May 17, 2022


Skillful Business Crafters

5 things to know before the stock market opens Thursday, Oct. 28

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street set to rebound as earnings, economic data take center stage

Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.

Spencer Platt | Getty Images

U.S. stock futures were higher Thursday as investors picked through strong before-the-bell earnings from two Dow stocks and mixed economic data.

The Dow Jones Industrial Average and S&P 500 on Wednesday fell from record highs, snapping a three-session and a two-session winning streak, respectively. The Nasdaq closed basically flat, remaining less than 1% away from its latest record high on Sept. 7.

2. Dow stocks Caterpillar, Merck jump on earnings; Apple, Amazon out later

Dow stock Caterpillar was rising 1.5% in premarket trading after the heavy equipment maker on Thursday reported better-than-expected adjusted third-quarter earnings of $2.66 per share. Revenue of $12.4 billion in Q3 was slightly below expectations. Another Dow stock, Merck, was up nearly 2% after the drugmaker said Thursday it earned an adjusted $1.75 per share in the third quarter. Revenue of $13.1 billion also beat estimates. Merck raised its full-year outlook.

Apple and Amazon lead the long list of companies schedule to report quarterly earnings after Thursday’s closing bell on Wall Street. In July, Dow component Apple said growth in its upcoming September quarter would not be as strong as its June quarter. Amazon, after reporting in July its first quarterly revenue miss in three years, gave weak third-quarter guidance. Investors will see how those outlook warnings play out. Shares of Apple and Amazon were modestly higher in premarket trading.

3. Ford surges after smashing earnings estimates, reinstating dividend

A general view of the Halewood Ford transmission assembly plant after Ford announced a 230 GBP investment on October 18, 2021 in Halewood, England.

Christopher Furlong | Getty Images

4. Biden will announce a framework for his social and climate spending bill

U.S. President Joe Biden delivers remarks on his Build Back Better infrastructure agenda at the NJ TRANSIT Meadowlands Maintenance Complex in Kearny, New Jersey, U.S., October 25, 2021.

Jonathan Ernst | Reuters

5. Big Oil executives to testify at House climate change hearing

A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, May 15, 2021.

Kathleen Flynn | Reuters

Top executives from Exxon Mobil, Chevron, BP America and Shell are set to testify at a House hearing Thursday as congressional Democrats investigate what they describe as a decadeslong, industrywide campaign to spread disinformation about the role of fossil fuels in causing global warming. Separately, Shell on Thursday missed estimates for third-quarter profit, a day after activist investor Dan Loeb called for the company to break up. Loeb’s Third Point had built a stake of roughly $750 million in Shell, according to various media reports that couldn’t be independently verified by CNBC.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.