The S&P 500 futures are up five points and are trading 0.1% above fair value; the Nasdaq 100 futures are up 26 points and are trading 0.2% above fair value; and the Dow futures are down 61 points and are trading 0.1% below fair value.
Early action is mixed, perhaps because there is a lot of mixed up action around the globe following a flawed CrowdStrike (CRWD) technical update that impacted Microsoft’s operating system and caused a load of system outages that has affected airlines, banks, exchanges, and many other businesses.
CrowdStrike said the bug was identified and that it rolled back its update; accordingly, system recovery efforts are underway around the globe but not yet fully restored in all cases.
This is the headline news this morning and it has overshadowed the earnings reporting by Netflix (NFLX), American Express (AXP), Travelers (TRV), SLB Corp (SLB), and others. Those reports might be overshadowed but they won’t be (and haven’t been) overlooked.
There is no U.S. economic data of note today.
In corporate news:
Netflix (NFLX 645.10, +2.06, +0.3%): beats by $0.14, reports revs in-line; guides Q3 EPS above consensus, revs below consensus
American Express (AXP 244.23, -4.97, -2.0%): beats by $0.23, misses on revs; raises FY24 EPS above consensus, reaffirms FY24 revs guidance
Travelers (TRV 221.84, +1.24, +0.6%): beats by $0.50, reports revs in-line
Microsoft (MSFT 433.91, -6.46, -1.5%)/Crowdstrike (CRWD 304.29, -38.76, -11.3%): Microsoft 365 suffers outage that impacts airlines, banks, and other firms worldwide; MSFT 365 services have been restored; Crowdstrike update cause of outage
SLB (SLB 49.66, +0.94, +1.9%): beats by $0.02, reports revs in-line
Fifth Third (FITB 39.50, -0.73, -1.8%): misses by $0.04
Intuitive Surgical (ISRG 438.00, +21.86, +5.3%): beats by $0.24, beats on revs, da Vinci procedures grew approximately 17%
PPG Industries (PPG 126.06, -5.65, -4.3%): beats by $0.02, misses on revs; guides Q3 EPS below consensus; guides FY24 EPS below consensus