Google misses cloud growth expectations and shares are sharply lower, putting pressure on stock indices. Housing data comes in mixed, and yields are higher.
Good afternoon, traders. It’s Chris Chavez with the Blue Line Futures and it’s your daily midday market minute Google earnings are putting pressure on stock indices. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website. There’s also a link to direct you to YouTube and you can subscribe that way. We’d love for you to follow us.
We’d love for you to help us build our following. So yeah, Google reported after the bell yesterday, we did see a beat. However, cloud growth slowed more than expected did. So you’re seeing a lot of selling and Google shares today and down about 9%, 9 to 10% or so, which is really inflicting pain on the Nasdaq 100 in the S&P, the Russell in negative territory as well, although the Dow Jones is relatively hanging in there.
The biggest outperformer here today, just about unchanged. So we did get some economic data here this morning. Building permits, new home sales. We also got the month over month building permit numbers and crude inventories. So looking at the building permits that came in leading indicator, we did see a little bit of a weakness there, 1.47, 1 million versus 1.473 million.
So slight, slight miss. Their new home sales for the month of September did come in a lot higher than expectations. 759,000 versus 680,000 expected and the month over month number for building permits came in at 4.5% versus 4.4 expected. Crude oil inventories did see a slight uptick, a little bit more inventories inventory than previously expected. So, you know, you initially saw a kneejerk reaction in the crude market.
We traded a little bit lower, found our footing, and now we’re just a bit higher. We got some really nice trend line support and definitely going to be a market to keep on your radar moving forward. Tomorrow, we’re going to have jobless claims, GDP, pending home sales. So a lot more economic data. We’re still in earnings season, so continuing to see a lot of earnings come through and, you know, play a role in this market here moving forward, looking at some of these major support and resistance levels.
If we’re following the S&P major three star support’s going to be 40 to 35 in three quarters to 42, 41 in three quarters. Nasdaq three star support’s going to be 15, 514 to 15 586. And crude oil, a major pivot pocket that you’re going to want to keep an eye on is 83, 74 to 84. If we get above 84, typically were trading higher, finding our footing a little bit, and then the next level, three star level, you’re going to want to keep an eye out for resistance.
85, 35 to 85, 65. However, if we trade below that 83 six, 74 level in that pivot pocket, we could head a little bit lower too. So be nimble there. Keep an eye on that pivot pocket of gold. Three star resistance is going to be 1994 and 4/10 to 1997 and 6/10. Really, we traded right up to that 1997 level here today and kind of sold off just a little bit.
So a major level to keep an eye on here moving forward. And if you have any questions, reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss is not suitable for all investors.