Stock Futures Climb Higher Following SpaceX Earnings

Stock futures are modestly higher, as investors monitor a fresh deluge of quarterly reports, including a blowout from Elon Musk's SpaceX (SPCX). Grim sales growth from Netflix (NFLX) is keeping gains in check, however, while Meta Platforms' (META) report is due out after the close today. Futures on the Nasdaq-100 Index (NDX) and Dow Jones Industrial Average (DJI) are up triple digits, while the S&P 500 Index (SPX) sports a modest pre-market gain as well.

Meanwhile, the 30-year fixed mortgage rate saw a drop to 7.41% from 7.50% over the past week, falling for the first time in two months despite a continued lull in demand. West Texas Intermediate (WTI) crude is climbing as well, last seen up 1.25% at $99 per barrel alongside a stable 10-year Treasury yield. 

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

• What to make of the Dow & Nasdaq's weekly divergence, per Schaeffer's Senior Quantitative Analyst Rocky White.
• CrowdStrike stock signal calling up contrarian traders.
• Plus, more on SpaceX's quarterly report; AI infrastructure name to watch; and Philip Morris' results disappoint.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 1.8 million call contracts and 1 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.56, while the 21-day moving average remained at 0.59. 
2. Space Exploration Technologies Corp (NASDAQ:SPCX) is climbing 7.4% before the bell, after the aerospace giant posted a third-quarter earnings and revenue beat and Elon Musk suggested he was considering a merger with Tesla (TSLA) in the future. Over the past three months SPCX has tacked on nearly 20%, though the $150 level has recently moved in as resistance.
3. AI infrastructure giant Super Micro Computer Inc (NASDAQ:SMCI) is surging 11.3% in pre-market trading, after raising first-quarter revenue guidance to $18.5 billion and $19.5 billion, up from $14.5 billion and $15.5 billion. The company's earnings are due out in early November. SMCI earlier this week snapped a seven-day losing streak, now headed for a third-straight daily pop, should these gains hold.
4. Philip Morris International Inc. (NYSE:PM) is sliding 2.7% ahead of the open, pushing aside better-than-anticipated Q3 results after its full-year outlook missed expectations. PM has been testing the $200 floor this week, though the shares remain 25% higher for 2026.
5. Earnings season continues to ramp up. 

South Korean Exports Tap 2002 Highs

Asian markets were mostly lower Wednesday as investors sorted through several bouts of economic data. The Kospi index gained 3.3%, after exports in South Korea surged 105.4% in the first 20 days of October year-on-year, led by gains in chip stocks. Meanwhile, the Nikkei in Japan added 0.9%, as traders assessed an export increase of 16.7% for September on a 12-month basis, missing expectations of 20.1%. Polls now suggest the Bank of Japan’s (BOJ) is expected to hike rates in December to 1.5%. Elsewhere, Hong Kong’s Hang Seng shed 0.9% and China’s Shanghai fell 0.6%.

European bourses are higher on Wednesday, as traders digest a hotter-than-expected ‌inflation report, which continues to fuel interest rate hike expectations from the Bank of England (BoE). The U.K. saw inflation rise to 3.5% year-over-year to September, up 3.1% from August and above expectations of 3.4%. Investors are concerned that France’s 10-year government bond yield hit a 24-year high of 5% while oil crude continues rising. At last glance, London’s FTSE 100 is up 0.05%, France’s CAC is trading up 0.7%, while Germany’s DAX is 0.8% higher.