Rate Concerns May Continue To Weigh On Wall Street Following Data

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 26 October 2023 10:20:52 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Thursday, with stocks likely to extend the sharp pullback seen in the previous session. Concerns about the outlook for interest rates may weigh on Wall Street following the release of a slew of U.S. economic data, including a Commerce Department report showing GDP soared by more than expected in the third quarter of 2023. The Commerce Department said GDP spiked by 4.9 percent in the third quarter after jumping by 2.1 percent in the second quarter. Economists had expected GDP to surge by 4.2 percent. The stronger than expected GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment. A negative reaction to quarterly results from Meta Platforms (META) may also weigh on Wall Street, with the Facebook parent slumping by 4.1 percent in premarket trading even though the company reported third quarter results that exceeded analyst estimates on the top and bottom lines. Stocks managed to finish Tuesday's session mostly higher but showed a substantial move back to the downside during trading on Wednesday. The tech-heavy Nasdaq led the pullback, plunging to a five-month closing low. The Nasdaq tumbled 318.65 points or 2.4 percent to 12,821.22, reflecting its worst day since February. The S&P 500 also slumped 60.91 points or 1.4 percent to 4,186.77, its lowest closing level in almost five months, while the narrower Dow fell 105.45 points or 0.3 percent to 33,035.93. The particularly steep drop by the Nasdaq partly reflected a negative reaction to quarterly results from Alphabet (GOOGL), with the Google parent plummeted by 9.5 percent. Shares of Google came under pressure after the company reported third quarter earnings that exceeded estimates but weaker than expected revenue from its cloud business. A renewed increase by treasury yields also weighed on the markets, with the yield on the benchmark ten-year note spiking after ending the previous session little changed. The surge by yields came as traders looked ahead to the release of key economic data in the coming days, including a preliminary reading on third quarter GDP. On Friday, the Commerce Department is due to release a report on personal income and spending that includes readings on inflation said to be preferred by the Federal Reserve Meanwhile, a strong gain by Microsoft (MSFT) helped limit the downside for the Dow, with the software giant jumping by 3.1 percent after reporting better than expected fiscal first quarter results. Semiconductor stocks saw substantial weakness on the day, dragging the Philadelphia Semiconductor Index down by 4.1 percent to a five-month closing low. Chipmaker Texas Instruments (TXN) posted a steep loss after reporting mixed third quarter results and providing disappointing fourth quarter guidance. Considerable weakness was also visible among transportation stocks, with the Dow Jones Transportation Average tumbling by 2.4 percent. The average also fell to its lower closing level in almost five months. Retail stocks also showed a significant move to the downside, resulting in a 2.4 percent slump by the Dow Jones U.S. Retail Index. Biotechnology, commercial real estate and networking stocks also showed notable moves to the downside amid broad based weakness on Wall Street --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( First-time claims for U.S. unemployment benefits edged higher in the week ended October 21st, according to a report released by the Labor Department on Thursday. The report said initial jobless claims rose to 210,000, an increase of 10,000 from the previous week's revised level of 200,000. Economists had expected jobless claims to rise to 208,000 from the 198,000 originally reported for the previous month. The Labor Department said the less volatile four-week moving average also crept up to 207,500, an increase of 1,250 from the previous week's revised average 206,250. The Commerce Department also released a report on Thursday showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of September. The report said durable goods orders soared by 4.7 percent in September following a revised 0.1 percent dip in August. Economists had expected durable goods orders to jump by 1.5 percent compared to the 0.1 percent uptick that had been reported for the previous month. Excluding orders for transportation equipment, durable goods orders climbed by 0.5 percent in September, matching the increase in August. Ex-transportation orders were expected to rise by 0.2 percent. A separate report released by the Commerce Department on Thursday showed U.S. gross domestic product soared by more than expected in the third quarter of 2023. The Commerce Department said GDP spiked by 4.9 percent in the third quarter after jumping by 2.1 percent in the second quarter. Economists had expected GDP to surge by 4.2 percent. The stronger than expected GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment. At 9 am ET, Federal Reserve Board Governor Christopher Waller is scheduled to give opening remarks before the Economics of Payments XII Conference. The National Association of Realtor is due to release its report on pending home sales in the month of September at 10 am ET. Pending home sales are expected to decline by 1.5 percent in September after plunging by 7.1 percent in August. At 1 pm ET, the Treasury Department is scheduled to announce the results of this month's auction of $38 billion worth of seven-year notes. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks have fallen on Thursday as downbeat earnings from the likes of WPP, Unilever, Mercedes Benz and BNP Paribas added to concerns around elevated bond yields and Middle East tensions. The markets are seeing continued weakness following the European Central Bank?s widely expected decision to leave interest rates unchanged. The ECB said incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook, with inflation still expected to stay too high for too long. While the German DAX Index has tumbled by 1.3 percent, the U.K.?s FTSE 100 Index is down by 0.7 percent and the French CAC 40 Index is down by 0.6 percent. German luxury carmaker Mercedes-Benz has slumped after saying it expects pressure on car sales margins. Peer BMW has also tumbled. Meal-kit maker HelloFresh has also shown a substantial move to the downside after reporting revenue below expectations for the third quarter. French lender BNP Paribas has also tumbled after reporting a decrease in third-quarter net profit on higher expenses. British lender Standard Chartered has also plunged after reporting a sharp drop in quarterly profit, partly due to $900 million in China-linked charges. Advertising giant WPP has also moved notably lower after cutting its outlook for the second time in as many quarters. On the other hand, food group Danone has shown a strong move to the upside after boosting its 2023 revenue growth forecast. Chip systems manufacturer Aixtron has also advanced after reporting a significant increase in third-quarter net profit and revenue. Sodexo has also jumped. The catering and food services group said it plans to list its voucher and benefits division Pluxee early in 2024. Carrefour, Europe's largest food retailer, has also surged after reporting higher third-quarter sales and backing its full-year targets. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks declined on Thursday, tracking steep losses on Wall Street overnight on surging bond yields and mixed earnings news. Investors also awaited cues from U.S. third-quarter gross domestic product data due later in the day before a Federal Reserve meeting next week. The dollar rose in Asian trading and gold climbed on safe-haven buying, while oil prices slipped on data showing an increase in U.S. stockpiles. Chinese stocks reversed course to end higher on optimism about domestic economic recovery. The benchmark Shanghai Composite Index rose 0.5 percent to 2,988.30, while Hong Kong's Hang Seng Index ended down 0.2 percent at 17,044.61. Japanese shares fell sharply amid uncertainty over monetary policy after the benchmark 10-year Japanese government bond yield hit a fresh 10-year high. Speculation was rife that the Bank of Japan could make further adjustments to its yield curve control policy at next week's monetary policy meeting. The Nikkei 225 Index plunged 2.1 percent to 30,601.78, while the broader Topix Index settled 1.3 percent lower at 2,224.25. Tech stocks followed their U.S. peers lower, with Tokyo Electron, SoftBank Group, Screen Holdings and Advantest falling 4-7 percent. Seoul stocks tumbled as concerns around Middle East tensions and mixed signals from the Federal Reserve on rates overshadowed upbeat data showing the country's GDP grew at a slightly faster-than-expected pace in the third quarter. The Kospi plummeted 2.7 percent to 2,299.08. SK Hynix plunged 5.9 percent after the chipmaker reported a 1.8 trillion won ($1.3 billion) operating loss in the third quarter. Australian markets fell to close at another new low for the year after the new RBA Governor Michele Bullock hinted that there might be a rate increase in November. Data showing a decline in third quaretr export prices also weighed on markets. The benchmark S&P/ASX200 Index dropped 0.6 percent to o 6,812.30, marking its lowest close since October 28, 2022. The broader All Ordinaries Index closed 0.6 percent lower at 7,001.10. Megaport, a leader in virtual networking technology, slumped 16.3 percent after releasing its latest quarterly update. Azure Minerals soared 43 percent after it agreed to a A$1.6 billion ($1 billion) takeover bid from Chile's lithium producer SQM. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index dropped 0.3 percent to 10,848.54. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are plunging $2.49 to $92.90 a barrel after jumping $1.65 to $85.39 a barrel on Wednesday. Meanwhile, after climbing $8.80 to $1,994.90 an ounce in the previous session, gold futures are edging down $1.30 to $1,993.60 an ounce. On the currency front, the U.S. dollar is trading at 150.26 yen versus the 150.23 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0545 compared to yesterday?s $1.0566. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49