M Alfathan Rahman
M Alfathan Rahman
US Treasury yields are at their highest since 2002, and tonight the market hears from PepsiCo.
The S&P 500 fell 0.2% on Wednesday, one day after closing at a record. According to CNBC, the 10-year Treasury yield touched 5.365%, its highest level since April 2002.
Fed minutes released Wednesday showed most officials expect another rate increase before year-end. Tonight, the market reads PepsiCo's results and weekly jobless claims.
| Stock | Movement | What to Watch |
|---|---|---|
| PEP | -1.58% Wednesday at $123.73 | Reports earnings before the US open. Watch the results and company guidance. |
| MU | +4.06% Wednesday at $1,088.00 | Samsung reported preliminary Q3 operating profit of 107.4 trillion won. Watch how US memory stocks respond. |
| XOM | -0.26% Wednesday at $164.05 | Oil is rising on Middle East tension. Watch oil prices tonight. |
| LULU | -1.85% Wednesday at $91.88 | Hired Athleta CEO Maggie Gauger as president and chief product officer. Watch the market's response. |
Source: closing prices from Nasdaq. What to Watch: Nasdaq and CNBC (PEP), CNBC (MU), CNBC (XOM), CNBC (LULU).
PepsiCo (PEP) reports third-quarter results before the open, according to CNBC. Its report is among the first of the earnings season. According to FactSet data cited by CNBC, S&P 500 third-quarter earnings are expected to grow about 30%.
According to CNBC, the Fed minutes gave no indication of when the next hike might come. The Fed's next meetings are on October 28 and December 9. Tonight's weekly jobless claims could offer a read on the labor market.
According to CNBC, Samsung's preliminary Q3 operating profit reached 107.4 trillion won ($80.2 billion), above 100 trillion won for the first time. An eToro analyst said the result still fell short of expectations. The report is relevant for Micron Technology (MU).
According to CNBC, S&P 500, Dow and Nasdaq 100 futures were little changed early Thursday in Asian hours. The Kospi and Nikkei fell after Wall Street's decline.
Brent crude rose 2.14% to $102.35 a barrel and WTI rose 1.78% to $89.85, according to CNBC. The move followed a report that the US is weighing military operations in Iran.
High yields and signals of another rate hike have weighed on stocks in recent sessions. The earnings season that starts this week could offer a counterweight.
PepsiCo's results and tonight's jobless claims are worth following for a read on market direction.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
What stocks are you watching tonight?
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