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US Market Wrap 1 November 2018

Posted by Billy Macris on 01-Nov-2018 09:43:33

There green on the screen returned as stocks opened strongly on Wednesday as the major indexes closed the month of October on a slightly positive note, yet still down for the month overall. The Dow rose +0.97%, the S&P 500 rose +1.09% and the Nasdaq was higher by 2.01%.

Strong earnings before the market open and the previous session by General Motors and Facebook sent futures higher indicating a positive start to the session. General Motors shares spiked 9.1% after reporting earnings that topped expectations and Facebook shares rose 3.8 percent after the a positive earnings where the social media giant also announced the company plans to news products such as  Facebook Watch and Instagram TV. The news weighed on the broader tech sector with gains in Amazon +4.42%, Google +3.91%, Microsoft +2.97% and Netflix +5.59%. Notably, stocks sold off going into the close yet still finished on a positive note.  

Stocks have been under the pump recently due to rising concerns regarding rising interest rates, a trade war between the US and China and a slump in global economic growth. In addition worries regarding slowing corporate earnings have also come into play where Apple shares which rose 2.61% are due to report after market close on Thursday. Its result may give a good indication on how markets will react in the coming days.

Moving back into earnings it was a positive night as we saw positive results from the following companies:

    
  • Chesapeake Energy (CHK) +7.34%
  • Automatic Data Processing (ADP) +4.97
  • Sprint Corp (S) +7.37%
  • Yum Brands (YUM) +4.57%
  • Estee Lauder (EL) +4.74%
  • Fitbit Inc. (FIT) +7.01% & 9.94% after hours

In economic data private payrolls rose by 227,000 in October above the expected figure 187,000. Tonight we have the bank of England policy rate decision where the GBP/USD will come under scrutiny and in the US initial jobless claims.

ETF S&P 500 Sectors

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ETF Sectors Screener 

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FX & Commodities 

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Chart of the Day: General Motors Inc. (GM) Weekly chart

1.11.18 - gm

 

Topics: +U.S. Market Wrap