3 Things To Know For Today
1. Major Data Points: ISM Manufacturing for October hits at 10:00 AM ET (forecast 54.7, with the prices-paid component expected near 77.5, a number to watch for inflation pressure). The bigger event is Friday's October jobs report, where the consensus is just 55,000 jobs and a 4.2% unemployment rate, versus 29,000 added in September. There is no Fed meeting this week, so the data, the midterm elections on Tuesday, and earnings are driving the tape.
2. Other Major Financial News: After October's AI-fueled selloff, earnings stay center stage. Apple (consensus EPS $1.98) and Palantir (consensus EPS $0.33) report after today's close, AMD reports Tuesday after the bell with all eyes on data center AI demand, Qualcomm follows Wednesday, and Airbnb reports Thursday. Investors have been judging tech results harshly, so the reaction to guidance matters as much as the beat or miss.
3. Market-Adjacent News (Iran War): Oil is sharply lower this morning on reports that the U.S. and Iran are seeking a diplomatic resolution, with WTI down about 4% near $99.60 and Brent near $109. Tehran said the U.S. “shifted tone” in a letter from Vice President Vance, and Foreign Minister Araghchi said talks are under way on a two-day plan to reopen the Strait of Hormuz. Iran also said four tankers caught fire after striking mines in the strait, so the situation is still fragile in both directions.
Yesterday's Price Action
Friday was a chip-led rout to close a rough month: the Nasdaq fell 2.9% to 25,437, the S&P 500 dropped 1.8% to 7,580.07, the Dow lost 1.1% to 51,770, and the Russell 2000 slid 1.7% to 2,812. A closely watched chip index sank about 7%, Intel closed down roughly 29% (its worst day in decades) after guiding Q4 revenue well below estimates on a PC slowdown and higher memory costs, and Amazon's negative free cash flow revived doubts that heavy AI spending will pay off. The Nasdaq finished October down about 5.2%, its worst month since March 2025, after briefly dipping into correction territory. Futures are bouncing this morning (Dow and S&P up about 0.4%, Nasdaq-100 up about 0.8%) with the 10-year yield easing to roughly 4.93%, so NQ and ES open November testing whether Friday's washout was an exhaustion move or just the first leg.
StackTrade Trade Of The Day
Friday's post 9:00am CT pullback in the NQ was as close to a perfect setup as we get in our system. The large pre NY move down always puts S4 Break & Extend patterns in play, and as soon as our new hourly lines drew we had a multi-wick rejection of the hourly mid which set off a 200+ pt fall. Amazing trade to end last week. Our morning watch video had this setup called 2 hours in advance.
StackTrade Radar Is Live!
Start your 7 day free trial to our StackTrade Radar here. Custom charts of the NQ, ES, GC, & YM live in our Console every trading day from 9-4pm ET. Possible StackTrade setups with a 50 tick heads up.
Learn the system. See the setup. Trade the alert.
Note: This is simply a tool to help trade our system, NOT a magic indicator. You'll need to spend some time with our training to learn the 5 setups and when to use each one.
Quote Of The Day
“Don't focus on making money; focus on protecting what you have.”
– Paul Tudor Jones
Responses