Tech jitters meet oil profits as the labor-cost test approaches
Five things to know before the open on Friday, October 30.
Technology stocks are setting a cautious tone before Friday's U.S. open, while oil producers report against a much stronger energy backdrop. The Bank of Japan has kept rates steady but accelerated its ETF exit. A fresh U.S. labor-cost reading is still ahead, not yet in the numbers below.
1. Tech pressure follows investors into the morning
U.S. equity futures pointed lower in early trading after Amazon and Intel's results added to concerns about the returns on large AI investments. Yahoo Finance and Dow Jones' morning briefing both described sharp premarket declines in the two companies.
Yahoo Finance's 7:00 a.m. ET update put Nasdaq-100 futures about 2% lower and S&P 500 futures about 1% lower. These are reported snapshots, not opening or closing prices. Reported by Yahoo Finance; the exact readings have not been independently confirmed by Ticker Den.
The important distinction is between investment spending and a payoff to shareholders: more capacity does not automatically mean more cash left over. That tension also appeared in this morning's global-markets story. Premarket moves can change before regular trading begins.
2. ExxonMobil and Chevron put earnings behind the oil rally
Both oil majors have released results, so their reports are no longer merely events to wait for. ExxonMobil announced third-quarter earnings of $15.4 billion, or $3.72 a share. Its adjusted earnings were $17.5 billion, or $4.23 a share. It reported operating cash flow of $25.7 billion and free cash flow of $19.1 billion.
Chevron announced third-quarter earnings of $9.9 billion, or $5.06 a diluted share, with adjusted earnings of $10.4 billion, or $5.28 a diluted share. The figures come from the companies' own releases; reported and adjusted earnings use different accounting treatments and should not be mixed.
The useful comparison is not simply which share price is higher before the open. It is how much cash the businesses generate and retain after investment and shareholder distributions. These company reports are not a promise that today's oil price, margins or profits will persist.
3. Japan holds rates, but moves faster on ETF sales
The Bank of Japan kept its short-term policy rate at around 1.25% in an 8-1 vote. Separately, it unanimously approved increasing ETF sales from about 330 billion yen to about 860 billion yen a year on a book-value basis, starting in January 2027.
The official statement supports those figures. Nikkei Asia and Reuters also reported the rate hold and the bank's assessment that underlying inflation is broadly consistent with its 2% target. A hold now does not settle the next meeting's decision.
For the distinction between book value, market value and the bank's flexibility to adjust sales, see our BOJ report. The policy statement does not announce a date for the next rate increase.
4. Oil's contract labels matter as shipping risk stays in view
Crude prices rose in early trading, according to Reuters and AP. Reuters' 10:45 a.m. GMT snapshot put December Brent at $117.62 a barrel and West Texas Intermediate at $104.18. The exact prices are reported by Reuters and have not been independently confirmed by Ticker Den.
December Brent expires today. Reuters separately quoted the more-active January contract at $113.58. A headline near $113 and one near $117 can refer to different delivery months, rather than a sudden multi-dollar swing in the same contract.
Reuters, citing UKMTO, also reported a tanker attack in the Strait of Hormuz, with the crew safe and the vessel continuing its journey after a fire was extinguished. The incident details are reported, not independently confirmed by Ticker Den; the attacker was not immediately known. See our oil and shipping-risk report. An attack report alone does not establish that the strait is closed.
5. Binance breach puts custody risk back in focus
Binance says $6.3 billion of digital assets were affected by a security breach and that it will cover the losses, according to separate Reuters and BBC reports. Both reported that roughly half the affected assets had been frozen. Reuters reported that withdrawals had been halted.
The exchange's reimbursement promise is a company statement, not confirmation that every asset has been recovered or every customer can withdraw immediately. The investigation is continuing. This edition does not establish who carried out the attack.
Still ahead: labor costs and activity
The Bureau of Labor Statistics schedules the third-quarter Employment Cost Index for 8:30 a.m. ET today. The calendar also lists October's Chicago PMI for 9:45 a.m. ET. Neither reading has been released at this edition's 8:00 a.m. stamp.
The first release is a fresh labor-cost input, while the second will provide a later activity signal. Do not confuse an analyst forecast shown on a calendar with an actual result. The 10:15 a.m. batch is the scheduled opportunity to report the released figures after they have been checked.
