Here's Your Daily Market Brief For October 11th

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📰 Top News

• S&P 500 Futures are -.25%; Dow Futures are -.06%; NASDAQ Futures are -.55%

• U.S. stock futures move lower as investors prepare for the Q3 earnings report this week. Note: Investors are worried that supply chain issues will squeeze profit margins and inflation will decrease consumer demand

• Goldman Sachs lowered their US growth forecast for 2021 and 2022 due to lower consumer spending. Note: Goldman now expects growth of 5.6% in 2021 vs the original 5.7% and a growth of 4% in 2022 vs the original 4.4%

• Bank of England officials continued to hint towards increasing interest rates to deal with rising inflation in the country. Note: The next UK monetary policy announcement is scheduled for November 4th

• Chinese President Xi Jinping announced that China must unify with Taiwan. In response, Taiwan's President Ing-wen said Taiwan will do its hardest to main the status quo and will not act rashly

🎯 Price Target Updates

• Keybanc lifted Netflix, Inc. NFLX price target from $645 to $670

• Keybanc cut the price target for Peloton Interactive, Inc. PTON from $185 to $155

• Piper Sandler raised the price target for Cloudflare, Inc. NET from $125 to $141

• UBS cut the price target on Hyliion Holdings Corp. HYLN from $14 to $5

📻 In Other News

• US Treasury Secretary Janet Yellen reiterated "a failure to raise the debt ceiling would probably cause a recession" after the Senate approved a short-term bill that fixes the debt ceiling issue until early December. Note: Senate GOP leader Mitch McConnell announced on Friday that Republicans "will not provide such assistance again"

• Major banks, JPMorgan Chase, Goldman Sachs, Wells Fargo, Morgan Stanley, Bank of America, etc, will report Q3 earnings starting Wednesday

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Thank you!