US stock futures are looking muted as we head into a heavy day of corporate earnings reports, led by tech giant Alphabet. Investors are closely watching Alphabet’s Q3 earnings for insights into its search revenue and cloud computing growth, particularly as the company faces competition from digital ad players like Amazon and TikTok and new AI-powered chatbots like OpenAI’s ChatGPT. With federal regulators now considering breaking up Alphabet’s search division, any commentary on their AI ambitions will be in focus, especially as the cloud business is expected to expand at its fastest rate in nearly two years.
The “Magnificent Seven” tech giants—including Alphabet and Meta—are also set to report this week, with a combined 169 S&P 500 companies unveiling quarterly earnings in a week that’s shaping up to be pivotal. Adding to market volatility, the Nov. 5 US presidential election is just around the corner, with polls too close to call and investors pricing in the potential of a second term for Donald Trump.
Elsewhere, Ford (F) announced that it now expects full-year income at the lower end of its guidance, with its CFO hinting at a need to “accelerate” cost reductions to bridge a $2 billion expense gap compared to competitors. This cost-cutting urgency comes as Ford aims to meet an adjusted earnings target of $10 billion for 2024.
Meanwhile, oil prices steadied after yesterday’s sharp drop, with Brent crude rising to $71.34 per barrel and US crude (WTI) trading at $67.69. Prices fell 6% on Monday following Israel’s recent retaliatory strike on Iran, which notably avoided Tehran’s oil infrastructure. The US’s recent move to order 3 million barrels for the Strategic Petroleum Reserve through May 2025 has helped keep prices stable amid ongoing tensions in the Middle East.
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Today, I’ll be watching Apple (AAPL) for call scalps on any dips, and I’m also eyeing Walmart (WMT) puts. Join us in the OP Chat to discuss the setup and look out for more strategies as earnings season heats up. Let’s make those smart plays together. Also, you will find today’s upgrades and downgrades in chat along with more news as it’s reported. Stack Well!
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