Stock Market Update

Equity futures point to a modestly higher open this morning as investors assess the latest batch of earnings reports while awaiting a relatively full slate of economic data.

Stocks are coming off a winning session in which enthusiasm surrounding Anthropic's potential IPO and major AI spending commitments from hyperscalers helped revive the AI infrastructure trade following last week's selling pressure. Semiconductor stocks are poised for a higher start again today, with Broadcom (AVGO 336.50, +7.33, +2.2%) a standout after CEO Hock Tan intervened to secure a $63 billion debt deal with Anthropic, according to The Wall Street Journal.

Earnings reactions comprise the bulk of this morning's other notable stock-specific moves, with investors responding to a busy round of quarterly results and updated corporate outlooks. The reporting calendar will remain in focus tomorrow, when another round of mega-cap earnings is due after the close, providing an important test of expectations surrounding AI spending and profitability.

On the data front, the September Durable Orders report is due at 8:30 ET, followed by home-price data at 9:00 ET and October Consumer Confidence and September New Home Sales at 10:00 ET.

Today's remaining economic calendar:

• 8:30 AM ET: September Durable Orders; Briefing.com consensus 1.0%; prior 0.0%
• 8:30 AM ET: September Durable Goods –ex transportation; Briefing.com consensus 0.6%; prior 0.3%
• 9:00 AM ET: August FHFA Housing Price Index; Briefing.com consensus 0.2%; prior 0.3%
• 9:00 AM ET: August S&P Case-Shiller Home Price Index; Briefing.com consensus 2.8%; prior 2.5%
• 10:00 AM ET: October Consumer Confidence; Briefing.com consensus 80.5; prior 81.9
• 10:00 AM ET: September New Home Sales; Briefing.com consensus 655K; prior 684K

In corporate news:

• Coca-Cola (KO 92.08, -0.62, -0.67%) beat quarterly earnings and revenue expectations, raised its FY26 comparable EPS growth outlook to at least 11%, and lifted its free cash flow forecast.
• Boeing (BA 189.96, +1.65, +0.88%) reported a wider-than-expected quarterly loss and roughly in-line revenue. Its total backlog increased to a record $745 billion.
• Sherwin-Williams (SHW 322.60, -12.56, -3.75%) missed the quarterly earnings estimate, beat the revenue estimate, and issued in-line FY26 EPS guidance.
• SoFi Technologies (SOFI 15.62, +1.16, +8.02%) is indicated higher following its earnings report and guidance.
• UPS (UPS 101.96, +1.64, +1.63%) is trading higher after exceeding earnings and revenue expectations, issuing in-line Q4 revenue guidance, and raising its FY26 earnings and revenue outlook above consensus estimates.

Reviewing overnight developments:

Nikkei reported that Asian markets finished sharply mixed, as renewed buying in Japanese and South Korean AI and semiconductor shares contrasted with continued technology weakness in China.

In news:

• Nikkei reported that the People's Bank of China announced plans for an emergency liquidity facility for non-bank financial institutions facing large-scale redemptions.

In economic data:

• South Korea's Q3 GDP +1.0% q/q (expected +0.7%; prior +0.6%) and +3.4% yr/yr (expected +3.0%; prior +3.7%)
• South Korea's October Consumer Confidence 105.4 (prior 106.6)
• Japan's BoJ Core CPI +2.5% yr/yr (prior +2.3%)
• Japan's Corporate Services Price Index +3.7% yr/yr (expected +3.7%; prior +3.5%)
• China's industrial profits increased 15.5% yr/yr year-to-date through September (prior +15.7%)

Equity Markets:

• Japan's Nikkei: +1.7%
• Hong Kong's Hang Seng: -0.7%
• China's Shanghai Composite: -1.3%
• India's Sensex: -0.1%
• South Korea's Kospi: +3.1%
• Australia's All Ordinaries: +0.5%

European markets are mixed, with technology strength supporting continental trading while the U.K. market underperforms amid weaker corporate updates.

In news:

• Political and fiscal uncertainty remains in focus in France, while investors await this week's European Central Bank policy decision.
• U.K. shop-price inflation accelerated to 2.1% from 1.4%, adding to inflation concerns.

In economic data:

• France's October Consumer Confidence 80 (expected 85; prior 85)
• Spain's Q3 Unemployment Rate 10.18% (expected 9.90%; prior 9.87%) Eurozone September M3 Money Supply +3.5% yr/yr (expected +3.5%; prior +3.5%) and EUR17,717.3 bln (prior EUR17,646.5 bln) Eurozone September Private Sector Loans +3.1% yr/yr (expected +3.1%; prior +3.1%) and Loans to Non-Financial Corporations +4.2% yr/yr (prior +4.2%)

Equity Markets:

• STOXX Europe 600 : +0.2%
• Germany's DAX : +0.4%
• U.K.'s FTSE 100 : -0.6%
• France's CAC 40 : +0.5%
• Italy's FTSE MIB : +0.3%
• Spain's IBEX 35 : +0.3%