Friday Morning Cheat Sheet: 3 Stories Moving Markets
It’s Friday, October 18, and major U.S. equity indexes, which closed Thursday on a mixed note, advanced in premarket trading. With the dust of the 16-day budget impasse and fiscal standoff settling, the market is free to focus on business as usual, and business is pretty good.
Earnings season is in full swing, and some big names have come out ahead of expectations in the past 24 hours. Perhaps most notably, Google Inc. (NASDAQ:GOOG) reported quarterly earnings of $10.74 per share, easily beating Wall Street’s estimate of $10.34 per share. Google’s revenue totaled $14.89 billion compared to estimates of $14.79 billion, pushing shares to all-time highs of about $973.80.
Chipotle Mexican Grill (NYSE:CMG) and Morgan Stanley (NYSE:MS) also reported strong earnings, while IBM (NYSE:IBM) and AMD (NYSE:AMD) reported misses. At 8:35 a.m., Dow futures were up 0.2 percent, S&P 500 futures were up 0.29 percent, and Nasdaq futures were up 0.53 percent.
However, corporate earnings aren’t the only thing driving market action on Friday.