Markets are higher this morning ahead of the open. S&P Futures have reached a high of 3150.25 pre-market and could be driven higher by a nice GDP number and a solid durable goods rise that were both released at 8:30 am EST.

US durable goods orders rise 0.6% in October, vs expected drop of 0.8%

“Lingering trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment,” Deere CEO John May said.

For fiscal year 2020, Deere said it sees agricultural equipment sales falling between 5% and 10%.

Construction equipment sales are expected to decline as much as 15% next year, the company said.

Deere said it now expects net income of $2.7 billion to $3.1 billion in fiscal 2020, lower than average analyst estimates of $3.5 billion for the year, according to Refinitiv.

DE shares closed yesterdy at $176.65 and are trading down 5% pre-market.

The FAA issued a new statement, saying, “The FAA has not completed its review of the 737 Max aircraft design changes and associated pilot training. The agency will not approve the aircraft for return to service until it has completed numerous rounds of rigorous testing.”

Boeing has continually claimed that they hope to have the 737 Max approved by the end of 2019, yet it seems like this timeline is overly optimistic.

BA shares are down 1% pre-market.

Dell cut its fiscal 2020 revenue forecast to between $91.5 billion and $92.2 billion from between $92.7 billion and $94.2 billion.

Dell reported total revenue of $22.84 billion for the latest quarter, narrowly missing estimates of $23.04 billion, according to IBES data from Refinitiv.

“Intel CPU shortages have worsened qtr-over-qtr, impacting our commercial PC and premium consumer PC Q4 forecasted shipments,” Chief Operating Officer Jeffrey Clarke said on a post-earnings call with analysts.

DELL shares closed yesterday at $53.19 and are trading down 5% pre-market.

10:00 a.m. Personal income

10:00 a.m. Pending home sales

1:00 p.m. 7-year note auction

2:00 p.m. Beige boook

Mixing in some sports with the business headlines this morning, #1 ranked Duke Blue Devils lost last night in OT 85-83 on a last second buzzer beating shot..

The Blue Devils were favored by 27.5 points over Stephen F Austin, which makes it the largest upset in the last 15 years. Duke had not lost a non-conference home game since February of 2000, a streak of 150 games, which was the longest active streak in Division I.

Click here for an ESPN article with some highlights from the game.

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Happy Thanksgiving! Be safe on the roads and no drinking and driving!

Tommy O'Brien
TFNN