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What happened in U.S. stocks
Market eventsAgenda
Market eventsAgenda
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Daily U.S. stock reads from ApexTrader: after every close, Lumi watches the stocks you choose and explains what changed and why.
Lumi
Daily reads on these stocks, delivered after every U.S. market close.
Developments worth understanding, with no major change to the overall picture.
Technology earnings pulled the S&P 500 and Nasdaq lower Thursday, while small caps and nine sectors advanced. Alphabet’s search shortfall and negative free cash flow put the focus on whether AI growth can pay for its expansion. Broader participation opens opportunities beyond the weakest technology names, provided that strength persists and company earnings support it.
Renewed inflation pressure could prolong high borrowing costs, weighing on businesses that depend on financing and household spending.
Consumer spending and AI investment support business revenue, while resilient demand could delay interest-rate relief.
The combination could improve delivery economics and intensify competition, while leaving merchants more dependent on one platform owner.
Rising volumes are outweighing lower prices, but temporary revenue benefits complicate the picture for recurring earnings.
Slower growth in committed future revenue puts software companies’ longer-term sales prospects under greater scrutiny.
Banks and asset managers gain a route to blockchain-based securities handling, with potential savings dependent on adoption and integration.
Greater payment transparency could strengthen buyers’ bargaining power and put pressure on drug middlemen’s margins.
Shifting testing work could raise certification costs and delay product launches for electronics makers that rely on Chinese labs.
European businesses face pressure from energy costs and greater uncertainty over when borrowing costs will ease.
Households are spending more without buying more, putting the demand outlook for retailers and leisure businesses under pressure.
Revenue beat expectations, but buyer incentives are squeezing profits as builders struggle to keep homes affordable.
Minimum purchase commitments make future production easier to plan, strengthening the demand case for cooling equipment.
Sustained lower oil prices would pressure producers’ revenue while offering fuel-cost relief to transport businesses.
Wider crude-to-fuel price gaps favor refiners, but a retreat would weaken the earnings boost.
Delivery delays could push back cloud revenue while AI infrastructure suppliers carry financing and operating costs for longer.
Faster cloud growth strengthens the case for heavy AI investment, while chip delivery delays still constrain the rollout of new capacity.
AI is bringing in more revenue, but search monetization and infrastructure costs are testing how much cash that growth can produce.
Borrowers get no immediate relief, while expectations for a December hike keep housing, business financing and stock valuations sensitive to inflation.
AI infrastructure spending is translating into revenue and profit growth for suppliers of power and cooling equipment.
Demand for chip inspection shows AI investment continuing to reach advanced manufacturing and equipment suppliers’ sales.
The Employment Cost Index measures changes in employers' spending on wages and benefits while controlling for changes in the mix of jobs. The third-quarter estimate is a 0.8% quarterly increase versus a previous 0.9%, pointing to slower cost growth. Strong economic growth, renewed inflation pressure and a survey showing higher employer healthcare costs make this a useful test of whether compensation costs are easing overall. It does not directly measure workers' take-home income.
The midterm elections determine control of the House and Senate, affecting the administration's ability to pass tax and spending laws. Businesses are already dealing with financing and energy-cost pressure, so the feasibility of policy changes matters for after-tax profits, government orders and investment plans. An election result changes the conditions for legislation; it does not mean any particular proposal has become law.
The ISM Services Purchasing Managers' Index summarizes purchasing managers' reports of changing business conditions. It indicates how broadly services are expanding or contracting, not actual dollars spent or quantities purchased. October's estimate is 54.5 versus a previous 54.9, suggesting slightly slower expansion; readings above 50 generally indicate expansion. After strong GDP growth but pressure on household budgets from higher prices, the survey tests whether services remained resilient into the fourth quarter.
Nonfarm payrolls count the net increase or decrease in jobs on US nonfarm employers' payrolls, not how many people found work. October is expected to add 40,000 jobs, compared with the previous reading of 29,000, pointing to somewhat stronger job creation. Recent GDP showed strong growth, while inflation renewed pressure on interest rates. This report tests whether employers are still adding jobs that support household income and spending.
The core Consumer Price Index, or CPI, measures changes in the prices consumers pay for goods and services, excluding food and energy. This release covers October's monthly change; the previous reading was a 0.3% increase, with no estimate supplied. September's personal consumption expenditures inflation accelerated, and two Fed officials favored an increase at the last rate decision. Core CPI will help establish whether pressure also persists beyond food and energy, rather than simply reflecting swings in fuel prices.