- Wall Street indices are trading lower today, with tech shares underperforming following disappointing earnings from Alphabet. S&P 500 drops 1.5%, Nasdaq trades 2.5% lower and small-cap Russell 2000 is down 1.8%. Dow Jones outperforms dropping only 0.4%
- Microsoft trades 3% higher today after reporting fiscal-Q1 2024 earnings yesterday. Company beat expectations in all three major segments with cloud growth reaccelerating
- Alphabet slumps 9% after reporting disappointing Q3 results. Company's cloud segment performance as well as margins disappointed
- Another two big US tech companies - Meta Platforms and IBM - are scheduled to report earnings after market close today
- European stock market indices traded slightly higher today. German DAX and Spanish IBEX gained 0.1% while UK FTSE 100 and French CAC40 added 0.3% each. Italian FTSE MIB was a laggard and dropped 0.5% today
- According to Wall Street Journal, Israel agreed to delay ground invasion of Gaza Strip to give United States more time to move missiles defenses to region amid more frequent attacks on US troops in the Middle east
- Final Atlanta Fed GDPNow estimate for Q3 2023 is 5.4% annualized growth (US Q3 GDP report will be released tomorrow
- Bank of Canada decided to keep rates unchanged with the main rate staying at 5.00% for the second consecutive meeting. BoC noted that there is growing evidence that previous rate hikes have damped economic activity
- EIA report showed a 1.37 million barrel build in US oil inventories (exp. +0.2 mb) as well as 0.16 million barrel increase in gasoline stockpiles (exp. -0.9 mb). Distillate inventories dropped by 1.69 million barrels (exp. -1.2 mb)
- US new home sales for September came in at 759k (exp. 680k), marking a 12.3% MoM increase
- German IFO business climate improved from 85.7 to 86.9 in October (exp. 85.9). Expectations subindex jumped from 82.9 to 84.7 (exp. 83.5) while the Current Conditions index ticked higher from 88.7 to 89.2 (exp. 88.5)
- Australian CPI inflation accelerated from 0.8% to 1.2% QoQ in Q3 2023 (exp. 1.1% QoQ). On an annual basis, CPI decelerated from 6.0% to 5.4% YoY (exp. 5.3% YoY)
- Cryptocurrencies are trading mixed today. Bitcoin gains 1% and made another attempt at breaking above $35,000 mark earlier today
- Energy commodities gain with oil trading 1.5-2.0% higher at press time
- Precious metals gain - gold trades 0.7% higher, silver gains 0.1% and platinum surges 1.8%
- USD and JPY are the best performing major currencies while AUD and NZD lag the most
US500 broke below the lower limit of the Overbalance structure today, hinting at a bearish trend reversal. Index dropped to levels not seen since the turn of May and June 2023. Source: xStation5
