Grinding higher

World economy fault lines shift from prices to debt, US budget deficit tops $1.8 trillion in fiscal 2024, S&P set to grind higher toward 6,000 milestone, Boeing seeks to sell off assets in desperate attempt to stay afloat, and Trump doubles down on tariff plan...

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Market Briefing
October 21, 2024

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Good morning.

The Fast Five → World economy fault lines shift from prices to debt, US budget deficit tops $1.8 trillion in fiscal 2024, S&P set to grind higher toward 6,000 milestone, Boeing seeks to sell off assets in desperate attempt to stay afloat, and Trump doubles down on tariff plan…

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Calendar: (all times ET) - Full calendar here

  • Today: US leading economic indicators, 10:00 am

  • Tomorrow: no notable

Your 5-minute briefing for Monday, October 21:

BEFORE THE OPEN

As of market close 10/18/2024. Bitcoin as of 10/20/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 45.45% for Week of October 18 2024

Last week: 49.01%. Updates every Friday.

Market Wrap:

  • Stock futures edge up after Dow & S&P 500 post best 2024 weekly streaks.

  • S&P & Dow hit all-time highs Friday, each up nearly 1% for the week.

  • Earnings season heats up; 20% of S&P 500 to report.

  • 79% of S&P companies beat Q3 estimates, but gains are smaller.

  • Optimism tempered by election & geopolitical risks.

EARNINGS

What we’re watching this week:

  • Tuesday: Comcast (CMCSA), General Motors (GM)

    • GE Aerospace (GE) - earnings of $1.14 per share (+34.1% YoY) on $9.0B revenue (-48% YoY)

    • Verizon (VZ) - earnings of $1.18 per share (+6.3% YoY). Revenue is forecast to arrive at $33.5 billion (+9.7% YoY)

  • Wednesday: AT&T (T), Boeing (BA), Coca-Cola (KO)

    • Tesla (TSLA) - earnings of $.58 cents per share (-2.1% from the year-ago period) on $25.3B revenue (+14.7% YoY)

  • Thursday: American Airlines (AAL), Capital One (COF), Honeywell (HON), KKR (KKR), Southwest Air (LUV)

See full earnings calendar here.

HEADLINES

The global economy is heading toward year end with unexpected tailwinds as slowing inflation clears a path for an unlikely soft landing.

Kelly Ortberg’s earnings debut as Boeing CEO has gained an element of suspense as workers vote on the same day whether to accept the latest proposal and end a five-week-long strike.

  • S&P 500 set to grind higher toward 6,000 milestone (more)

  • This stock rotation is bull market’s ‘lifeblood’ as S&P logs record peak (more)

  • US budget deficit tops $1.8 trillion in fiscal 2024, third-largest on record (more)

  • SEC gives green light for options listing for spot bitcoin ETFs to NYSE (more)

  • China cuts benchmark lending rates by 25 basis points (more)

  • Oil prices show how numb traders have become to US sanctions (more)

  • Trump doubles down on tariff plan (more)

  • Boeing seeks to sell off assets in desperate attempt to stay aloft (more)

  • Southwest, activist Elliott to begin settlement discussions (more)

  • Perplexity AI in funding talks to more than double valuation to $8 billion (more)

  • Elon Musk is offering people $1 million to vote (more)

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- We’re on a short break -
The Dealflow, Crypto & Bullish sections will be
back on Tuesday 10/22/24. Thank you for reading!

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