SPX500 Cautious Start to the Black Friday Week
The broad US index is on the back foot at the start of a holiday-shortened week due to Thanksgiving, which also includes the Black Friday shopping event
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The broad US index is on the back foot at the start of a holiday-shortened week due to Thanksgiving, which also includes the Black Friday shopping event
The US index lacks firm direction today as recent geopolitical fears ease and markets assess strong retail sales from the US and a poor quarterly report from retail giant Target
After last week’s Fed-fueled decline, the tech heavy index started the current one strong, with markets now awaiting today’s mid-term elections and Thursday’s CPI inflation update
During the week of October 31-November 4 European automakers and Chinese EV startups were in the spotlight, along with ride-hailing firm Uber and other corporations from various sectors
Tech earnings have disappointed over the Q3 earnings seasons, and with the prospect of higher rates, the present value of the NAS100 will likely come under further pressure. As a result, the NAS100 has fallen back into its bearish area between the lower blue and red bands. The longer it stays in this channel, the greater the probability of lower index prices ahead.
The US Federal Reserve delivered another 75 bps rate increase and pointed to a moderation in the pace of tightening, but ruled out a pause, sparking two-way action and volatility in markets
The social media giant registered a slide in both its top and bottom lines during the third quarter, while the segment responsible for delivering the Metaverse posted another loss
The weekly US30 chart has an interesting shape to it. Since May, the index has charted a broadening pattern, defined by a higher peak followed by a lower trough.
The tech-heavy index remains upbeat after last week’s surge, as investors prepare for earnings releases, frpm tech mega-caps, such as Alphabet, Microsoft, Meta Platforms, Amazon and Apple
Since Friday (black dashed vertical), US 10-year real rate (top candlestick chart) has declined. At the same time, the US30 (bottom candlestick chart) has appreciated. The two have a correlation coefficient of -65%, reinforcing the inverse relationship.
The leader of the Electric Vehicle (EV) market announced overall strong financial results for the third quarter of the year, after the US markets closed on Wednesday
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