Outlook 10/26: U.S. stock futures fall Thursday with the Nasdaq Composite set to fall deeper into correction territory as Meta became the latest tech company to report quarterly results that did not quite live up to investors expectations. The Nasdaq recorded its worst day since Feb. 21. The correction since the summer is being driven by a surge in bond yields with the 10-year Treasury yield at one point this month crossing 5%. The 10-year yield was approaching that level again Thursday morning, trading at 4.97%. Futures came off their lows even as third-quarter gross domestic product came in much stronger than expected. U.S. GDP grew at a 4.9% annualized clip from July through September, while economists forecast 4.7%. Major earnings are also on the horizon, with Amazon scheduled to post results after the close.
/ESZ23 (Dec 2023): YVAH 4237 YPOC 4212 YVAL 4205 GAP 4215.25
/ES Plan: Yesterday market closed bearish (PBT 4150), but overnight, after GDP, looks more bullish, moving below previous value, so these're the opening and initial balance options for today:
