US Stock Futures:

• Dow futures up 0.3%
• S&P 500 futures gain 0.5%
• Nasdaq 100 futures climb 0.8%

Earnings Reports:

• Amazon jumps 5% after beating estimates
• Ford drops 4% on earnings miss and softer guidance due to UAW strike

Thursday’s Market Performance:

• Dow falls 0.76%
• S&P 500 drops 1.18%
• Nasdaq Composite tumbles 1.76%
• Nasdaq slides further into correction territory

Sectors:

• Communication services, technology, and consumer discretionary sectors lead losses
• Eight of 11 S&P sectors end lower

Economic Data:

• Strong US GDP data and disappointing earnings reports impact markets
• Investors await more corporate earnings and the latest PCE reading

Currency and Interest Rates:

• Dollar index holds above 106.5, set to finish the week higher
• US economy expands by annualized 4.9% in Q3, surpassing forecasts
• Durable goods orders jump 4.7% in September, well above consensus
• Federal Reserve expected to maintain steady interest rates
• Euro’s weakness contributes to dollar’s strength
• Yield on 10-year US Treasury note eases below 4.9%
• US GDP data reinforces the view of a strong economy but indicates the need for higher interest rates
• Continuing jobless claims rise, suggesting potential labor market changes
• Bond bulls bet on the 10-year Treasury note yield not holding near 5% for long

The E-mini S&P 500 is currently trading slightly higher, up by approximately 0.5% and hovering around 4177. This price movement is accompanied by a slightly lower dollar and negative volatility, which could be seen as supportive factors for the market. It’s worth noting that the dollar has exhibited a slightly potential bearish bias in the later session, which traders should keep in mind.

The prior volume structure suggests a balanced price range and shape. This may lead traders to focus on the extremes of this balance to assess potential rotational scenarios, which could result in a balanced market behavior for this session. There are two areas that might be targeted, and they could act as either support or resistance levels.

From a daily perspective, the market currently appears to be bearishly imbalanced. However, today’s potential short-covering behavior might pave the way for a market revision, potentially leading to a pullback as traders reload on core short positions.

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