Stock market today: Dow futures slip as S&P 500, Nasdaq tread water amid wave of earnings

Updated Tue, Oct 29, 2024, 5:36 AM 2 min read

A crucial week for markets steps up a gear with the release of Alphabet's results, watched as a harbinger for signs that Big Tech's huge AI investments are delivering a payoff. The Google parent is the first of five "Magnificent Seven" megacaps due to report over the next three days, with the outcome seen as driving the direction of stocks to kick off November.

At the same time, investors are getting set for an influx of economic data, with readings on consumer confidence and job openings ahead. Updates on inflation and the jobs market later in the week are seen as key to the chances of Federal Reserve interest-rate cuts.

McDonald's (MCD) posted a third quarter revenue beat thanks to a rise in US sales in the face of worries about a recent E.coli outbreak. The busiest week of earnings season is revving up, with PayPal (PYPL) and Pfizer (PFE) on the premarket docket. AMD (AMD), Chipotle (CMG), and Visa (V) are earnings are due out alongside Alphabet's after the bell.

Meanwhile, the US presidential election is injecting some uncertainty into markets in the final fierce days of campaigning. Trump Media & Technology Group stock (DJT) rose over 13% in premarket, set to build on Monday's 21% gain following Donald Trump's rally in New York at the weekend.

LIVE 2 updates

40 mins ago
Laura Bratton

Earnings roundup: McDonald's, BP, PayPal stocks fall while Pfizer and HSBC rise on Q3 results

Another batch of companies reported earnings Tuesday morning. Here's a quick rundown:

Here’s a look at how the companies performed this morning relative to Wall Street’s expectations, using Bloomberg consensus estimates:

Novartis: Adjusted basic earnings per share of $2.06 vs. $1.94 expected, revenue of $12.82 billion vs. $12.68 billion expected

McDonald’s: Adjusted diluted earnings per share of $3.23 vs. $3.20 expected, revenue of $6.87 billion vs. $6.81 billion expected

HSBC: Adjusted diluted earnings per share of $0.34 vs. $0.30 expected, net revenue of $17.21 billion vs. $16.14 billion expected

Pfizer: Diluted earnings per share of $1.06 vs. $0.64 expected, revenue of $17.7 billion vs. $15.08 billion expected

BP: Adjusted diluted earnings per share of $0.14 vs. $0.13 expected, revenue of $47.25 billion vs. $46.16 billion expected

PayPal: Adjusted diluted earnings per share of $1.20 vs. $1.07 expected, revenue of $7.85 billion vs. $7.89 billion expected

Google (GOOG) parent Alphabet, AI chipmaker Advanced Micro Devices (AMD), Visa (V), and Chipotle (CMG) are among the round of companies set to report earnings after the bell.
Today at 12:07 PM UTC
Jenny McCall

Good morning. Here's what's happening today.

Economic data: S&P CoreLogic 20-city year-over-year NSA, (August); Conference Board consumer confidence, (October); JOLTS job openings, (September); Dallas Fed services activity, (October)

Earnings: Alphabet (GOOGL, GOOG), AMD (AMD), BP Oil (BP), Chipotle (CMG), Crocs (CROX), McDonald's (MCD), JetBlue (JBLU), PayPal (PYPL), Pfizer (PFE), Reddit (RDDT), Royal Caribbean Group (RCL), Snap (SNAP), Sofi (SOFI), Visa (V), D.R. Horton (DHI)

Here are some of the biggest stories you may have missed overnight and early this morning:

McDonald's beats on revenue as US sales shine

CEOs are saying this is as bad as it gets for their earnings

Weather-hit jobs report shows truth of economic data

Pfizer raises profit forecast after beating Q3 estimates

Apple exports $6B of iPhones from India in big China shift

Boeing raises $21B in capital hike to boost cash pile

Trump calls Biden's chips act 'so bad.' Harris cites its good work.