Stock Futures Quiet Even as Rate-Hike Fears Subside

After yesterday's dramatic pivot, stock futures are fairly subdued to end the week. Futures on the Nasdaq-100 Index (NDX) are lower, while Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures sport modest gains. Chip stocks are poised for another move lower it seems, while Tesla (TSLA) rallies after unveiling its second-generation roadster.

In broader market news, Federal Reserve Chair Kevin Warsh offered little insight into the central bank's next interest rate decision, declining to signal whether another hike is coming later this month. Following his remarks, CME's FedWatch tool showed an 85% chance the central bank will hold rates steady, up from the day before.

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

• Airline stock to watch next week.
• Follow along with our Substack, The Contrarian Edge, this earnings season.
• We have a special offer this expiration week: check it out!
• Plus, bull note for SpaceX; Alcoa earnings impress; and a C-suite shakeup at Netflix.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 3.1 million call contracts and 1.9 million put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average remained at 0.59. 
2. Space Exploration Technologies Corp (NASDAQ:SPCX) stock is 1.3% higher before the bell, after Evercore ISI hiked its price target to $275 from $230, while reiterating its "outperform" rating. SPCX is trying to build some separation from its year-to-date breakeven level.
3. Alcoa Corp (NYSE:AA) stock is 3% higher ahead of the open, after the company's third-quarter earnings topped estimates. Data center growth spurred the demand for alumina and helped overshadow the revenue miss. Alcoa stock is down 21.5% year to date, with a floor emerging at $40. 
4. The shares of Netflix (NASDAQ:NFLX) are 3.8% lower in electronic trading, after chief content officer Bela Bajaria left the streaming platform, to be replaced by former Disney executive Peter Rice. Netflix stock is nursing a 22.5% year-to-date deficit.
5. Earnings season really starts to heat up next week. 

Overseas Markets Bounce Back

Asian markets finished higher on Friday, as tech stocks rebounded from a sharp selloff. South Korea's Kospi jumped 2.1%, snapping a seven-session losing streak, though the index still shed 14.5% for the week, its worst weekly performance since October 2008. Chip stocks SK Hynix and Samsung Electronics rose 2.9% and 2.4%, respectively, while shares of K-pop giant BTS' parent company Hybe surged 10% on an upbeat earnings outlook driven by concert revenue. Japan's Nikkei added 1.4%, while Hong Kong's Hang Seng and China's Shanghai Composite gained 0.5% and 0.2%, respectively.

European bourses are mostly higher at midday, as tech stocks recover and global bond yields continue to ease. The recent bond market selloff has cooled, with 10-year yields in Germany, France, and the U.K. all falling between 7 and 8 basis points this week. London's FTSE 100 was last seen down 0.06%, while France's CAC 40 and Germany's DAX are up 0.3% and 0.9%, respectively.