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Pre-market indexes this Tuesday are inching upward to counter Monday’s non-extreme selloff. This is still the oscillation factor we’ve seen in the market, following the exuberance that took the top indexes to all-time closing highs before pulling back somewhat.
The Dow is up +50 points at this hour, while the S&P 500 is up +12 and the Nasdaq +73 points. At these rates, we won’t be seeing any major moves in either direction, until Wednesday trading at the earliest. Bond yields remain elevated from where they had been pulling back toward: +4.33% on the 10-year and +4.195% on the 2-year.
Election Day in the U.S.: Clarity Will Soon(?) Be Ours!
Of course, it’s Election Day today — the first Tuesday after the first Monday of a leap year — and we hoped to get an early sign of how things are going. The traditional midnight vote in Dixville Notch, NH came out this morning… and it was a 3-3 tie. Dead even. Back in 2020, Joe Biden shut out Donald Trump 5-0.
If this is a sign of anything, it may be that we do not get results on the presidency until later this week. Back in 2020, it wasn’t until the following Saturday morning that Biden was determined to have beaten Trump. In 2024, we’re no longer in a pandemic, so hopefully this will tighten up the results timeline, but I wouldn’t hold your breath.
We have a better chance of seeing how Congress aligns by this time tomorrow, and that’s equally as important. So far, 80 million votes have already come in; this amounts to more than half of the vote totals made in the last General Election cycle.
Trade Deficit for September In-Line; Services Reports After the Open
The September U.S. Trade Deficit came out this morning, generally in-line with estimates at -$84.4 billion. This sank from a slightly downwardly revised -$70.8 billion a month ago, and is the lowest tally since April of 2022.
After the open, S&P Services PMI and ISM Services reports, both for October, hit the tape later this morning. ISM Services are expected to tick down to 53.7%, while S&P PMI brought in a 55.3 a month ago — both over the growth threshold of 50.
Boeing Workers Vote to End Strike
Ending a painful workers strike after seven weeks, Boeing (BA - Free Report) is celebrating this morning. It is reported that 59% of union workers voted in favor of the new deal, which features +38% wage growth over the next four years. Shares of Boeing are up +1.6% in early trading, but still down -35% year to date.
Q3 Earnings: Zacks Rank Sells Make Good
A surprise in two companies that have earned low Zacks ranks recently both came up big in their respective Q3 earnings reports this morning:
Marathon Petroleum (MPC - Free Report) posted a huge +92.8% earnings beat this morning, on revenues of $35.37 billion which strafed expectations by +12% in the quarter. Not bad for a Zacks Rank #5 (Strong Sell) whose year-to-date stock growth had been -4.9%. Shares are up +3.4% at this hour. For more on MPC’s earnings, click here.
Globalfoundries (GFS - Free Report) came into its Q3 report with a Zacks Rank #4 (Sell), but a +24% beat on its bottom line — earnings of 41 cents per share versus estimates of 33 cents — on $1.74 billion in revenues outpacing expectations by +0.78%. The New York-based chipmaker is up +18% on the news, after having tumbled -40% year to date. For more on GFS’ earnings, click here.
Image: Bigstock
When Will Election Bring Market Clarity?
Tuesday, November 5, 2024
Pre-market indexes this Tuesday are inching upward to counter Monday’s non-extreme selloff. This is still the oscillation factor we’ve seen in the market, following the exuberance that took the top indexes to all-time closing highs before pulling back somewhat.
The Dow is up +50 points at this hour, while the S&P 500 is up +12 and the Nasdaq +73 points. At these rates, we won’t be seeing any major moves in either direction, until Wednesday trading at the earliest. Bond yields remain elevated from where they had been pulling back toward: +4.33% on the 10-year and +4.195% on the 2-year.
Election Day in the U.S.: Clarity Will Soon(?) Be Ours!
Of course, it’s Election Day today — the first Tuesday after the first Monday of a leap year — and we hoped to get an early sign of how things are going. The traditional midnight vote in Dixville Notch, NH came out this morning… and it was a 3-3 tie. Dead even. Back in 2020, Joe Biden shut out Donald Trump 5-0.
If this is a sign of anything, it may be that we do not get results on the presidency until later this week. Back in 2020, it wasn’t until the following Saturday morning that Biden was determined to have beaten Trump. In 2024, we’re no longer in a pandemic, so hopefully this will tighten up the results timeline, but I wouldn’t hold your breath.
We have a better chance of seeing how Congress aligns by this time tomorrow, and that’s equally as important. So far, 80 million votes have already come in; this amounts to more than half of the vote totals made in the last General Election cycle.
Trade Deficit for September In-Line; Services Reports After the Open
The September U.S. Trade Deficit came out this morning, generally in-line with estimates at -$84.4 billion. This sank from a slightly downwardly revised -$70.8 billion a month ago, and is the lowest tally since April of 2022.
After the open, S&P Services PMI and ISM Services reports, both for October, hit the tape later this morning. ISM Services are expected to tick down to 53.7%, while S&P PMI brought in a 55.3 a month ago — both over the growth threshold of 50.
Boeing Workers Vote to End Strike
Ending a painful workers strike after seven weeks, Boeing (BA - Free Report) is celebrating this morning. It is reported that 59% of union workers voted in favor of the new deal, which features +38% wage growth over the next four years. Shares of Boeing are up +1.6% in early trading, but still down -35% year to date.
Q3 Earnings: Zacks Rank Sells Make Good
A surprise in two companies that have earned low Zacks ranks recently both came up big in their respective Q3 earnings reports this morning:
Marathon Petroleum (MPC - Free Report) posted a huge +92.8% earnings beat this morning, on revenues of $35.37 billion which strafed expectations by +12% in the quarter. Not bad for a Zacks Rank #5 (Strong Sell) whose year-to-date stock growth had been -4.9%. Shares are up +3.4% at this hour. For more on MPC’s earnings, click here.
Check out the updated Zacks Earnings Calendar here.
Globalfoundries (GFS - Free Report) came into its Q3 report with a Zacks Rank #4 (Sell), but a +24% beat on its bottom line — earnings of 41 cents per share versus estimates of 33 cents — on $1.74 billion in revenues outpacing expectations by +0.78%. The New York-based chipmaker is up +18% on the news, after having tumbled -40% year to date. For more on GFS’ earnings, click here.
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