Market Outlook 🚀 - Futures Fall

Tech earnings below expectations

Inside.com Part of   Network October 28, 2022

US Markets Tech stocks continued their decline after Meta reported lower-than-expected earnings on Thursday.  Stock futures were also down as Amazon missed quarterly revenue expectations and lowered its projections for Q4.  Apple shares saw losses after hours, with iPhone revenue coming in lower than expected.  The current 10 Year U.S. Treasury yield is set at 3.93500% Dow Jones  32,033.28 0.61% S&P 500  3,807.30 -0.61% Nasdaq  10,792.68 -1.63% Russell 2000 1,806.32 0.11% *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.

Canadian Markets Canadians are expected to see the fastest decline in their net worth since the early 1990s.  Due in part to the rise in interest rates, Canadians will need to allocate 15% of all their income to pay debt, according to a Royal Bank of Canada (RBC) report. RBC expects household spending to fall by $15B in 2023 due to the cuts in net worth and the price increases.  Net worths are expected to fall by a total of $1.6T in 2023.  TSX  19,352.11 0.38% *Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services

European Markets European stocks were up again on Thursday and have seen gains every day so far this week.  The Stoxx 600 was up 0.1%, led by oil and gas stocks, which gained 3.5%.  As was the case in the U.S., technology stocks, which lost 1.6%, dragged down markets. Mining stocks saw similar losses.  The European Central Bank announced a 75-basis point interest rate hike.  Euro STOXX 50  3,604.51 -0.02% UK (FTSE 100)  7,073.69 0.25% Germany (DAX)  13,211.23 0.12% France (CAC 40) 6,244.03 -0.51% *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Asian Markets Shares in Asia were down on Thursday due to concerns about the Bank of Japan and the Japanese Yen.  Chinese airlines are expected to report earnings today, as will BYD, a Chinese electric vehicle manufacturer.  South Korea's markets will be impacted by LG Electronics' reporting earnings.  Stocks were down in Australia after a week of stability.  S&P Asia 50 3,571.83 1.16% Japan (Nikkei 225) 27,345.24 -0.32% South Korea (KOSPI) 2,288.78 1.74% China (Hang Seng) 15,427.94 0.72% India (SENSEX) 59,756.84 0.36% *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.

Commodities Oil rose again Thursday, extending the gains from Wednesday.  Prices were up due to increasing investor optimism after U.S. crude exports hit a record high, which has balanced out concerns about the health of the global markets.  Brent and U.S. West Texas Intermediate were both up 1.3% on the day.  U.S. and EU officials are close to finalizing plans to alter the caps imposed on Russian oil.  Oil (NYSEARCA:OIL) 31.97 0.73% Gold (NYSEARCA:GLD) 154.74 -0.15% Silver (NYSEARCA:SLV) 17.98 0.00% Corn (NYSEARCA:CORN) 27.18 -0.40% Lumber (NASDAQ:WOOD) 71.13 -0.31% *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 After a volatile day, the Euro is back at parity with the U.S. Dollar.  Following a 75-basis point interest rate hike, the European Central Bank's deposit rate is at 1.5%, the highest point since 2009.  The U.S. GDP rose at an annualized rate of 2.6% last quarter, which is putting downward pressure on the U.S. Dollar.  The Canadian Dollar continued to rise against the U.S. Dollar after the Bank of Canada hiked interest rates again.  UK(GBP) £0.87 -0.83% Europe (EURO) €1.00 -0.05% Canada (Canadian Dollar) $1.36 -0.43% Japan (Yen) ¥146.40 -1.08% *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 is holding its price at just over $20k despite volatility in the markets and the decline of technology stocks.  DOGE was up 11% on Thursday as Elon Musk finalized his $44B acquisition of Twitter.  Reddit NFTs are generating $2.5M in daily trading volume, according to a new Coinbase report.  Google has introduced a new cloud-based blockchain node service for the Ethereum network.  Bitcoin $20,322.90 1.18% Ethereum $1,521.98 -2.83% Litecoin $54.71 -3.03% Bitcoin Cash $113.33 0.56% *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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