Stock Futures Dinged by Lackluster Earnings Reactions

After a rough session yesterday, stock futures are under more pressure today as earnings reports disrupt sentiment -- including a third-quarter earnings whiff from Tesla (TSLA). Futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all firmly lower before the bell, brushing off remarks from Treasury Secretary Scott Bessent about curbing exports to China made with U.S. software. Elsewhere, oil prices were last seen 4.9% higher after President Donald Trump slapped additional sanctions on Russian crude companies.

• 2 mining stocks in course-correction mode.
• Meme stocks are back in a big way.
• Plus, more on IBM; airliner impresses in earnings; and rough data mars MRNA.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 2.6 million call contracts and roughly 1.3 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.53, while the 21-day moving average remained at 0.58.
2. IBM (NYSE:IBM) stock is 7.5% lower before the bell, even after the tech titan reported a top-line beat for the third quarter. Investors are instead worried about the declining growth in IBM's cloud software segment. Three brokerages have hiked their price target in response, while three others trimmed their target. IBM is up 30.7% in 2025 heading into today.
3. American Airlines Group Inc (NASDAQ:AAL) stock is 4.4% higher ahead of the open, after the company's third-quarter loss was narrower than expected. Revenue topped expectations, while American also hiked its full-year guidance. AAL is 30.6% lower year to date heading into today.
4. The shares of Moderna Inc (NASDAQ:MRNA) are down 4.2% in electronic trading, after the drug maker halted the development of a vaccine for cytomegalovirus (CMV) due to poor Phase 3 trial results. MRNA is nursing a 35.4% deficit in 2025, and a price-target cut from Leerink to $12 isn't helping matters today.
5. Dow earnings and inflation data are due out this week.

Overseas Markets Monitoring Russia, China Developments

Markets in Asia finished mixed, as investors grew wary of heightened trade tensions between China and the U.S. South Korea’s Kospi pulled back 1% after hitting a fresh record high, following news its central bank will keep interest rates unchanged at 2.5%. Hong Kong’s Hang Seng settled 0.7% higher, China’s Shanghai Composite added 0.2%, and Japan’s Nikkei shed 1.4%.

Big name earnings reports are driving sentiment in Europe today, pushing stocks mixed. The European Union (EU) approved new sanctions on Russia, including a ban on natural gas imports. At last check, London’s FTSE 100 is up 0.6%, Germany’s DAX is off 0.3%, and France’s CAC 40 is 0.3% higher.