December S&P 500 futures (CCOM:US500) are down -0.15%, and December Nasdaq 100 E-Mini futures (CCOM:US100) are down -0.16% this morning as investors digested weak Chinese trade data and comments from a Federal Reserve policymaker that tempered expectations of speedy interest rate cuts by the U.S. central bank.
Third-quarter earnings season continues, and investors anticipate new reports from notable companies today, including Gilead (GILD), Uber Tech (UBER), DR Horton (DHI), eBay (EBAY), and Rivian Automotive (RIVN).
On the economic data front, investors will likely focus on U.S. Trade Balance data due later in the day. Economists, on average, forecast that the September Trade Balance will stand at -$59.90B, compared to the previous value of -$58.30B.
In addition, market participants will be looking toward a batch of speeches from Fed officials Kashkari, Goolsbee, Waller, Williams, and Logan.
In the bond markets, United States 10-year rates are at 4.618%, down -1.03%.
Pre-Market U.S. Stock Movers
Tripadvisor (NASDAQ:TRIP) climbed over +11% in pre-market trading after the company reported upbeat Q3 results.
TransMedics Group (NASDAQ:TMDX) surged about +38% in pre-market trading after the company posted better-than-expected Q3 revenue and raised its FY23 revenue guidance.
Alteryx (NYSE:AYX) soared more than +16% in pre-market trading after reporting stronger-than-expected Q3 results and provided solid FY23 guidance.
Ventyx Biosciences (NASDAQ:VTYX) tumbled about -75% in pre-market trading after announcing it would discontinue two Phase 2 studies for its psoriasis drug VTX958 due to disappointing results.
DigitalOcean Holdings (NYSE:DOCN) gained over +5% in pre-market trading after Goldman Sachs upgraded the stock to Buy from Sell.
Peloton Interactive (NASDAQ:PTON) plunged more than -5% in pre-market trading after Deutsche Bank downgraded the stock to Hold from Buy
ANALYST RECOMMENDATIONS
Albemarle: BMO Capital Markets maintains its outperform rating and reduces the target price from $265 to $180.
American tower: JP Morgan maintains its overweight recommendation with a target price raised from $218 to $236.
Best Buy: Citi maintains its sell recommendation with a price target reduced from $70 to $60.
Chewy: Citi maintains its neutral recommendation with a price target reduced from $30 to $23.
Constellation Energy: Morgan Stanley maintains its overweight rating and raises the target price from $117 to $129.
Cvs Health: Cowen maintains its outperform rating and reduces the target price from $109 to $102.
Eli lilly: DZ Bank AG Research maintains its buy recommendation and raises the target price from $590 to $639.
Estee lauder: Daiwa Securities maintains its neutral recommendation with a price target reduced from $158 to $115.
Eversource Energy: Evercore ISI downgrades to in-line from outperform with a price target reduced from $84 to $65.
Hca healthcare: Wolfe Research maintains its outperform rating and reduces the target price from $270 to $250.
Hp: Edward Jones upgrades to buy from hold.
Icon public limited company: Wells Fargo maintains its equalweight recommendation and raises the target price from $220 to $245.
International flavors & fragrances: Stifel maintains its hold recommendation with a price target raised from $77 to U$87.
Live nation Entertainment: Oppenheimer maintains its outperform recommendation and reduces the target price from $115 to $105.
Lowe’s Companies: Citi maintains its neutral recommendation with a price target reduced from $250 to $199.
Progressive Corporation: Goldman Sachs maintains its neutral recommendation with a price target raised from $140 to $160.
Qualcomm: CICC initiates its outperform recommendation with a target price of $136.
Realty Income Corporation: Stifel maintains its buy recommendation with a price target reduced from $69.50 to $67.50.
Sirius xm Holdings: Barrington Research maintains its outperform rating and reduces the target price from $5.50 to $5.
The Allstate Corporation: Goldman Sachs maintains its buy recommendation and raises the target price from $128 to $141.
The Home Depot: Citi maintains its buy recommendation with a price target reduced from $375 to $333.
Vertex Pharmaceuticals incorporated: Barclays maintains its overweight recommendation and raises the target price from $399 to $408.
Walmart: Oppenheimer maintains its outperform rating and raises the target price from $175 to $185.
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Today’s U.S. Earnings Spotlight: Tuesday – November 7th
Gilead (GILD), Uber Tech (UBER), UBS Group (UBS), Air Products (APD), Occidental (OXY), Emerson (EMR), KKR & Co (KKR), DR Horton (DHI), Fidelity National Info (FIS), Devon Energy (DVN), Coupang LLC (CPNG), Globalfoundries (GFS), Datadog (DDOG), Ecopetrol ADR (EC), Extra Space Storage (EXR), Zimmer Biomet (ZBH), eBay (EBAY), Rivian Automotive (RIVN), Expeditors Washington (EXPD), Akamai (AKAM), Axon Enterprise (AXON), Waters (WAT), Bentley (BSY), CNH Industrial NV (CNHI), Celsius (CELH), Ovintiv (OVV), Vistra Energy (VST), Evergy (EVRG), Fidelity Financial (FNF), Permian Resources (PR), Gen Digital (GEN), Viatris (VTRS), Mosaic (MOS), Jack Henry&Associates (JKHY), Lucid Group (LCID), Amdocs (DOX), Toast (TOST), TPG Inc (TPG), Coty Inc (COTY), Robinhood Markets (HOOD), Klaviyo (KVYO), Civitas Resources (CIVI), DaVita (DVA), Primerica (PRI), Darling Ingredients (DAR), Globus Medical (GMED), GXO Logistics (GXO), Ingredion (INGR), H&R Block (HRB), Choice Hotels (CHH), Pan American Silver NQ (PAAS), Dutch Bros (BROS), Ascendis Pharma AS (ASND), Valaris (VAL), Novanta (NOVT), Planet Fitness Inc (PLNT), Inspire Medical Systems (INSP), Masimo (MASI), Power Integrations (POWI), American Equity Inv. Life (AEL), F G Annuities Life (FG), Squarespace (SQSP), Powerschool Holdings (PWSC), CAVA Group (CAVA), Assured Guaranty (AGO), Melco Resorts & Entertainment (MLCO), Kyndryl Holdings (KD), Flywire (FLYW), Nelnet (NNI), Brinks (BCO), Brighthouse Financial (BHF), Tegna (TGNA), Surgery Partners Inc (SGRY), Progyny (PGNY), LCI Industries (LCII), Grocery Outlet (GO), Array (ARRY), Triple Flag Precious Metals (TFPM), Marqeta (MQ), Shoals Technologies Group (SHLS), Brp Gr (BRP), Global Business Travel (GBTG), Zai Lab (ZLAB), Innospec (IOSP), Bumble (BMBL), TransAlta Corp (TAC), Upstart (UPST), Intapp (INTA), International Seaways (INSW), Premier Inc (PINC), National Health Investors (NHI), Mercury (MRCY), RXO Inc (RXO), CarGurus (CARG), Delek Logistics Partners LP (DKL), Eve Holding (EVEX), Patria Investments (PAX), Sunstone Hotel Investors (SHO), Global Net Lease (GNL), LegalZoom.com (LZ), Tricon Capital Group Inc (TCN), Masonite Int (DOOR), Cricut (CRCT), Cymabay Therapeu (CBAY), The Andersons (ANDE), ePlus (PLUS), Veracyte Inc (VCYT), Ready Capital (RC), Maravai Lifesciences (MRVI), Delek US Energy (DK), Enovix (ENVX), Primoris (PRIM), Rhythm Pharma (RYTM), Goldman Sachs BDC Closed End Fund (GSBD), Oddity Tech (ODD), Custom Truck One Source (CTOS), Upwork (UPWK), MasterBrand (MBC), Bowlero (BOWL), Apollo Medical (AMEH).