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DJIA Futures: -68 (-0.2%)

SPX Futures: -7 (-0.2%)

NASDAQ Futures: +6 (+0.04%)

Good morning friends!

Futures are mostly lower as stocks take a breather from the recent rally.

Let’s get right to it!

Yields Fall, Futures Slip

Both Treasury yields and stock futures are down this morning. 

The 10-year yield is down 2 basis points at 4.63% as investors await Fed speakers this week. 

Focus is on the Fed Chair’s opening remarks on Wednesday and speech at the IMF panel on Thursday.

The Fed’s Vice Chair for Supervision, Michael Barr, is scheduled to speak this morning with Fed Governor Christopher Waller giving a speech at 10:00 a.m. ET.

Economic data this week is light, giving traders very little clues on the state of the economy after the softer-than-expected jobs report on Friday.

Uber Slips On Earnings Miss

Uber Technologies (UBER) shares are down 1.2% ahead of the open after missing Q3 expectations on the top and bottom line. 

Here’s how the ride-hailing giant’s results compared to analysts’ estimates:

  • EPS: $0.10 vs $0.12 expected
  • Revenue: $9.29 billion vs $9.52 billion expected

Revenue rose 11% year over year.

Despite the miss, the CEO said Q3 was “very strong” and he saw accelerations in gross bookings, trips, and monthly active platform consumers.

He said, “These results demonstrate that Uber continues to drive profitable growth at scale—and why we believe we’re well positioned for the journey ahead, in good or bad macro environments.”

Uber had $17.90 billion in mobility gross bookings last quarter, up 31% from a year ago. 

The company logged $16.09 billion in delivery gross bookings, up 18% year over year.

Uber forecast Q4 gross booking between $36.5 billion and $37.5 billion vs $36.5 billion expected. 

The company expects adjusted EBITDA of $1.18 billion to $1.24 billion in the current quarter. 

Trade Deficit Climbs

The U.S. trade deficit rose more than expected in September as imports rebounded. 

The Bureau of Economic Analysis reported the deficit jumped 4.9% to $61.5 billion vs $59.8 billion expected. 

Exports rose 2.2% to $261.1 billion while imports rose 2.7% to $322.7 billion.

The goods deficit rose by $1.7 billion to $86.3 billion while the services surplus decreased by $1.2 billion to $24.8 billion. 

But the total 2023 gap is still on track to be the smallest increase since 2020. 

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