Morning Market Briefing 10/27
3 Things To Know For Today
1. Major Data Points: A busy morning of second-tier data. Building permits (7:00 AM ET, forecast 1.400M) and durable goods (7:30 AM ET, forecast +1.8%, core +0.6%) come first, followed at 9:00 AM ET by New Home Sales (forecast 649K versus 684K prior) and Conference Board Consumer Confidence (forecast 80.5 versus 81.9 prior). The two-day FOMC meeting also starts today, with the decision Wednesday afternoon; markets price only about a 10% chance of a hike, so the focus is on what Chair Warsh signals about December.
2. Other Major Financial News: Anthropic filed publicly to list on the Nasdaq under the ticker ANT (the IPO date and price are not set), a headline that lifted tech Monday and renewed attention on both AI's promise and its risks. That comes after a month in which chip stocks have been sold hard while money rotated into defensive names. Earnings today: UPS, Coca-Cola, and Boeing before the open, and Visa and Robinhood after the close, with Microsoft and Alphabet reporting Wednesday.
3. Market-Adjacent News (Iran War): Oil fell sharply Monday on signs diplomacy is gathering pace. Qatari mediators traveled to Tehran, officials from Saudi Arabia, Pakistan, and Turkey were due there for regional security talks, and Trump said he is weighing a deal, asking whether to βmake a deal with them, or finish them off.β CNN reports the U.S. has plans for major strikes ready if he chooses. Brent dropped as much as 6% from Friday's roughly $117 close and WTI sits near $101, but Houthi attacks on Saudi Arabia keep a floor under prices and no agreement has been announced.
Yesterday's Price Action
Monday started the week on a winning note: the Nasdaq rose 0.82% to 26,169, the S&P 500 gained 0.70% to 7,676.80, the Russell 2000 added 0.43%, and the Dow edged up 0.28% to 52,361. Tech led the rebound after the Anthropic filing, and falling oil helped, but the bounce barely dented a month of chip-stock selling. The 10-year Treasury yield finished roughly flat near 4.98% while the 2-year rose about three basis points to 4.71%, flattening the curve slightly. This morning futures are mixed, with Nasdaq futures a touch lower as tech slides again, so NQ and ES open Tuesday with the Fed meeting, a stack of data, and Big Tech earnings all still ahead.
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Quote Of The Day
βIn the short run, the market is a voting machine, but in the long run, it is a weighing machine.β
β Benjamin Graham
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