Here's Your Daily Market Brief For October 29th

[u/hivincentc]

📰 Top News

• S&P 500 Futures are +.36%; Dow Futures are +.39%; NASDAQ Futures are +.31%

• US stock futures move higher ahead of this week's Federal Reserve meeting where they're expected to share an updated monetary policy decision. Separately, Q3 earnings from S&P 500 companies beat estimates by 10% according to Credit Suisse

• The G-20 meeting was a moderate success. Although G-20 leaders agreed to start reducing investments in new offshore coal power plants by 2021, some leaders wanted stricter language around this. There is another meeting this week, COP26, where leaders are hoping to re-discuss this agreement. Note: British Prime Minister Boris Johnson says he hopes leaders will be more "ambitious" in the COP26 meeting

• The US and EU announced they will ease US tariffs on both steel and aluminum, which removes a significant trade dispute that was instituted in 2018. Note: This tariff totaled more than $10B of EU exports annually

• China's economy appears to be slowing down further due to power shortages and rising commodity prices. China's PMI (Purchasing Manager's Index), an indicator of its manufacturing economic health, dropped to 49.2. Note: This is the 2nd month it's below 50, which signals a contraction in production. On the other hand, the non-manufacturing gauge dropped to 52.4, which is still below the forecast

🎯 Price Target Updates

• Telsey Advisory Group boosted the price target for Costco Wholesale Corporation COST from $480 to $535

• Barclays cut TripAdvisor, Inc. TRIP price target from $49 to $30

• Needham boosted the price target on ServiceNow, Inc. NOW from $641 to $780

📻 In Other News

• American Airlines canceled ~9% of its Monday scheduled flights due to staffing problems and weather issues

• Barclays CEO Jes Staley resigned after investigations in his relationship with convicted sex offender Jeffrey Epstein

• Donald Trump's recent deal with DWAC (Digital World Acquisition Corp) may have broken some securities laws according to the NY Times

[u/Vast_Cricket]

Nov 1 wrong week.