Stocks rebound, durable goods jump 1.9%

Investors shouldn’t rush into markets: Analyst

Cornerstone Macro chief investment strategist Michael Kantrowitz and CMC Markets chief market analyst Michael Hewson discuss their outlooks for the markets.

Stock futures regained some ground on Tuesday after their worst day in nearly a month, as traders look to a deluge of earnings from S&P 500 companies.

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STOCK FUTURES REBOUND & DURABLE GOODS STRONG 

Dow futures were up over 70 points, a gain of 0.3%, while the tech-heavy NASDAQ Composite was rising 0.5% and the S&P 500 0.3%. This after stocks experienced a broad selloff Monday posting the worst session since September.

Durable goods for September came in better-than-expected rising 1.9% compared to the 0.7% estimate. "Transportation equipment, up four of the last five months, led the increase, $3.0 billion or 4.1 percent to $76.8 billion" as reported by the Commerce Department. Excluding transportation, a rise of 0.8% was reported, also beating estimates.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES27685.38-650.19-2.29%
I:COMPNASDAQ COMPOSITE INDEX11358.936824-189.34-1.64%
SP500S&P 5003400.97-64.42-1.86%

In M&A news, AMD is buying chip maker Xilinx in a $35 billion deal pushing those shares higher in pre-market trading by 12%.

TickerSecurityLastChangeChange %
AMDADVANCED MICRO DEVICES INC.82.23+0.27+0.33%
XLNXXILINX INC.114.55-2.27-1.94%

DOW DROPS 650 POINTS AS S&P 500, NASDAQ POST WORST DAY SINCE SEPTEMBER

EARNINGS BARRAGE

TickerSecurityLastChangeChange %
NVSNOVARTIS AG84.18-0.25-0.30%
PFEPFIZER INC.37.92-0.26-0.68%
MRKMERCK & CO. INC.78.84-0.99-1.24%
LLYELI LILLY & COMPANY141.70-0.68-0.48%

A slew of earnings will be released on Tuesday, with pharmaceutical companies getting the spotlight before the market opens. Companies like Novartis, Pfizer, Merck & Co. and Eli Lilly all report third-quarter results.

TickerSecurityLastChangeChange %
CATCATERPILLAR INC.163.20-5.39-3.20%
MMM3M COMPANY166.16-3.64-2.14%
RTXRAYTHEON TECHNOLOGIES CORP60.81-1.76-2.81%
SHWSHERWIN WILLIAMS670.38-12.93-1.89%
CMICUMMINS220.68-5.60-2.47%

Industrial companies such as Caterpillar, 3M & Co., Raytheon Technologies, Sherman Williams and Cummins also report.

TickerSecurityLastChangeChange %
BPBP PLC15.80-0.25-1.56%
ECLECOLAB198.17-6.70-3.27%

BP and Ecolab Inc. headline results from the oil and gas and specialty chemical sectors.

TickerSecurityLastChangeChange %
MSFTMICROSOFT CORP.210.08-6.15-2.84%
AMDADVANCED MICRO DEVICES INC.82.23+0.27+0.33%
MXIMMAXIM INTEGRATED PRODUCTS INC.71.24-1.63-2.24%
AKAMAKAMAI TECHNOLOGIES INC.106.06-0.69-0.65%

After the market closes, traders will digest results from a number of technology companies, including Microsoft Corp., AMD, Akamai Technologies and Maxim Integrated Products Inc.

ECONOMICS IN PLAY

In other economic news, the FHFA Housing price index for October and the S&P Case-Shiller Home index will be released, with economists expecting readings of 0.8% and 3.8%, respectively.

Consumer confidence for October will also be released early on Tuesday, with expectations of a reading of 101.9.

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In commodities, gold traded at $1,902.70 an ounce.

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