Stock Market Today: Futures Mixed as S&P 500 Eyes Eighth Gain in Nine Sessions, Fed Rate Cut Expectations Firm

Market Overview - U.S. stock futures are showing a mixed to slightly lower trend as investors digest recent record highs in major indexes and look ahead to key corporate earnings and ongoing Federal Reserve discussions [1] - The S&P 500 closed up 0.58%, marking its eighth gain in nine sessions, while the Nasdaq Composite surged 1.12% to close above 23,000 for the first time [2] - The S&P 500 has a year-to-date return of approximately 14% and a 16.95% climb over the past year, while the Dow Jones Industrial Average has returned 9.2% this year [3] Federal Reserve and Economic Outlook - The next Federal Reserve policy committee meeting is scheduled for October 28 and 29, with expectations of a quarter-point cut in the fed funds rate to a range of 3.75% to 4% [4] - Concerns over signs of weakness in the labor market are driving the anticipated rate cut, although inflation remains above the central bank's 2% target [4] Earnings Season - Major companies like PepsiCo and Delta Air Lines are reporting quarterly results, with analysts expecting PepsiCo to report earnings of $2.26 per share on revenue of $23.83 billion and Delta Air Lines to post earnings of $1.52 per share on revenue of $15.04 billion [6] - Early reports indicate PepsiCo shares rose slightly after better-than-expected Q3 revenue, while Delta Air Lines shares increased over 5% in pre-market trading after beating profit estimates [6] Corporate Developments - The AI sector is driving significant stock movements, with Nvidia gaining 2.2% after CEO Jensen Huang highlighted rising computing demand, and Advanced Micro Devices surging over 11% due to AI optimism [7] - Tesla's stock declined following a safety probe into its partial-automation software, while Ferrari experienced a 13% drop after its capital-markets day presentation fell short of analyst expectations [8] Commodities and Geopolitical Developments - Gold prices have topped $4,000 per ounce for the first time, driven by global instability and economic uncertainty, while WTI crude oil futures hover near $62.79 per barrel [9] - China has implemented comprehensive export controls on rare earth minerals and related technology, citing national security concerns [9]