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The S&P 500 Index ($SPX) is down 0.02%, the Dow Jones Industrial Average ($DOWI) is down 0.14%, and the Nasdaq 100 Index ($IUXX) is down 0.18% as of today. The market is impacted by forecasted Q4 revenue from Texas Instruments falling below expectations, leading to losses among chipmakers. Intuitive Surgical shares surged over 16% after increasing its global Da Vinci procedure growth forecast, while Netflix shares fell more than 7% due to weaker-than-expected Q3 earnings.
In mortgage news, US MBA applications dropped 0.3% for the week ending October 17, with the average 30-year fixed mortgage rate declining to 6.37%. The government shutdown persists into its fourth week, potentially affecting September employment data and increasing jobless claims to an estimated 4.7%. The markets are preparing for the FOMC meeting on October 28-29, where there is a 97% probability of a 25 basis point rate cut.
Global markets are also seeing declines, with the Euro Stoxx 50 down 0.19% and the Shanghai Composite closing down 0.07%. In the bond market, the 10-year T-note yield increased to 3.963%. Notably, the October 30 ECB meeting carries a 2% chance for a potential rate cut, while UK inflation data showed a year-on-year CPI rise of 3.8%, below expectations.
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