Blog

US Market Wrap 29 October 2018

Posted by Billy Macris on 29-Oct-2018 15:27:46

It was a wild week for US equities as the Dow fell 3.17%, the S&P 500 fell 4.18% and the Nasdaq fell 4.31%. Friday’s session added to the declines as all major indexes finished in red following a series of poor earnings from the big market players.

On Thursday after the market close Google and Amazon reported earnings that topped analyst estimates however missed on revenues. As a result in Amazon ended Friday’s session down 7.8% and Google fell 1.8% falling as much as 5.6% earlier. We saw an increase in volatility as the VIX rose to weekly high of 27.48 before subsiding to 24.16 after stronger than expected economic data was released. The Commerce Department reported that the US economy has grown by 3.5% above the 3.3% estimate. Stocks marginally reversed course rallying from the session lows, however it wasn’t enough to push into positive territory.

Some of the better performers on Friday included Intel shares rising 3.85 and Telsa was up 5.1% where on Monday shares opened for the week at $260.49 and with a positive earnings report. On Friday the stock traded from an intraday high of $340 to close at $330.90. Moving to the decliners of the day, Western Digital shares sunk following a disappointing earnings miss as shares fell 18.2%. Similarly, Snap Inc. shares plunged 10.2% for the same reason.

Please see below some of the major companies reporting this week along with key economic data that the market will be anticipating:

  • Tuesday 30th October
    • Facebook reporting earnings after the market close (U.S)
    • Ebay reporting earnings after the market close (U.S)
  • Wednesday 31st October
    • Australian inflation data at 11:30am (ADT)
    • Bank of Japan rate decision
    • Eurozone unemployment rate at 9:00pm (ADT)
  • Thursday 1st November
    • Apple reporting earnings after the market close (U.S)
    • Crude Oil inventories at 1:30am (ADT)
    • Australian trade balance at 11:30am (ADT)
    • Bank of England rate decision at 11:00pm (ADT)
  • Friday 2nd November
    • Chevron reporting earnings before market open (U.S)
    • Exxon Mobile reporting earnings before market open (U.S)
    • U.S ISM manufacturing PMI at 1:00am (ADT)
    • U.S employment data at 11:30pm (ADT)

ETF S&P 500 Sectors

ScreenShot001

ETF Sectors Screener 

ScreenShot002-3

FX & Commodities 

ScreenShot003-5

Chart of the Day: Amazon Inc. (AMZN) daily chart

29.10.18 amzn

Topics: +U.S. Market Wrap