Stock market news: Opening bell, October 24, 2018

A
man looks at a demonstration of human motion analysis software at
the stall of the artificial intelligence solutions maker Horizon
Robotics during the Security China 2018 exhibition on public
safety and security in Beijing, China.
Reuters/Thomas Peter

Here is what you need to know.

Trump fired a new warning shot at the
Fed. “Every time we do something great, he
raises the interest rates,” President Donald Trump told The Wall
Street Journal, adding that Fed Chairman Jerome Powell “almost
looks like he’s happy raising interest rates.”

OPEC is in “produce as much as you can
mode.” Bloomberg reports Saudi energy
minister Khalid Al-Falih made the comment at an investment
conference in Riyadh, Saudi Arabia, on Tuesday, sending West
Texas Intermediate crude oil down as much as 5% and below $66 a
barrel for the first time in two months. 

A $716 billion investor explains how traders can profit from an
ongoing “stealth bull market.” Robert Tipp, the
chief investment strategist at PGIM Fixed Income, explains why
the “stealth bull market in bonds” that has been in place since
2013 will keep going and how you can profit from it. 

Most S&P 500 stocks are in a correction or bear
market. Three-hundred and fifty-three S&P 500
stocks have fallen into a correction — down 10% from their peaks
— and 179 of those are in a bear market — down at least 20% from
their peak, Reuters says.

Deutsche Bank says it is on track for its first annual
profit in 4 years. 
“We have our costs
under control and sufficient capital to grow,” chief executive
Christian Sewing said Wednesday. “We are on track to be
profitable in 2018, for the first time since 2014.” 

Short seller Andrew Left does a 180 on
Tesla. Left’s Citron Research said Tuesday that
the electric-car maker was “crushing the competition” and that it
had bought shares of ahead of Wednesday’s earnings report. 

Ford names a new CEO for its China
operations. The automaker has named Anning
Chen, a former Chery Jaguar Land Rover chairman in China who also
previously worked at Ford, as the head of its China operations,
Reuters says. 

There’s at least one winner for the record-setting $1.6 billion
Mega Millions jackpot. South Carolina’s lottery said
it sold one winning ticket that matched the numbers 5, 28,
62, 65, 70 and the Mega Ball 5, Reuters reports. 

Earnings
reporting kicks into high gear. AT&T,
Boeing, Northrop Grumman, and UPS report ahead of the opening
bell while AMD, Ford, Microsoft, Tesla, and Visa release their
quarterly results after markets close.

US
economic data is heavy. FHFA home prices will
be released at 9 a.m. ET before Markit manufacturing and services
PMIs cross the wires at 9:45 .m. ET. Then, at 10 a.m. ET, new
home sales are announced. Data concludes at 2 p.m. with the Fed’s
Beige Book. The US 10-year yield is down 3 basis points at
3.14%.