Japan’s shares dropped and China’s floated marginally higher as elections and earnings took center stage. In India’s largest-ever IPO, shares of [hotlink]Hyundai Motor[/hotlink] India dropped as much as 6% in their market debut.
- S&P 500 Futures: 5,875.25 ⬇️ down 0.36%
- S&P 500: 5,853.98 ⬇️ down 0.18%
- Nasdaq Composite: 18,540.01 ⬆️ up 0.27%
- DowJones Industrial Average: 42,931.60 ⬇️ down 0.80%
- STOXX Europe 600: 519.77 ⬇️ down 0.34%
- CSI 300: 3,957.78 ⬆️ up 0.57%
- Nikkei 225: 38,411.96 ⬇️ down 1.39%
- Bitcoin: $67,010.11 ⬇️ down 0.53%
China: Shares float higher as traders await earnings
China shares rose slightly Tuesday a day after Wall Street’s rally took a pause. In advance of a slew of earnings—and in the midst of the hotly contested U.S. presidential campaign—the CSI 300, which tracks the 300 top stocks on the Shanghai and Shenzhen exchanges, rose 0.57%, largely powered by its real estate sector, which rose 0.96%. Hong Kong’s Hang Seng rose 0.1%.
Japan: Shares fall ahead of national and U.S. elections
The Nikkei 225 fell 1.39%, as polls showed that the ruling coalition may lose its majority in Oct. 27 elections. The drop was led by broad declines in financials and technology stocks, while Uniqlo-owner Fast Retailing also took a big hit, with a 3.18% cut. Investors also worried that Trump’s rise in U.S. polls could herald more inflation.
Europe: Shares slide despite SAP earnings beat
European stocks slid early Tuesday despite good news from SAP, which reported third-quarter earnings that exceeded analyst expectations and raised its full year revenue outlook on strong growth in its cloud business. Shares popped more than 5%, hitting a record high. The healthcare and utilities sectors led losers on the Stoxx Europe 600, which was off 0.34% around 11 a.m. CET. The FTSE 100 was down 0.47%.
U.S. premarket slip as investors await big earnings week
U.S. markets were down in premarket trading Tuesday, after drops in the S&P 500 and DJIA on Monday hit pause on Wall Street’s rally. (The Nasdaq Composite, however, rose 0.2%, fueled by Nvidia’s 4.1% surge to an all-time high.) Investors turned their attention to a raft of upcoming earnings, including General Motors, Lockheed Martin and Verizon today, and Tesla, Coca-Cola, Boeing and IBM reporting tomorrow. Talking about Boeing—shares in the embattled planemaker rose 3.1% on Monday on hopes that a new company proposal would end the strike of its machinists union.
And earnings season continues…
It’s a huge earnings week, with 112 of the S&P 500 reporting. Tesla, Coca-Cola, IBM and Boeing report Wednesday.
