US Stock Market Today: S&P 500 Futures Steady On Strong Jobs And PMI Focus
Oct 23, 2026 3:12 PM
· YahooFinance
US stocks look set for a cautiously positive open, with S&P 500 futures hovering slightly higher. The single driver this morning is labor strength, as fresh jobless claims signal a still resilient employment backdrop.
Initial unemployment claims came in at 194,000 for the week ended October 17, the lowest level since July. Continuing claims held at 1.728 million. Together, those figures point to limited layoffs and ongoing income support for households.
A labor market that tight keeps wage pressures in focus and can keep borrowing costs sensitive to any upside inflation surprises. At the same time, steady paychecks support revenue expectations in consumer facing businesses and help justify risk exposure in economically sensitive areas.
The unresolved question is how long the Federal Reserve can tolerate this level of labor resilience without shifting its rate stance. This afternoon's US manufacturing and services PMI readings could quickly reset that debate if activity diverges from expectations.
PG&E reaffirmed its 2026 and 2027 non GAAP core earnings guidance and flagged a US$2b cut to its 2027 capital plan, along with a 2% to 4% target reduction in non fuel operating and maintenance expenses. Management is also weighing a possible separation of the gas unit if wildfire policy does not change, while lobbying for legislative relief.
Alnylam Pharmaceuticals (ALNY)
Alnylam reported early Phase 1b data for brezosiran in Huntington's disease, showing robust, dose dependent lowering of mutant huntingtin protein in cerebrospinal fluid with encouraging safety. The drug could be dosed twice yearly based on the durability seen so far. Management plans a placebo controlled pivotal study in 2027, subject to regulatory alignment.
United Therapeutics authorized an additional US$2b share repurchase program that runs through October 21, 2027. The board pointed to a strong balance sheet and free cash flow as support for this capital plan. Investors will likely focus on how aggressively the buyback is used and how it fits alongside spending on pipeline and other long term goals.
Waste Connections (WCN) surged 9.86% after a Q3 beat, a raised 2026 outlook, a higher dividend and heavy buybacks reinforced confidence.
Roper Technologies (ROP) climbed 9.73% after Q3 earnings topped forecasts, guidance increased and AI focused software offerings drew investor interest.
Moderna (MRNA) fell 17.57% after leaked melanoma vaccine data met high expectations but trailed some bullish projections.
Earnings season in the US shifts into high gear over the next few sessions, with heavyweights reporting against a backdrop of closely watched growth and inflation data.
S&P Global US PMIs Fri 23 Oct. The manufacturing consensus sits at 55.5 after a 55.9 print. A stronger reading would underline firm demand that can keep borrowing costs sensitive, while a softer figure would ease pressure on rate expectations.
Michigan Consumer Sentiment Fri 23 Oct. Confidence sat at 48.1, with forecasts at 46.3. A higher outcome would point to consumers absorbing higher mortgage and energy costs, which matters for retailers and discretionary stocks tied to card spending.
Microsoft (MSFT) Q1 2027 results Wed 28 Oct. Cloud and software revenue will be the focal point, since any shift in enterprise spending intentions feeds directly into broader views on tech investment and associated hardware suppliers.
Alphabet (GOOGL) Q3 2026 results Wed 28 Oct. Ad revenue trends across search and YouTube will show how marketing budgets are holding up, which influences expectations for other internet platforms and media exposed to the same advertisers.
US Q3 GDP growth and September PCE inflation Thu 29 Oct. GDP forecasts cluster around 3%, while core PCE is seen at 0.3% month on month. A combination of firm output and hotter prices would keep focus on how long current Fed policy rates stay in place.
Energy & Oil and Gas: Higher oil keeps cash engines humming
Energy and Oil and Gas are both in the green over the past week and month, on top of strong 1 year returns. Elevated oil prices tied to Middle East risks plus US pipeline and LNG build outs from groups like Kinder Morgan and Cheniere keep cash flow stories front and center. The trend check is the next US crude and product inventory report, which shows whether tight supply is still offsetting demand worries.
Tech & Semiconductors: AI buildout strong, funding questions louder
Tech and Semiconductors have slipped over the last 7 and 30 days despite solid gains over 1 year, as investors react to talk of an AI funding squeeze and mixed earnings reactions in chip names. Headlines around Nvidia, Tesla, Western Digital and Lam Research all point to heavy dependence on AI data center spending that now gets questioned more closely. For anyone holding broad tech or chip ETFs, the key catalyst is upcoming US PMIs this afternoon, since softer activity can quickly cool enthusiasm for new cloud and data center projects.
Real Estate: Rate relief meets soft housing demand
Real Estate is modestly higher over 7 days but slightly weaker over 30, which fits short rallies inside a still tough rate backdrop. The first drop in the 30 year US mortgage rate in nine weeks to 7.32% helps, yet pending home sales are at record lows and job data remain firm, so rate cuts are not a given. If you own REITs or homebuilders, watch today's Michigan Consumer Sentiment reading, because a surprise swing in household confidence can move expectations for housing demand into year end.
Consumer Staples along with Food, Beverage & Tobacco are up over the week, month and 1 year, offering a contrast to the recent US Market pullback. Deals like PepsiCo's long renewal with Taco Bell and buybacks or capital injections at Vylor, Zevia and Vita Coco show companies leaning into brand strength and balance sheets rather than big cyclical bets. For portfolios using these groups as ballast, the next clear catalyst is US PCE inflation next week, since a firm print tends to keep demand for more predictable earnings streams in place.
Healthcare and Pharmaceuticals & Biotech are both higher across all reported periods, supported by a steady run of positive data and deal news from companies like Vera Therapeutics, Alnylam, Gilead, AbbVie and Moderna's partner Merck. These stories remind investors that drug pipelines and approvals often matter more here than monthly macro swings. The main near term sector driver is how markets digest today's strong US jobless claims alongside next week's PCE inflation, because stickier inflation and solid jobs usually keep interest in sectors where earnings feel less tied to day to day consumer spending.
With the 30 year US mortgage rate still above 7% and real estate sentiment fragile, start by stress testing your income ideas against this list of 6 dividend fortresses.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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