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Amazon and Apple, Peloton CEO, September PCE: 3 Things

Julie Hyman and Brad Smith

US stock futures (ES=F, NQ=F, YM=F) move lower this morning after Microsoft (MSFT) and Meta Platforms (META) released their respective earnings results yesterday. The next Big Tech stocks Wall Street is eyeing are Amazon (AMZN), Apple (AAPL), and Intel (INTC) as their earnings reports are due out after the closing bell.

Peleton (PTON) taps Ford (F) executive Peter Stern to take over as its new CEO, effective January 2025.

This morning was a treasure trove of economic data this morning — the core PCE (personal consumption expenditures) index rose 2.7% year-over-year in the month of September while last week's initial jobless claims came out at 216,000.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

This post was written by Luke Carberry Mogan.

Video Transcript

Let's get to the three things that you need to know today.

First of us stocks extending declines the shares of Meta and Microsoft way on the broader market with the two stocks making up half of the losses in those NASDAQ futures.

Microsoft dropping as growth forecast for its as your unit disappoint while meta warns of worsening A I losses after sales narrowly beat estimates.

Investors now look ahead to the next batch of big tech earnings after the Bell with Apple Amazon and Intel reporting results plus Peloton tapping a new CEO for its turnaround plan.

The struggling fitness company has tapped for executive Peter Stern as its next chief executive officer.

The announcement came amid the company's earnings where it offered a disappointing second quarter outlook and the latest read on the US economy with initial jobless personal spending and core PC data out this morning.

Initial jobless claims for the week coming in below estimates.

Meanwhile, the Federal Reserve's preferred measure of underlying us inflation posting its biggest monthly gain since April.

While consumer spending showed signs of strength ahead of the all important October payrolls report tomorrow morning.