Bargain Hunting, Upbeat Earnings May Contribute To Rebound On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 27 October 2023 10:20:10 [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 higher open on Friday, with stocks likely to regain ground after moving sharply lower over the two previous sessions. Bargain hunting may contribute to initial strength on Wall Street after the major averages tumbled to their lowest closing levels in five months on Thursday. A positive reaction to the latest earnings news may also generate early buying interest, with shares of Amazon (AMZN) surging in pre-market trading after the online retail giant reported better than expected third quarter results. Semiconductor giant Intel (INTC) is also likely to show a strong move to the upside after reporting third quarter results that exceeded analyst estimates and providing upbeat guidance. Meanwhile, shares of Ford (F) may come under pressure after the auto giant reported disappointing third quarter results and withdrew its full-year guidance. Energy giants Exxon Mobil (XOM) and Chevron (CVX) may also move to the downside after reporting third quarter earnings that missed analyst estimates. On the U.S. economic front, the Commerce Department released a report showing its reading on consumer prices rose by 0.4 percent in September, matching the increase in August. Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month. The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth slipped to 3.7 percent in September from 3.8 percent in August. Stocks moved notably lower over the course of the trading day on Thursday, extending the sharp pullback seen during Wednesday's session. With the continued weakness, the major averages fell to their lowest closing levels in five months. The major averages staged a recovery attempt in the latter part of the session but moved back to the downside going into the close. The Nasdaq tumbled 225.62 points or 1.8 percent to 12,595.61, the S&P 500 climbed 49.54 points or 1.2 percent to 4,137.23 and the Dow slid 251.63 points or 0.8 percent to 32,784.30. A negative reaction to quarterly results from Meta Platforms (META) weigh on the Nasdaq, with the Facebook parent plunging by 3.7 percent despite reporting third quarter results that exceeded analyst estimates on the top and bottom lines. The weakness on Wall Street also came following the release of a slew of largely upbeat 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 growth partly reflected a surge in consumer spending, which soared by 4.0 percent in the third quarter after climbing by 0.8 percent in the second quarter. The resilience of the U.S. economy added to recent concerns about the Federal Reserve leaving interest rates higher for longer than investors had hoped. "The Fed will see the third quarter's surge in GDP as evidence that the economy is robust, and that restrictive interest rates continue to be appropriate near-term," said Bill Adams, Chief Economist for Comerica Bank. He added, "That means that the Fed will be on hold for a while even if inflation slows further near-term?and with gas prices down sharply in October, the next CPI report will probably be a cool one." The Commerce Department also released a report 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. Meanwhile, the Labor Department released a report showing first-time claims for U.S. unemployment benefits edged higher in the week ended October 21st. 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. Computer hardware stocks saw considerable weakness on the day, with the NYSE Arca Computer Hardware Index tumbling by 2.5 percent to a nearly five-month closing low. Shares of Western Digital (WDC) moved sharply lower after a report from the Nikkei newspaper said the company and Japan's Kioxia Holdings have called off merger talks. Significant weakness was also visible among software stocks, as reflected by the 2.5 percent slump by the Dow Jones U.S. Software Index. Oil service stocks also came under pressure amid a steep drop by the price of crude oil, dragging the Philadelphia Oil Service Index down by 2.3 percent. The sell-off by oil service stocks comes amid a steep drop by the price of crude oil, with crude for December delivery tumbling $1.67 to $83.72 a barrel. Transportation and pharmaceutical stocks also saw notable weakness, while commercial real estate, financial and housing stocks bucked the downward trend. --------------------------------------------------------------- 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]( A report released by the Commerce Department on Friday showed personal income in the U.S. increased by slightly less than expected in the month of September. The Commerce Department said personal income rose by 0.3 percent in September after climbing by 0.4 percent in August. Economists had expected income to advance by another 0.4 percent. Meanwhile, the report said personal spending increased by 0.7 percent in September after rising by 0.4 percent in August. Spending was expected to climb by 0.5 percent. The Commerce Department also said its reading on consumer prices rose by 0.4 percent in September, matching the increase in August. Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month. The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth slipped to 3.7 percent in September from 3.8 percent in August. At 9 am ET, Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to give opening remarks before the second day of the Economics of Payments XII Conference. The University of Michigan is due to release its revised reading on consumer sentiment in the month of October at 10 am ET. The consumer sentiment index for October is expected to be unrevised at 63.0, which was down from 68.1 in September. --------------------------------------------------------------- [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.]( --------------------------------------------------------------- Stocks in Focus Shares of DexCom (DXCM) are moving sharply higher in pre-market trading after the medical device maker reported better than expected third quarter results and raised its full-year revenue forecast. Footwear designer and distributor Deckers Outdoor (DECK) is also seeing significant pre-market strength after reporting fiscal second quarter results that exceeded analyst estimates and providing upbeat guidance. Meanwhile, shares of Enphase Energy (ENPH) are likely to come under pressure after the energy technology company reported mixed third quarter reports and forecast fourth quarter revenues below analyst estimates. Consumer goods company Newell Brands (NWL) may also see initial weakness after reporting third quarter earnings that beat analyst estimates but weaker than expected revenues. --------------------------------------------------------------- [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.]( --------------------------------------------------------------- Europe European stocks have moved mostly lower during trading on Friday following weak earnings from the likes of Sanofi, Remy Cointreau and NatWest. While the German DAX Index is nearly unchanged, the U.K.?s FTSE 100 Index is down by 0.2 percent and the French CAC 40 Index is down by 1.0 percent. Swedish home appliance manufacturer Electrolux has slumped nearly 10 percent after third-quarter core profits came in below expectations. British Airways-owner IAG has also moved to the downside despite beating market expectations for profit in the third quarter. NatWest Group shares have plunged more than 10 percent after the Financial Conduct Authority said it had found "potential regulatory breaches" in its report into a banking account scandal that ousted NatWest CEO Alison Rose. French spirits maker Remy Cointreau has also moved sharply lower after slashing its sales outlook and lowering profit guidance. Drug maker Sanofi has also plummeted after it forecast lower profit next year and announced plans to split its consumer-healthcare and pharmaceutical business. On the other hand, Signify NV has shown a substantial move to the upside after reporting robust quarterly core earnings. SKF, the world's biggest maker of industrial bearings, has also advanced after saying it is exploring strategic options to fully or partially exit non-core businesses. MTU Aero Engines has also risen after the German aircraft-engine manufacturer reported higher adjusted sales and earnings for the third quarter and confirmed guidance for the year. Covestro has also jumped. The plastics and chemicals maker said that it is in talks with suitor Abu Dhabi National Oil Company (ADNOC) over a takeover approach. On a light day on the economic front, French consumer sentiment improved marginally in October, survey results from the statistical office INSEE showed earlier today. The consumer sentiment index moved up to 84 in October from 83 in September. The reading was forecast to remain unchanged to 83. The survey was conducted between September 26 and October 18. --------------------------------------------------------------- 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]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rebounded on Friday following a recent string of losses on Middle East worries and uncertainty over the Federal Reserve's interest rate path. Tech stocks led regional gains on the back of robust U.S. economic data released overnight and reports of a delay in the Israeli ground invasion of Gaza. The dollar steadied and gold ticked higher ahead of the release of the U.S. personal consumption expenditures reading, the Federal Reserve's preferred inflation gauge, later in the day. Crude prices rose around 2 percent in Asian trading after the U.S. military struck two facilities in eastern Syria that it identified as linked to the Islamic Revolutionary Guard Corps. The Israeli military also said its troops and tanks had briefly entered northern Gaza. Chinese shares rallied after data showed profits at Chinese industrial firms extended gains for a second month in September, helped by policy support to boost growth. The benchmark Shanghai Composite Index jumped 1.0 percent to 3,017.78, while Hong Kong's Hang Seng Index surged 2.1 percent to 17,398.73. Japanese shares rose sharply, and government bond yields hit a decade high as an unexpectedly high reading for Tokyo core inflation stoked speculation the Bank of Japan may shift further away from its controversial bond yield control policy at its policy meeting next week. Tokyo core consumer prices, which exclude volatile fresh food prices, rose 2.7 percent in October, while economists had expected a 2.5 percent increase. The Nikkei 225 Index shot up 1.3 percent to 30,991.69, while the broader Topix index settled 1.4 percent higher at 2,254.65. Seoul stocks edged up slightly, with the Kospi closing up 0.2 percent at 2,302.81 after a 2.7 percent plunge in the previous session. Internet portal operator Naver and chemical producer LG Chem rose 2-3 percent, while automaker Hyundai Motor dropped 2.2 percent and its affiliate Kia Corp shed 1.6 percent. Australian markets eked out modest gains, after having hit a one-year low in the previous session on rate hike worries. The benchmark S&P/ASX 200 Index edged up 0.2 percent to 6,826.90, with banks and consumer staple stocks pacing the gainers. The broader All Ordinaries Index closed up 0.2 percent at 7,014.20. --------------------------------------------------------------- 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]( --------------------------------------------------------------- Commodities Crude oil futures are jumping $1.63 to $84.84 a barrel after tumbling $2.18 to $83.21 a barrel on Thursday. Meanwhile, after inching up $2.50 to $1,997.40 an ounce in the previous session, gold futures are edging down $3.70 to $1,993.70 an ounce. On the currency front, the U.S. dollar is trading at 149.97 yen versus the 150.40 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0542 compared to yesterday?s $1.0563. --------------------------------------------------------------- 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