🌅 Today's Morning Call
S&P Futures
7,387.50
▼ -3.00 (-0.04%)
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Nasdaq Futures
27,099.75
▲ +77.50 (+0.29%)
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Dow Futures
51,046.00
▼ -125.00 (-0.24%)
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10Y Treasury
4.84%
▼ -0.06%
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US Dollar
102.05
▲ +0.29 (+0.29%)
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Bitcoin
$75,875
▼ -$92 (-0.12%)
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Data as of 8:07 AM ET
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Good morning! Happy Friday. Futures can't agree this morning: tech is edging higher while the Dow looks shaky, and investors are moving cash into money market funds at the fastest pace in six months. Moderna is giving biotech something to cheer about, though. Here's how the morning is shaping up.
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👀 What to Watch Today
Earnings are the main event today. Moderna (MRNA) beat third-quarter revenue and profit estimates and raised its 2026 sales growth forecast to 15% to 25%, thanks to its newer vaccines. Expect healthcare traders to start with MRNA and then check whether the rest of biotech follows.
The Fed is the backdrop. Policymakers held rates steady last week, but with the labor market still stable, a hike in December is widely expected. Every comment on jobs or inflation today will be read through that lens.
Politics matters too. Caution ahead of the midterm elections is helping push money into cash, so stocks may react quickly to headlines today.
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🌏 Overnight Recap
Asia had a rough night. Stocks there sold off hard as the global retreat spread, a mood that has followed the Dow into today's futures session. Markets are still worried about growth and inflation at the same time, even with oil prices easing.
Europe had more company news. IAG (ICAGY), the owner of British Airways, Iberia and Vueling, cut its capacity and investment plans as fuel costs rise and now expects full-year capacity to come in slightly below 2025. Italy's Monte dei Paschi beat profit forecasts and raised its outlook, while Intesa prepares an offer.
There was also geopolitical news. Moscow took over Japan Tobacco's (JAPAY) Russian factories, continuing its pattern of going after Western-aligned companies. And in Amsterdam, protesters entered a Microsoft (MSFT) data center site on Friday.
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📊 Pre-Market Movers
Moderna (MRNA) is the top story. Beating on both lines and lifting full-year guidance is a strong result for a company that has spent a long time trying to prove it can grow beyond its pandemic-era sales.
Alphabet (GOOGL) disclosed a $548 million stake in Qualcomm (QCOM), so QCOM is worth watching as traders consider what Google's interest means for the chipmaker. Microsoft (MSFT) is also in the headlines after protesters entered its Amsterdam data center site, though the bigger issue for MSFT is the market's worry about AI spending.
Overseas-listed names like ICAGY and JAPAY may see moves in their US shares after news on fuel costs and Russia.
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🔍 Today's Watchlist
- MRNA: Raised 2026 guidance and a beat on both revenue and earnings. Watch whether early buyers hold their gains through the session.
- December Fed hike odds: A stable labor market keeps a rate increase in play. Watch the 2-year and 5-year yields for clues.
- AI spending worries: Concern about cash burn is pushing money into money market funds. Watch how MSFT, GOOGL and the rest of big tech trade.
- Rates and the dollar: The 10-year yield slipped to 4.84% while the DXY rose to 102.05. Lower yields could help growth stocks.
- Airlines and fuel: IAG's capacity cut puts fuel costs back in focus. Easing oil prices could give carriers some relief.
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🎯 The Morning Playbook
The market is split today. Nasdaq futures are up 0.29% and the Dow is down 0.24%, so stock and sector selection matter more than the overall index direction. Falling Treasury yields help growth stocks, but record-level money market inflows show many investors would rather wait in cash for now.
The approach today: focus on companies with clear catalysts like MRNA. Keep an eye on whether Asia's selloff spreads further, and don't chase moves into the weekend with the midterms and a possible December Fed hike ahead. Patience isn't a weakness in markets like this. Enjoy your Friday, and stay sharp.
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