Mega-cap Tech Leads a Packed Week

Today brings one of the heaviest earnings days of the season. Microsoft, Alphabet, and Chipotle Mexican Grill all report after the close. GE Vernova and Vertiv Holdings posted numbers this morning. ADP, Garmin, Boston Scientific, and Aon also reported today.

In Europe, Mercedes-Benz Group reports today as well. Dutch car registration data, which leads its revenue by 26 days, is running 6% below the same quarter last year. That reading is fully in for Q3 and may colour the print.

Tomorrow, Wednesday 29 October, brings Amazon, Starbucks, Gilead Sciences, and Illumina after the bell. Volkswagen and Renault both report in Europe. Austrian car registrations, a moderate-fit leading indicator for Volkswagen revenue, are running 6% below last year.

Thursday brings Regeneron. Apple reports Monday 2 November, followed by Amgen and Booking Holdings on Tuesday.

No IPOs are scheduled in the next seven days. The Russell 2000 rank date falls on Thursday 30 October, with 102 names still in play. Twist Bioscience sits 1.7% below the Russell 1000 entry line, with ORTEX forecasting a 55% chance it crosses up, which would trigger an estimated $529 million of forced buying.