This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Streak continues, sans Dow
Major U.S. indexes continued their blistering winning streak Wednesday — except for the Dow Jones Industrial Average, which snapped a seven-day streak. Europe's regional Stoxx 600 rose 0.28%, lifted by strong earnings reports. Marks and Spencer shares popped 8.39% on the back of a solid first half of the year, while Dutch wind turbine manufacturer Vestas surged 9.8% after beating profit expectations.

Disney pluses subscribers
Disney's shares jumped around 3% in extended trading after the company reported quarterly earnings. Earnings per share came in at 82 cents, higher than the expected 70 cents. Total Disney+ subscribers, at 150.2 million, also beat forecast by more than 2 million. But Disney's revenue fell short of estimates, even as it increased 5% to $21.24 billion compared with the same period a year earlier.

Weakness in Arm
Arm reported earnings for the first time after its initial public offering. The semiconductor licensing company had a net loss of $110 million, but that's because of a one-time share-based compensation of more than $500 million. Revenue, on the other hand, was up 28% year on year, as licensing sales jumped 106%. Still, shares sank about 8% after the bell on Arm's weak guidance for the current quarter.

Fresh AT1s from UBS
UBS started selling U.S. dollar Additional Tier 1 bonds Wednesday, with a five-year bond offering around 10% yield and a 10-year around 10.125%, according to LSEG news service IFR. Why's this newsworthy? Because $17 billion worth of AT1 bonds were wiped out when UBS took over Credit Suisse in March, causing an uproar among bondholders — and continuing to pose legal challenges.

[PRO] A short-cover rally?
Stock markets are enjoying their longest winning streak in two years. But some analysts are worried that November's blistering start isn't a true and sustainable rally. Instead, it's more to do with hedge funds buying up stocks to cover their short positions. (When investors bet that stock prices will move down, they have to buy shares if prices move up, which pushes up prices even further.)

The bottom line

Earning season's winding down, and it's been mostly a good one so far.

Out of the approximately 88% of companies in the S&P 500 have reported results, more than 88% have surpassed earnings estimates. However, only 62% have beaten revenue expectations, suggesting that slowing demand is catching up with companies. The silver lining is that this phenomenon suggests margins have grown.

With hard-hitting reports from Disney and Arm coming in after the bell and no major economic data released, major indexes had a tepid day. Trading volume was lower than the 30-day average.

Nonetheless, the S&P 500 managed to inch up 0.1%, its eighth straight day of gains, and the Nasdaq Composite ticked up 0.08% for its ninth positive session. The last time both indexes enjoyed such uninterrupted gains was in November 2021. But the Dow Jones Industrial Average snapped its best winning streak since July with a 0.12% drop yesterday.

This lull in news' only temporary. Federal Reserve Chair Jerome Powell will speak about monetary policy Thursday and October's consumer price index reading comes out next Tuesday. Those events will serve as the next major catalysts for stocks, said AXS Investments CEO Greg Bassuk. And though it's admittedly a very long shot, we'll see, then, if (the surviving) major indexes manage to extend their winning streak — or precipitate a new fall.

But for investors hoping to time markets and reap quick gains on those events, CNBC's Bob Pisani has a warning. "The idea that you can predict the future direction of stock prices, and act accordingly — is not a successful investing strategy," Pisani writes. "The key to investing is not market timing" — it's giving yourself time in the market.