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An eventful pre-market has dragged futures into negative territory, following key housing data and more big-name Q3 earnings beats. The markets seem in a mood to give back some of the boon they’ve garnered over the past 3 of 4 sessions: the Dow is -150 points at this hour, the S&P 500 is -25 and the Nasdaq is -70 points.
Housing Starts for the month of September came in lower than expectations, with 1.439 million seasonally adjusted, annualized starts beneath the 1.47 million expected. It’s a fairly big drop from the previous month’s downwardly revised 1.566 million, but still higher than the July cycle-low of 1.377 million. Still, the right direction for the housing market if we’re looking to curb inflation, of which home prices represents a big chunk.
Building Permits, a relative forward indicator of future starts, actually ticked up in September to 1.564 million from 1.542 million seasonally adjusted, annualized units in August. But this still represents a leg-down from the high 1.6-millions we were seeing earlier in the summer and 1.879 million at the 12-month peak. The August print represents lows not seen since the pandemic; again, this is the sort of thing the Fed wants to see in order to help bring down inflation.
Procter & Gamble ((PG - Free Report) posted fiscal Q1 results this morning, keeping earnings season successful overall to this point, with earnings of $1.57 per share beating the Zacks consensus by 2 cents. Revenues in the quarter of $20.61 billion were up from the expected $20.45 billion, and swung to a yearly gain of +1% from an expected loss. Organic revenues grew +7% in the quarter. P&G has just one earnings miss in the past five years.
Abbott Labs ((ABT - Free Report) also posted a positive surprise in its Q3 report this morning: earnings of $1.15 per share easily surpassed the 91 cents expected (though still down from the $1.40 per share in the year-ago quarter), for a +26.37% beat. Revenues topped estimates by +8.67% to $10.41 billion in the quarter (though again down from the $10.93 billion a year ago). Abbott has also only posted one earnings miss in the past five years.
After today’s closing bell, we’ll see another slew of earnings reports, including from Tesla ((TSLA - Free Report) , which is expected to bring earnings growth of more than +50% year over year on +62% growth in revenues. We already know the EV leader produced 365K vehicles in Q3 and delivered 343K, which helps analysts in their forecasts for the Zacks Rank #3 (Hold) company with a Zacks Style Score of A.
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U.S. Housing Starts Declined in September
An eventful pre-market has dragged futures into negative territory, following key housing data and more big-name Q3 earnings beats. The markets seem in a mood to give back some of the boon they’ve garnered over the past 3 of 4 sessions: the Dow is -150 points at this hour, the S&P 500 is -25 and the Nasdaq is -70 points.
Housing Starts for the month of September came in lower than expectations, with 1.439 million seasonally adjusted, annualized starts beneath the 1.47 million expected. It’s a fairly big drop from the previous month’s downwardly revised 1.566 million, but still higher than the July cycle-low of 1.377 million. Still, the right direction for the housing market if we’re looking to curb inflation, of which home prices represents a big chunk.
Building Permits, a relative forward indicator of future starts, actually ticked up in September to 1.564 million from 1.542 million seasonally adjusted, annualized units in August. But this still represents a leg-down from the high 1.6-millions we were seeing earlier in the summer and 1.879 million at the 12-month peak. The August print represents lows not seen since the pandemic; again, this is the sort of thing the Fed wants to see in order to help bring down inflation.
Procter & Gamble ((PG - Free Report) posted fiscal Q1 results this morning, keeping earnings season successful overall to this point, with earnings of $1.57 per share beating the Zacks consensus by 2 cents. Revenues in the quarter of $20.61 billion were up from the expected $20.45 billion, and swung to a yearly gain of +1% from an expected loss. Organic revenues grew +7% in the quarter. P&G has just one earnings miss in the past five years.
Abbott Labs ((ABT - Free Report) also posted a positive surprise in its Q3 report this morning: earnings of $1.15 per share easily surpassed the 91 cents expected (though still down from the $1.40 per share in the year-ago quarter), for a +26.37% beat. Revenues topped estimates by +8.67% to $10.41 billion in the quarter (though again down from the $10.93 billion a year ago). Abbott has also only posted one earnings miss in the past five years.
After today’s closing bell, we’ll see another slew of earnings reports, including from Tesla ((TSLA - Free Report) , which is expected to bring earnings growth of more than +50% year over year on +62% growth in revenues. We already know the EV leader produced 365K vehicles in Q3 and delivered 343K, which helps analysts in their forecasts for the Zacks Rank #3 (Hold) company with a Zacks Style Score of A.