Investing.com - Here are the top five things you need to know this morning, Tuesday, October 27:
1. Global markets mostly lower with oil, earnings, Fed in focus
Asian equities were mixed, with China's Shanghai Composite reversing sharp losses suffered earlier in the session to end modestly higher. The rest of the region ended lower as weakness in oil prices and an uninspiring overnight lead from Wall Street weighed.
In Europe, equity markets traded lower as a decline in oil prices and the negative lead set in Asia overnight dampened the mood.
Meanwhile, U.S. stock futures pointed to modest losses at the open, as traders awaited a flurry of corporate earnings results while focusing on the Federal Reserve's two-day monetary policy meeting due to begin later in the day.
2. Oil futures fall to 8-week lows amid oversupply fears
Oil futures fell to two-month lows on Tuesday, as ongoing concerns about a global supply glut continued to dampen sentiment on the commodity.
U.S. crude was last down 52 cents, or 1.18%, at $43.46 a barrel, while Brent shed 22 cents, or 0.46%, to $47.32 a barrel.
Oil prices have been under pressure recently as worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.
3. U.S. earnings season gathers steam
Third quarter earnings season continues to gather pace. United Parcel Service Inc (N:UPS), Ford Motor Company (N:F), DuPont (N:DD), Merck (N:MRK), Pfizer Inc (N:PFE), Bristol-Myers Squibb Company (N:BMY), Comcast (O:CMCSA), Alibaba (N:BABA), Coach Inc (N:COH), BP (L:BP), AK Steel Holding Corporation (N:AKS) and JetBlue Airways Corporation (O:JBLU) are some of the names due to report quarterly earnings ahead of the bell on Tuesday.
And after the market closes, Twitter (N:TWTR), Gilead Sciences (O:GILD) and Panera Bread (O:PNRA) are on the earnings docket, along with Apple.
4. Apple reports Q4 earnings after the closing bell
Apple (O:AAPL) is due with its fiscal fourth quarter results in after-hours trade Tuesday. The iPhone maker is expected to report a profit of $1.88 a share on revenue of $51.1 billion.
Investors were anxious to hear how many new iPhones were sold during the quarter and its guidance for the current three-month period.
5. U.S. data on deck
The U.S. is to release data on durable goods orders at 8:30AM ET on Tuesday, as investors look for fresh readings on the strength of the economy.
The report is expected to show that orders for durable goods declined 1.2% in September, following a drop of 2.3% a month earlier, while core orders are forecast to rise 0.1% after falling 0.2% in August.
Meanwhile, an August reading for home prices is due at 9:00AM, followed by an October figure for consumer confidence at 10:00AM.