Stocks on a four day losing streak
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US Markets U.S. stock futures were down slightly overnight after the major indexes fell for the fourth consecutive day. - Block rose more than 13% after the mobile payment company announced better-than-expected earnings.
- Carvana lost nearly 10% as the online used car retailer reported larger-than-expected losses and lower earnings than expected.
- The current 10 Year U.S. Treasury yield is set at 4.15420%
| Dow Jones | 32,001.25 | -0.46% | | S&P 500 | 3,719.89 | -1.06% | | Nasdaq | 10,342.94 | -1.73% | | Russell 2000 | 1,779.73 | -0.53% | *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 The federal government has announced a plan to introduce a new corporate share buyback tax. - The full details of the new tax, which will come into effect on Jan. 1, 2024, will be announced in next year's budget.
- The government estimates that the new levy will generate $2.1B in tax revenue over its first five years.
- The announcement comes three months after President Biden unveiled a 1% tax on share buybacks in the U.S.
*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 European stocks were down again on Thursday as investors further reacted to rate hikes from the U.S. Federal Reserve and the Bank of England. - The Stoxx 600 dropped 1%. Automotive stocks dragged down markets with a 2.5% loss.
- Oil and gas stocks were among the best performing, gaining 1%.
- British stocks saw gains as investors reacted positively to the interest rate hike, as well as the policies unveiled by the government of new Prime Minister Rishi Sunek.
| Euro STOXX 50 | 3,593.18 | -0.80% | | UK (FTSE 100) | 7,188.63 | 0.62% | | Germany (DAX) | 13,130.19 | -0.95% | | France (CAC 40) | 6,243.28 | -0.54% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Asian stocks were down on Thursday in response to the interest rate hike in the U.S. - The Hang Seng Index lost 3.11% in the last hour of trading on Thursday, led by tech stocks, which dropped 3.5%.
- Stocks in Australia were down 1.84% on Thursday to compound earlier losses this week after rising last week.
- Markets in Japan were closed for a holiday.
| S&P Asia 50 | 3,586.00 | -2.62% | | Japan (Nikkei 225) | 27,663.39 | -0.06% | | South Korea (KOSPI) | 2,329.17 | -0.33% | | China (Hang Seng) | 15,339.49 | -3.08% | | India (SENSEX) | 60,836.41 | -0.11% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices lost 2% after China decided not to ease its restrictive "Zero Covid" policies. - Brent crude dropped 1.5%, while U.S. West Texas Intermediate lost 2%.
- OPEC+ members will cut their output starting this month and the EU's embargo on Russian oil is set to begin in December.
- There are concerns about long-term oil demand in the U.S. despite a strong labor market.
| Oil (NYSEARCA:OIL) | 31.89 | -1.11% | | Gold (NYSEARCA:GLD) | 151.81 | -0.38% | | Silver (NYSEARCA:SLV) | 17.94 | 1.18% | | Corn (NYSEARCA:CORN) | 27.15 | -0.73% | | Lumber (NASDAQ:WOOD) | 69.48 | 0.94% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currencies The British Pound was down on Thursday after the Bank of England projected a long-term recession in the country. - The pound has been extremely unstable in recent weeks due to the volatility in the markets and political turmoil.
- The U.S. Dollar made significant gains as markets reacted to the Federal Reserve's interest rate hike.
- The Japanese Yen remains strong following the government's intervention last week.
| UK(GBP) | £0.90 | 2.90% | | Europe (EURO) | €1.03 | 1.32% | | Canada (Canadian Dollar) | $1.37 | 0.90% | | Japan (Yen) | ¥148.26 | 0.25% | *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.
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Cryptocurrency Bitcoin and Ether remained stable despite major economic news, including a drop in jobless claims and the interest rate hikes in the U.S. and U.K., but other altcoins surged. - Fliecoin was up 14% and Storj rose 10%.
- Arweave's digital token AR surged more than 60% after Meta announced that it will use the company's storage products to archive digital collectibles.
- SuperRare has launched RarePass, which allows for exclusively curated NFT drops.
| Bitcoin | $20,171.30 | -1.51% | | Ethereum | $1,527.65 | 0.63% | | Litecoin | $61.61 | 1.10% | | Bitcoin Cash | $115.26 | 0.23% | *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.
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 |  | 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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