Big Bank Earnings Send Dow Futures Up Nearly 500 Points

Major indexes are trading on either side of the aisle this morning, as investors parse through a huge batch of big bank earnings and a heavy selloff from the Kospi in South Korea, as valuation concerns expand. Futures on the Dow Jones Industrial Average (DJI) are up nearly 500 points, while the Nasdaq-100 Index (NDX) is suffering a more than 200-point setback, and S&P 500 Index (SPX) futures inch lower. September's existing home sales data is also on the docket, due out at 10 a.m. ET.

Continue reading for more on today's market, including:

• October could bring midterm election gains, per Schaeffer's Senior V.P. of Research Todd Salamone.
• Software stock cools off after hitting its annual top.
• Plus, two blue-chip stocks after earnings; and memory stock giant takes a hit.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.2 million call contracts and 1.4 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average remained at 0.59. 
2. UnitedHealth Group Inc (NYSE:UNH) stock is up 4.9% before the open, after the health insurance giant posted a third-quarter earnings and revenue beat. The firm also hiked its full-year profit forecast. Last week's breakout attempt was rejected at the 50-day moving average, but should these gains hold, UNH could be testing this level once again.
3. JPMorgan Chase & Co (NYSE:JPM) is up 1% ahead of the bell, rising after posting a rise in profit, brushing over the company's third-quarter miss. If these gains continue into the open, JPM will be headed for a fourth-straight daily win, following a bounce off three-month lows last week.
4. Western Digital Corp (NASDQ:WDC) is off 7.7% in pre-market trading, as the memory sector takes a brutal hit amid South Korea's Kospi valuation-triggered selloff. WDC hit is lowest mark since April just yesterday, though the shares remain 124% higher year to date.
5. Big bank stocks will continue to be the main headliner for this week.

Interest Rate Update Drags Memory Stocks, Kospi 

Asian markets were mixed on Tuesday. China's Shanghai Composite added 1%, as September exports showed accelerating growth and continued momentum. South Korea's Kospi plunged 5.5%, amid a pullback in memory stocks and AI valuation concerns, while President Lee Jae Myung signaled that interest rates may need to rise in the near future. Hong Kong's Hang Seng gained 0.3%, while Japan's Nikkei shed 1.8%.

European bourses are modestly higher at midday, recovering from earlier weakness in chip stocks. At last glance, London's FTSE 100 was up 0.5%, while France's CAC 40 and Germany's DAX were trading 0.01% and 0.07% higher, respectively.