Stock Market Update

The S&P 500 futures are down five points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 50 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 15 points and are trading fractionally above fair value.

Equity futures are mixed, and little changed, following yesterday's record highs for the S&P 500 and Dow Jones Industrial Average. Participation is light and there's not a lot of conviction in front of Thanksgiving on Thursday. Markets are closed tomorrow and close early on Friday. 

There's a big batch of economic news to get through this morning, including the Personal Income and Spending report for October, which features the Fed's preferred gauge on inflation (PCE Price Index and core-PCE Price Index), at 8:30 ET. Other data includes: weekly jobless claims at 8:30 ET, October Durable Goods Orders at 8:30 ET, and the second estimate of Q3 GDP at 8:30 ET.

Earlier, the weekly MBA Mortgage Applications Index jumped 6.3% with purchase applications surging 12% and refinance applications dropping 3%.

In corporate news:

• Dell (DELL 124.95, -16.79, -11.9%): beats by $0.09, misses on revs; projects Q4 earnings and revs below consensus; provides FY26 commentary
• HP Inc (HPQ 35.76, -3.34, -8.5%): reports EPS in-line, revs in-line; guides JanQ EPS below consensus; guides FY25 EPS in-line; increases dividend by 5%
• Nordstrom (JWN 24.50, -0.12, -0.5%): beats by $0.11, reports revs in-line; guides FY25 EPS in-line
• Workday (WDAY 238.50, -31.69, -11.7%): beats by $0.13, beats on revs
• Autodesk (ADSK 293.00, -24.96, -7.9%): beats by $0.05, reports revs in-line; guides Q4 EPS in-line, revs above consensus
• CrowdStrike (CRWD 349.65, -14.65, -4.0%): beats by $0.12, beats on revs; guides Q4 EPS in-line, revs in-line

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Wednesday on a mostly higher note. Japan's Nikkei: -0.8%, Hong Kong's Hang Seng: +2.3%, China's Shanghai Composite: +1.5%, India's Sensex: +0.3%, South Korea's Kospi: -0.7%, Australia's ASX All Ordinaries: +0.6%.
  • In economic data:
    • China's October Industrial Profit -4.3% YTD (last -3.5%)
    • Australia's Q3 Construction Work Done 1.6% qtr/qtr (expected 0.4%; last 1.1%). October CPI Indicator 2.1% yr/yr (expected 2.5%; last 2.1%)
  • In news:
    • Samsung appointed a co-CEO who will lead the company's memory chip unit and a company president who will lead the foundry business.
    • Huawei is reportedly looking to hire workers from Western tech companies.
    • The Reserve Bank of New Zealand lowered its official cash rate by 50 bps to 4.25%, as expected.
• Major European indices trade in the red. STOXX Europe 600: -0.4%, Germany's DAX: -0.5%, U.K.'s FTSE 100: +0.1%, France's CAC 40: -1.1%, Italy's FTSE MIB: -0.8%, Spain's IBEX 35: -0.8%.
  • In economic data:
    • Germany's December GfK Consumer Climate -23.3 (expected -18.8; last -18.4)
    • France's November Consumer Confidence 90 (last 93)
    • Swiss November ZEW Expectations -12.4 (last -7.7)
  • In news:
    • European Central Bank policymaker Schnabel said she only sees limited room for additional rate cuts and that she doesn't see a recession risk in the eurozone.
    • France's Prime Minister Barnier warned of a financial storm if the budget proposal is not approved.
    • Meanwhile, Standard & Poor's is scheduled to announce a review of France's credit rating later this week.