SPX daily
US stocks are pointed to open higher with S&P 500 futures up 0.5%. A big tailwind is coming from shares of Tesla, which are up 14% pre-market after posting better Q3 numbers than expected.
For the broader economy, the comments from UPS were positive as it beat on earnings and shares are up 7% premarket.
However I often watch Whirlpool for signs on consumer spending and the comments in the call today weren’t good.
“We are seeing further deterioration in the underlying discretionary demand than what we experienced in the first half of 2024,” said CFO James Peters, referring to North America. The company also highlighted weak macro in Europe but noted s strength in Brazil, Mexico and Asia.
“Demand in the US has shifted significantly toward lower-margin replacement-driven purchases,” said CEO Marc Bitzer.