"The futures are trading higher on this Halloween Friday, following a rollercoaster day on Wall Street that ultimately saw all the major indices finish in the red, with the NASDAQ taking the biggest hit, down 1.58% on Thursday. For much of the day, the Dow Jones Industrials were up big on the reports of a very positive meeting between President Trump and Chinese leader Xi Jinping, and some massive earnings beats from Caterpillar Inc. ( NYSE: CAT), Verizon Inc. ( NYSE: VZ), and tech giants Microsoft Corp ( NASDAQ: MSFT) and Alphabet ( NASDAQ: GOOGL), while the S&P 500, NASDAQ, and the Russell 2000 were hit hard from the opening bell."
"Yields on U.S. Government debt were higher across the curve, with the 30-year long bond seeing the biggest selling as yields rose almost five basis points to close at 4.64% while the benchmark 10-year note finished the day at 4.08%. Despite the positive news from China and strong corporate earnings, traders noted that Federal Reserve Chairman Jay Powell indicated on Wednesday that a rate cut in December was by no means a done deal at this point."
Futures rose on Halloween Friday after a volatile Wall Street session where all major indices closed lower and the NASDAQ fell 1.58%. The Dow rallied intraday on reports of a positive Trump-Xi meeting and strong earnings from Caterpillar, Verizon, Microsoft and Alphabet, while the S&P 500, NASDAQ and Russell 2000 were pressured. Analysts cited a rotation into value with healthcare and banks outperforming as technology stocks experienced profit-taking. Treasury yields climbed, the 30-year to 4.64% and the 10-year to 4.08%, and traders noted that a December Fed rate cut remained uncertain. Oil prices eased amid oversupply concerns, and gold staged a snap-back rally after recent selling.
Read at 24/7 Wall St.
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