Meanwhile, WTI oil found itself under pressure after API report indicated that crude inventories increased.
Stocks Lack Momentum But Stay Close To All-Time High Levels
S&P 500 futures are swinging between gains and losses despite strong earnings reports from Alphabet and Microsoft.

Both giants easily beat analyst expectations on both earnings and revenue. Microsoft stock is up by about 1.5% in premarket trading while Alphabet stock is down by 0.2%. The results are impressive, and the key question is whether this strong performance has been already priced in by the market.
However, it looks that traders are a bit cautious near all-time high levels, ahead of the ultra-important Fed meeting, whose results will be announced on November 3, 2021.
Durable Goods Orders Declined By 0.4% In September
U.S. has just released Durable Goods Orders report for September. The report indicated that Durable Goods Orders decreased by 0.4% month-over-month in September compared to analyst consensus which called for a decline of 1.1%. Excluding Transportation, Durable Goods Orders grew by 0.4% month-over-month, in line with the analyst consensus.

It remains to be seen whether this report will have a significant impact on today’s trading as traders are focused on earnings reports. However, a better-than-expected Durable Goods Orders report may provide some support to stocks today.

WTI Oil Pulls Back As Crude Inventories Increase
WTI oil made an attempt to test the $83 level after API Crude Oil Stock Change report indicated that crude inventories increased by 2.32 million compared to analyst consensus which called for an increase of 1.65 million.

While crude inventories typically increase at this time of the year, oil bulls hoped that strong demand will put additional pressure on inventories.

Today, oil traders will focus on EIA Weekly Petroleum Status Report, which has a bigger impact on the market. In case EIA report confirms API numbers, oil may find itself under more pressure, which will be bearish for oil-related stocks.

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