Auto Week Collides With Index Churn as Intel Bears Pile In

Earnings: Autos and a Reddit Miss

The earnings calendar this week is dominated by automakers, with real-economy data giving early reads on several names. Kia Corporation reports today, and Austrian car registration data running 9% above year-ago levels gives the print a modestly positive tilt, per ORTEX Alt Data. RACE Ferrari posts Tuesday, but its Austrian leading indicator is running 75% below last year, the sharpest negative read among the auto names this week.

RDDT Reddit fell short on Q3, with analysts cutting forecasts after results. That follows a tough session for chip stocks, with INTC picking up its third analyst downgrade of the week. Seaport Global moved Intel to Neutral from Buy, citing PC weakness and foundry risks.

Short Sellers and Index Moves

WOLF Wolfspeed remains the most aggressively shorted semiconductor name, with 88.6% of its free float shorted. Short interest in EHC Encompass Health climbed 20.4% in a week to 3.3% of free float. Options traders have turned defensive ahead of its earnings.

Two Russell 2000 deletions trade today. LXP Industrial Trust and CBIZ were confirmed removed following cash acquisitions, with effective dates of November 2. Past Russell deletions of this kind have traded at 9.1 times normal volume.

Europe: Labour Markets Weaken

Germany's unemployment rate hit 4.1% in September, the highest September reading in ten years, per ORTEX Alt Data. Italy's rate rose to 6.3%, a two-year September high. Both readings add weight to the case that European labour markets are losing momentum.

MRNA Moderna is the largest forecast MSCI World addition ahead of the November review, with an 88% probability and projected buying of $5.9B. The announcement is due 11 November.