Trading Observations

• Bonds closed today

• Macro - retail sales, claims Thurs, housing starts Fri the only notable

• 5760 support. Blue skies above.  Keep an eye on IWM $225...

• Some things of interest

  • This qtr lowest number S&P issuing negative guidance since Q4 21 dailychartbook [x.com] 

  • Semis usually shine in Nov.  ASML and TSM report this week to add fuel? MikeZaccardi [x.com]

  • Credit card debt as % total income remains low MikeZaccardi [x.com]

  • And total household debt near all-time lows GunjanJS [x.com]

  • For the technicians - Cybersecurity needs to be in focus JSpitTrades [x.com] and Fins breaking out as well AlfCharts [x.com]

Futures

DOW -40

S&P +17

Nasdaq +107

10-Year Yield

Oil

Consumer/Financial Healthcare

SoFi Technologies Inc. reached a deal to use $2 billion of Fortress Investment Group LLC funds for the origination of personal loans.

UPST shares are up 2.7% in premarket trading, after Wedbush upgraded the AI lending marketplace to neutral from underperform.

Novo Nordisk faces rising competition in the GLP1 market as patents begin to fade away on older versions of its popular weight-loss drugs - FT

DUOL is downgraded to market perform from market outperform at JMP Securities, which cites valuation following recent gains. Shares down 1.8% premarket.

Technology

Tech stock picks mentioned in Barron’s as the potential “New Mag 7” – ASML MU LRCX DDOG SNOW ZS and ORCL

APPL gets a tactical outperform trading call at Evercore ISI, which says quarterly results that are in-line with consensus estimates should “enable the stock to work higher” given increasingly bearish sentiment on the iPhone maker in recent weeks. Its shares rise 0.7% in premarket trading.

AAPL - developers aren’t building apps for the Vision Pro at a rapid rate, which is hurting the device’s utility and weighing on sales - WSJ

AI/META – one of the most prominent people in the AI industry, and a senior AI researcher at Meta, thinks the technology isn’t nearly as advanced or capable as the current consensus believes - WSJ

APP – Downgraded at Goldman

Industrials 

BA in the headlines again with its negative Q3 preannouncement, flurry of charges, 10% workforce reduction and better-than-feared cash burn.

GNRC shares jumped on Friday after Trump talked about enacting a generator tax deduction plan if he wins in Nov.

AptarGroup (ATR) Raised to Buy at Jefferies; PT $215

ArcBest (ARCB) Cut to Hold at TD Cowen

Caterpillar (CAT) downgraded to underweight from equal-weight at Morgan Stanley

Expeditors (EXPD) Cut to Sell at TD Cowen; PT $106

Marten Transport (MRTN) Cut to Market Perform at Raymond James

Regal Rexnord (RRX) Rated New Buy at Citi; PT $200

Shoals Technologies (SHLS) Rated New Equal-Weight at Wells Fargo; PT $6

Tesla (TSLA) Cut to Neutral at President Capital Management; PT $245

Timken (TKR) Rated New Neutral at Citi; PT $90

Triumph Group (TGI) Cut to Underweight at JPMorgan; PT $12