E-mini S&P (December) and E-mini NQ (December). Yesterday’s close for S&P: Settled at 5871.00, up 9.50. Yesterday’s close for NQ: Settled at 20,690.50, up 199.50. Earnings and economic data are at the forefront. Last night, Alphabet exceeded estimates and is up 6% before the bell, driven by strong growth in its cloud business and controlled spending. On the other hand, AMD is down 8% after a disappointing Q4 outlook. This morning, Eli Lilly missed estimates and cut profit guidance, and is down 10% premarket. AbbVie is up 1.5% after surpassing estimates, while Caterpillar is down 3% after missing top and bottom. (Blue Line Capital owns GOOG and ABBV). Regarding the economic calendar, the private ADP Payrolls survey, a precursor to Friday’s Nonfarm Payroll report, surprisingly beat expectations at 233k compared to the expected 110k. Last month’s figure was revised from 143k to 159k.
The markets responded to recent earnings and economic data with the first glimpse of Q3 GDP showing a lower-than-expected 2.8% growth rate, compared to the anticipated 3.0%. Core PCE Prices for Q3 were slightly higher at 2.2%, up from 2.1%, but down from Q2’s 2.8%. Meanwhile, PCE Prices came in at 1.5%, which was below the expected 2.7%. Pending Home Sales data is scheduled for release at 9:00 am CT.
Following a sharp initial decline at the opening bell, E-mini S&P and E-mini NQ futures experienced a steady rise throughout the session. Technology stocks led the way, with the E-mini NQ surpassing resistance levels, only to settle right at the adjusted mark.
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Markets React to Earnings & Economic Data: E-mini S&P and NQ Insights
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Markets React to Earnings & Economic Data: E-mini S&P and NQ Insights
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