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In today’s market report, we see that U.S. equities are edging lower in premarket trading, with S&P 500 futures down 0.36%. Bond yields are also continuing to hover around 16-year highs, with the 10-year Treasury at just under 5%. Despite these numbers, I believe concerns about our current economic moment are somewhat overblown.
In other news, it has been reported that Walt Disney (DIS) is close to reaching a cash-and-stock deal to sell its India operations to Reliance Industries (RLNIY). This Indian multinational conglomerate is owned by Asia’s richest tycoon, Mukesh Ambani.
Piper Sandler remains bullish on Microsoft (MSFT) and recommends that large-cap growth investors add to their positions ahead of the general release of the company’s artificial-intelligence assistant, M365 Copilot, on November 1. Microsoft is set to report quarterly results after the closing bell on Tuesday.
However, Piper Sandler downgrades Salesforce (CRM) to neutral from overweight and lowers its price target on the stock to $232 a share, down from $268.
Mizuho raises its price target on UnitedHealth Group (UNH) to $584 a share, up from $549, while reiterating a buy rating on the stock. The firm reduces growth estimates and price targets across the cloud applications and analytics group, calling consensus growth expectations “overly optimistic.”
Cybersecurity group Okta (OKTA) experienced a data breach, resulting in several Wall Street firms lowering their price targets on the company. This news has caused Okta shares to tumble.
Boeing (BA) is facing new delivery delays, leading Bernstein to lower its price target on the stock to $270 a share, down from $274. Despite this, Bernstein maintains an outperform rating on the stock ahead of the aircraft manufacturer’s quarterly results on Wednesday.
William Blair initiates coverage of Celsius Holdings (CELH) with an outperform rating and no price target, noting the company’s “attractive position” in the food and beverage space. Could this consumer-packaged goods firm be the next great growth story?
In the tech world, Apple (AAPL) plans to apply generative AI technology to all its devices, according to Bloomberg. Chief correspondent Mark Gurman reveals that Apple executives were caught off guard by the industry’s sudden AI fever and have been scrambling to catch up since late last year.
Lastly, Morgan Stanley (MS) has seen weaker forward earnings revisions and price reactions following its mixed third-quarter results last week. Investor disappointment over its wealth management business and the prolonged slump in investment banking has weighed heavily on shares post-earnings.
That wraps up today’s market report. Remember to sign up for the Top 10 Morning Thoughts on the Market email newsletter for free and stay informed about the latest investment opportunities.
