Major US indices are expected to open mixed with the futures implying a decline in the Dow and S&P while the NASDAQ is higher in premarket trading. The Nasdaq is higher for seven days, while the Dow and S&P 500 have seen gains for six consecutive days.
The futures implying:
- Dow industrial average down -36 points
- S&P index -1 point
- NASDAQ index up 40 points
The major indices moved closer to their key 100-day moving averages yesterday but are still short. Indices are above their 50 day moving averages, however.
- Dow industrial average 100-day moving average is at 34268.88. Its 50-day moving average (support) is at 33874.06. The closing price yesterday was at 34095.87
- S&P 100-day moving averages at 4403.20. Its 50-day moving average is at 4346.85. The closing price yesterday was at 4365.99.
- NASDAQ index 100-day moving average 13618.40. Its 50-day moving average is at 13423.20. The closing price yesterday was at 13518.78
Bond-buying continues, pushing yields lower and supporting the stock market despite recent 10-year Treasury yields topping 5% in October. The 10 year yield is now trading at 4.614%, down about 5 basis points on the day.
U.S. oil prices are down 2.17% and testing $79 per barrel due to mixed China economic data offsetting Saudi Arabia and Russia extending their production cuts.
WeWork filed for bankruptcy, with unclear ownership of troubled properties.
RBC Capital initiated holds on Home Depot (HD) and Lowe’s (LOW), and Barclays lowered HD’s price target, suggesting it might miss the quarter.
Oppenheimer raised Walmart’s (WMT) price target to $185 per share, anticipating strong demand; WMT reports quarterly results on November 16.