Amazon and Intel beat expectations when they announced earnings after the close yesterday, and those shares are higher, but we've seen that story before this week where better earnings don't lead to higher stock prices. It's Friday I though and the market has been beat up this week do shorts cover?. Do dip buyers enter? Or does the song remain the same and gains erased?
A snapshot of the market 15 minutes into the open is showing:
- Dow Industrial Average is a down -51.65 points or -0.16% at 32732.66
- S&P index is up 8.76 points or 0.21% at 4145.98
- NASDAQ index is up 115.89 points or 0.92% at 12711.50
Looking at some of the large cap stocks:
- Intel is trading up $3.84 or 11.75% at $36.35
- Amazon is trading up $9.25 or 7.74% at $128.87
- Meta is trading up $10.05 or 3.45% at $298.40
- Alphabet is trading down $1.81 or -1.43% at $120.56
- Microsoft is trading up $4.51 or 1.3% at $332.37
- Chipotle is trading up $98.91 or 5.48% $1905.38 after they reported earnings yesterday
- Ford is trading down $0.88 or -7.8% at $10.47. They reported earnings after the close yesterday as well.
Looking at the debt market yields are mixed with the short and lower and the longer and higher:
- 2 year 5.029%, down -1 bps
- 5 year 4.784%, down -1.2 bps
- 10 year 4.851%, up 0.7 bps
- 30 year 5.012%, up 2.4 bps
The 2-10 year spread is up 2 basis points to -17.7 basis points. The 2-30 near spread is up 3.9 basis points and just below flat at -1.5 basis points.
At 10 AM, the final University of Michigan sentiment index for October will be released with expectations of a 63.0. That is unchanged from the flash estimate but lower from last month at 68.1.
- The current conditions flash estimate came in at 66.7 down from 71.4 last month.
- The expectations Index came in at 60.7 for the flash down from 66.0 last month
- one year inflation came in at 3.8% in the flash
- 5 year inflation came in at 3.0% in the flash