split and is rumored to be eyeing Warner Brothers Discovery.
Top Movers
- Top Gainers: Alphatec (ATEC) (+20%), Reddit (+11%), Western Digital
- Top Losers: SPS Commerce (-33%), Newell Brands (-13%)
Quick Trade Ideas
Watch for breakouts in tech stocks like SNOW, but be selective and focus on stocks with relative strength.
Key Takeaway
Traders should stay cautious but look for opportunities in the tech sector. Monitor economic data at 8:30 AM and key support/resistance levels for the S&P 500 and NASDAQ.