Market Outlook 🚀 - Futures Down

Alphabet's poor earnings results

Inside.com Part of   Network October 26, 2022

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US Markets Stocks were up on Tuesday but fell overnight after poor earnings results from Alphabet after hours.  Alphabet stock is down over 6% after missing both top and bottom-line earnings expectations.  A major concern for the general markets is the decline in advertising revenue, which would indicate a drop in B2B spending and growth investments by companies.  The current 10 Year U.S. Treasury yield is set at 4.10310% Dow Jones  31,836.74 1.07% S&P 500  3,859.11 1.63% Nasdaq  11,199.12 2.25% Russell 2000 1,796.16 2.73% *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.

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Canadian Markets Stocks in Canada were up as politicians and banks disputed the merits of another interest rate hike, which is expected to be announced later today.  Finance Minister Chrystia Freeland supported the interest rate hike, claiming that the Bank of Canada should be free of political judgment and that its role as an independent body is fundamental to the functioning of the economy.  Her comments came after New Democratic Party Leader Jagmeet Singh claimed that the hike expected to be announced today was without merit. Of the three major parties in Canada (which together control 89% of the votes in parliament), the most left-wing party (New Democratic) and the most right-wing party (Conservative) are united in their criticism of the Bank of Canada, with only the governing center-left party (Liberal) defending the rate hikes.  The new Conservative Party leader Pierre Poliviere said he wants to fire the current Bank of Canada governor if elected and has promoted the use of cryptocurrencies as an alternative.  TSX  19,097.01 0.94% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

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European Markets Stocks in Europe were largely positive on Tuesday, with just the U.K. falling behind after seeing significant gains on Monday.  The Stoxx600 gained 1.4%, with tech companies leading markets as they surged by 4.2%.  Rishi Sunak was formally confirmed as U.K. Prime Minister on Tuesday. His first speech was not well received by the public or investors as he spent a significant portion discussing the good intentions of his predecessors, who are both unpopular.  Just Eat gained 8.2% after the company announced higher-than-expected earnings for Q3.  Euro STOXX 50  3,585.58 1.64% UK (FTSE 100)  7,013.48 -0.01% Germany (DAX)  13,052.96 0.94% France (CAC 40) 6,250.55 1.94% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Stocks in Asia saw losses on Tuesday and started the day down on Wednesday, despite positive movement in the U.S. and Europe.  HSBC lost more than 5%, dragging down the Chinese markets after it had lower-than-expected profits.  Chinese tech is hurting as foreign investors are concerned about the actions of the Chinese government, which delayed the publication of economic data last week. This caused tech companies, some of which are listed in foreign markets, to fall.  Annual inflation in Singapore hit 7.5% in September.  S&P Asia 50 3,486.09 -0.05% Japan (Nikkei 225) 27,250.28 1.02% South Korea (KOSPI) 2,235.07 -0.05% China (Hang Seng) 15,165.59 -0.10% India (SENSEX) 59,543.96 -0.48% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil prices were up on Tuesday after recovering from a volatile day on Monday.  Brent crude was up 0.28%, while U.S. West Texas Intermediate crude gained 0.87%.  U.S. crude inventories rose by 200,000 barrels last week.  Analysts are concerned that oil prices could continue rising if the interest rates in the U.S. go above 4.50% Oil (NYSEARCA:OIL) 30.84 0.85% Gold (NYSEARCA:GLD) 154.00 0.23% Silver (NYSEARCA:SLV) 17.86 1.02% Corn (NYSEARCA:CORN) 27.31 0.37% Lumber (NASDAQ:WOOD) 71.17 1.85% *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.

Currency Exchange Rates The British Pound Sterling was up again on Tuesday after Rishi Sunak was sworn in as prime minister and promised to prioritize stabilizing U.K. markets. The U.S. Dollar Index lost 1% on the day and is near its lowest point this month.  The Euro is at a 20-day high as the European Central Bank is expected to raise rates later this week.  The Chinese Yuan hit its lowest point since the 2008 recession.  UK(GBP) £0.87 -1.00% Europe (EURO) €1.00 -1.03% Canada (Canadian Dollar) $1.36 -0.19% Japan (Yen) ¥148.04 0.09% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Cryptocurrency Bitcoin rose 5% over a 24-hour period on Tuesday, breaking its long period of stability.  Ethereum gained more than 11% in the same 24-hour period.  Neither currency saw a significant increase in trading volume to accompany their price increases.  ADA was one of the best-performing currencies, surging 13%, while SOL gained 11%, and UNI (Uniswap) rose 8%.  Bitcoin $20,100.60 2.70% Ethereum $1,462.47 8.83% Litecoin $56.20 6.95% Bitcoin Cash $113.01 1.92% *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.

Liam Gill is a founder, lawyer and investor. He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.   Editor Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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