Ray: Good morning, this is Biscuits and Tickers for Tuesday, October 27. I'm Ray.

Nora: And I'm Nora. Futures are modestly higher as the Fed opens its two-day meeting, Anthropic's IPO filing keeps the AI trade buzzing, and a heavy slate of earnings lands before the bell, from Coca-Cola to PayPal.

Ray: Let's start with the numbers. Monday was a solid day. The S and P 500 rose seven tenths of a percent to 7,676.77. The Nasdaq Composite gained eight tenths of a percent, the Dow added about a quarter of a percent, and the Russell 2000 rose about four tenths.

Nora: This morning, according to Yahoo Finance, S and P 500 futures are up about three tenths of a percent, Nasdaq 100 futures are up about four tenths, and Dow and Russell futures are each up about three tenths. Tech is leading pre-market, while consumer staples and industrials lag, according to an early sector read from ETF trading.

Ray: The 10-year Treasury yield is roughly flat, just under 5 percent. Investrade notes the 10-year is down more than 30 basis points in October, which would snap a seven-month streak of rising yields. The VIX fear gauge is near 17.8, down about 3 percent.

Nora: Oil is choppy. U.S. crude is near 101 to 102 dollars a barrel, and Brent is around 116 dollars, according to Investrade and Stocktwits. Prices dipped on reports that Iran's supreme leader set conditions for ending the war, then pared those losses as Houthi attacks on Saudi Arabia continued. Gold is slightly lower, just above 4,000 dollars an ounce, and bitcoin is down about half a percent near 79,700 dollars.

Ray: Overseas, Japan's Nikkei rose about 1.7 percent and South Korea's Kospi jumped about 3.5 percent on the AI chip trade, while Shanghai and Hong Kong slipped. In Europe, Germany's DAX and London's FTSE 100 are slightly lower.

Nora: On today's calendar. The Federal Reserve begins its two-day meeting, with the rate decision due Wednesday at 2 p.m. Eastern. CME Group pricing shows only about a 10 percent chance of a hike, and coverage broadly expects a hold. No Fed speakers today because of the meeting blackout.

Ray: Data starts at 8:30 with September durable goods orders, expected up 1.7 percent. At 9, Case-Shiller and F H F A home prices for August. At 10, the Conference Board's consumer confidence index, expected near 81, plus September new home sales and the Richmond Fed manufacturing index. At 1 p.m., the Treasury auctions 70 billion dollars of five-year notes.

Nora: Earnings before the open include Coca-Cola, Boeing, U P S, PayPal, Hilton, Royal Caribbean, Corning, S and P Global, Sherwin-Williams, Novartis and SoFi. After the close, Visa, Seagate, NXP Semiconductors, Teradyne, Waste Management, Baker Hughes, Enphase and Robinhood Markets report. About a third of the S and P 500 reports this week, with Microsoft and Alphabet on Wednesday.

Ray: Our first story. Anthropic, the maker of the Claude AI models, publicly filed its IPO prospectus Monday, planning to list on the Nasdaq under the ticker A N T. According to Fortune, the filing shows 16.3 billion dollars of revenue in the first half of 2026, and a net loss of 80.7 billion dollars.

Ray: Fortune reports about 72.4 billion dollars of that loss is an accounting charge tied to the rising value of convertible notes. Operating cash flow turned positive, at 3.9 billion dollars for the half. Media reports put the target valuation at 1.5 to 2 trillion dollars, with a debut reportedly aimed at Thanksgiving week. The filing itself does not state a price or share count.

Nora: The filing also lists risks, including customer concentration, a multi-class share structure that gives the cofounders majority voting power, and an ongoing legal fight with the Department of War. Yahoo Finance says the filing helped revive enthusiasm for AI stocks Monday, when 57 of 60 names in its semiconductor basket rose.

Nora: Related: a group including Bank of America, Blackstone, Citi and Morgan Stanley has committed about 63 billion dollars to finance Broadcom chips leased to Anthropic. Broadcom, ticker A V G O, is up about 2.5 percent pre-market, and DA Davidson upgraded the stock, citing the filing.

Ray: Story two. Meta Platforms raised its record stock offering to 25 billion dollars, priced at 625 dollars a share, according to Investrade and other reports. Nvidia, ticker N V D A, is investing 3 billion dollars in the deal and deepening its AI partnership with Meta. Meta shares are little changed pre-market.

Nora: Story three. Coca-Cola, ticker K O, reported adjusted earnings of 91 cents a share, ahead of the 88 cent estimate, on revenue of 13.4 billion dollars versus 12.9 billion expected, according to Yahoo Finance. Unit case volume rose 5 percent, and the company raised its earnings outlook, though it flagged slowing demand in North America. Shares are up about half a percent.

Ray: Story four. PayPal, ticker P Y P L, beat estimates and raised its outlook, Reuters reports. Third-quarter adjusted earnings were 1 dollar 45 cents a share, versus 1 dollar 31 expected. It now sees full-year adjusted earnings of about 5 dollars 60 cents, above the 5 dollars 38 analysts expected.

Ray: Total payment volume was 487.1 billion dollars, up 7 percent on a currency-neutral basis. CEO Enrique Lores said the turnaround is making good progress. The stock is up nearly 3 percent pre-market.

Nora: Now the movers. Celestica, ticker C L S, is up about 12 percent after third-quarter revenue jumped 83 percent to 5.83 billion dollars, with adjusted earnings of 3 dollars 30 cents beating estimates on AI infrastructure demand, according to Stocktwits. Royal Caribbean is up about 6 percent after beating estimates and raising full-year guidance.

Nora: S and P Global is up nearly 4 percent after reporting this morning. Cadence Design is up about 1 percent after results Monday night, and Amkor is up about 3 percent despite weak fourth-quarter guidance. Memory names including Micron are higher on the chip rally.

Ray: On the downside, HSBC's U.S.-listed shares are down about 7 percent after the bank reported third-quarter results. Hilton is down nearly 5 percent. Its filing shows adjusted earnings of 2 dollars 45 cents and RevPAR up 5.8 percent, but lower EBITDA expectations for the Middle East and timeshare fees. Whirlpool is down about 5 percent after a sharp revenue decline and cut sales guidance.

Ray: U P S is up about 1 percent after beating estimates, and Boeing is flat ahead of its report. By sector, tech leads pre-market, while staples, which are on pace for their best month in nearly five years according to Yahoo Finance, are giving a little back.

Nora: What to watch today. Durable goods at 8:30 and consumer confidence at 10. The five-year note auction at 1 p.m., with yields hovering near 5 percent. Boeing's results and commentary on production. Oil headlines out of the Middle East and Iran talks. And after the bell, Visa, Seagate, NXP and Teradyne, which will test the chip and AI rebound ahead of Wednesday's Fed decision and big tech earnings.

Ray: That's Biscuits and Tickers for Tuesday, October 27. I'm Ray.

Nora: And I'm Nora. This is news and information, not investment advice. See you tomorrow morning.