S&P 500 is little changed after 6 straight days of gains: Live updates

Datadog shares popped nearly 25% on Tuesday, putting the software company on pace for one of its best days on record.

The company blew past Wall Street’s estimates, posting earnings of 45 cents a share, excluding items, on $547.5 million in revenue. That topped expectations of earnings of 34 cents per share on revenues totaling $524.7 million.

Billings also came in ahead of expectations and customers with annual recurring revenue exceeding $100,000 rose 20% from a year ago to 3,130. Datadog shared stronger-than-expected guidance for the fourth quarter and full year.

Shares of Uber Technologies slipped 2% before the bell after the ride sharing company fell short of Wall Street’s third-quarter estimates on the top and bottom lines.

The ride-hailing company posted earnings of 10 cents per share on $9.29 billion in revenue. That fell short of the EPS of 12 cents and $9.52 billion in revenue expected by analysts polled by LSEG.

Despite the top-and-bottom line miss, Uber posted strong gross bookings, which came in at $35.3 billion and showed a 21% year-over-year increase.

Uber also shared strong guidance for the holiday quarter, saying it expects gross bookings to range between $36.5 billion and $37.5 billion for the period, versus a StreetAccount estimate of $36.5 billion.

— Samantha Subin, Ashley Capoot.

WTI and Brent crude oil prices reached their cheapest levels since August on Tuesday.

WTI and Brent fell to lows of 78.94 and 83.22, respectively. It marks the worst levels seen for each since Aug. 25.

— Alex Harring, Gina Francolla

These are some of the stocks making notable moves before the bell:

• Uber — Shares of the ride hailing company rose 2% after third-quarter gross bookings topped the company’s guidance.
• Planet Fitness — The gym chain climbed 8.8% after surpassing expectations on both lines for the third quarter and raising its outlook for the year.
• Peloton — Shares dropped more than 5% on the back of a downgrade by Deutsche Bank to hold from buy.

See the full list here.

— Alex Harring

Global equities look situated for a significant rally in the new year should central banks begin easing monetary policy and the Federal Reserve manage a soft landing, according to HSBC.

“We expect global equity markets to climb higher and forecast 15% upside by end-2024,” said Alastair Pinder in a note to clients. “But, against a backdrop of slowing economic growth and declining interest rates, we think market breadth will increasingly narrow, with a large proportion of the market treading water, while US supremacy will likely continue.”

In recent instances where the Fed has engineered a soft landing, the S&P 500 has rallied 22% on average between the pause in hikes, and six months after the bank’s begun cutting, he noted.

Given this setup, Pinder favors technology and consumer discretionary sectors, believing that risks look better priced following the recent pullback in equities.

— Samantha Subin

Minneapolis Federal Reserve President Neel Kashkari thinks there’s a possibility the central bank could continue raising rates from here.

“Undertightening will not get us back to 2% in a reasonable time,” Kashkari told The Wall Street Journal.

His comments come after the Fed kept rates unchanged last week. Chair Jerome Powell also hinted the Fed’s tightening campaign may be over for the year, fueling a rally in stocks.

However, Kashkari noted that he is “not ready to say we are in a good place.”

— Fred Imbert

European stocks opened in the red on Tuesday before moving to the flatline as earnings and economic data — from U.K. retail sales and house prices to euro zone producer prices — continue to roll in.

Major bourses were slightly lower at 8:18 a.m. London time, with France’s CAC 40 down 0.1% and Germany’s DAX down 0.07%, while the U.K.’s FTSE 100 was down 0.03%.

WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court, saying it entered agreements with most of its secured note holders and intends to trim “non-operational” leases.

The bankruptcy filing, which is limited to its U.S. and Canada locations, reported liabilities between $10 billion and $50 billion.

Valued in 2019 at $47 billion in a round led by Masayoshi Son’s SoftBank, the company tried and failed to go public five years ago. WeWork eventually went public through a special purpose acquisition company in 2021 but has since lost about 98% of its value.

WeWork shares had fallen to a low of about 10 cents and were trading at about 83 cents before the stock was halted Monday.

— Rohan Goswami, Christine Wang

China reported a worse-than-expected drop in exports in October, while imports surprisingly rose compared to a year ago.

China’s customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That’s worse than the 3.3% drop predicted by a Reuters poll.

Imports rose by 3% in U.S. dollar terms in October from a year ago. That’s in contrast to Reuters’ forecast for a 4.8% drop from a year ago.

—Evelyn Cheng, Lee Ying Shan

Check out the some of companies making headlines in extended trading.

Tripadvisor — The online travel agency added nearly 12% after beating on the top and bottom line in the third quarter. Tripadvisor reported adjusted earnings of 52 cents per share on $533 million in revenue, while analysts polled by LSEG forecast 47 cents per share and $505 million.

Vertex Pharmaceuticals —Shares fell nearly 2% after the biotech company missed third-quarter revenue estimates. Vertex reported adjusted earnings of $4.08 per share on $2.48 billion in revenue, while analysts polled by LSEG forecast $3.97 per share and $2.50 billion in revenue.

International Flavors & Fragrances — International Flavors & Fragrances rose 5% after the company announced it would continue its cooperation agreement with Icahn Capital. The parties agreed to re-nominate one Icahn director and one director who’s mutually agreed upon to the IFF board for the 2024 proxy season. Separately, IFF posted third-quarter adjusted earnings and revenue that beat analysts’ estimates.

Read the full list here.

— Brian Evans

Stock futures were lower on Monday as investors on Wall Street weigh whether or not a string of gains can continue.

S&P 500 futures and Nasdaq 100 futures ticked down 0.1%, while futures tied to the Dow Jones Industrial Average dropped 34 points, or 0.1%.

— Brian Evans