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DJIA Futures: +62 (+0.2%)

SPX Futures: +4 (+0.1%)

NASDAQ Futures: +5 (+0.03%)

Good morning friends!

Futures are rising as Treasury yields drop.

Let’s get right to it!

Yields Drop

Treasury yields are dropping this morning as investors flood the bond market amid uncertainty about the impact of the Israel-Hamas war.

The 2-year yield is down 9 basis points at 4.99% while the 10-year yield is down 12 basis points at 4.69%.

This is the first day the bond market is open since the war began after being closed for Columbus Day on Monday. 

Investors have concerns about how the war may affect the global economy and markets. 

IMF Hikes U.S. Growth Outlook

The International Monetary Fund raised its projection for U.S. economic growth this year. 

The group released an updated World Economic Outlook this morning, forecasting 2.1% growth in the U.S. 

That was up 0.3% from its July forecast. 

The IMF also raised its outlook for U.S. growth in 2024 by 0.5% to 1.5%. 

But the group expects slower growth for the euro zone. 

The euro zone’s 2023 forecast was revised down by 0.2% to 0.7% and the 2024 forecast was lowered by 0.3% to 1.2%.

The IMF reiterated its global growth forecast of 3% this year and lowered its 2024 global forecast by 0.1% to 2.9%.

Pepsi Jumps After Earnings Beat

PepsiCo (PEP) shares are up 1.0% ahead of the open after beating fiscal Q3 expectations on the top and bottom line. 

Here’s how the beverage giant’s results compared to analysts’ estimates: 

  • Adjusted EPS: $2.25 vs $2.15 expected
  • Revenue: $23.45 billion vs $23.39 billion expected

Net sales rose 6.7% year over year with organic revenue up 8.8%.

Pepsi hiked its full-year forecast for the third consecutive quarter following the beat. 

The company now expects EPS growth of 13% this year vs 12% previously. 

Palantir Wins Army Contract

Palantir (PLTR) shares are rising 2.5% in premarket trade after the data analytics company was awarded a $250 million Army contract. 

The company said it was “awarded a new contract for up to three years to provide additional capabilities in support of the Combatant Commands (COCOMs), Armed Services, Intelligence Community, and Special Forces as they continue to test, utilize, and scale artificial intelligence (AI) and machine learning (ML) capabilities.”

Since 2018, Palantir has provided the Army leading data integration, management, and AI model training. 

The company’s president said, “We’re honored to expand our partnership with the Army to continue delivering the most innovative technologies and advanced data applications across the Armed Services.”

Unity CEO Retires

Unity Software (U) shares are up 3.9% ahead of the open after announcing its CEO’s retirement.

In a post on its website today, the company said CEO John Riccitiello will retire as President, CEO, Chairman, and a member of the Board effective immediately.

Riccitiello said, “It’s been a privilege to lead Unity for nearly a decade and serve our employees, customers, developers and partners, all of whom have been instrumental to the Company’s growth. I look forward to supporting Unity through this transition and following the Company’s future success.”

Unity appointed James M. Whitehurst as interim CEO, President, and member of the Board. 

The current Lead Independent Director of the Board will take over as Chairman. 

The company said it “will initiate a comprehensive search process, with the assistance of a leading executive search firm, to identify a permanent CEO.”

Unity reaffirmed its Q3 guidance with results set to be released after the market close on November 9.

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