Overview
After a brief decline, U.S. stocks rebounded today due to positive earnings reports from tech giants. The Composite Index rose by 0.3% to close at 6,840. Amazon's Q3 earnings surpassed expectations, leading to nearly a 10% surge, reaching an all-time high. Meanwhile, Apple's potential was held back due to news of declining sales in China, dampening its rally.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
A Major News Story
The market's upward movement was somewhat constrained by hawkish remarks from Federal Reserve officials, who revealed disagreements following a recent interest rate cut. Notably, Kansas City Fed's Esther George opposed the rate cut, citing concerns over inflation pressures. Dallas Fed's Logan and Cleveland Fed's Mester also expressed caution about further rate cuts. Atlanta Fed's Bostic suggested that a December rate cut is not guaranteed, which led to a reduction in market expectations for such a move.
Tomorrow's Economic Indicators
| Time (UTC) | Description |
|---|---|
| 20:45 | U.S. October S&P Global Manufacturing PMI |
| 23:00 | U.S. October ISM Manufacturing PMI |
| 01:00 | Speech by Fed President Daly |
| 03:00 | Speech by Fed President Kashkari |
General Opinion
The overall market sentiment remains positive, supported by strong earnings reports. However, there are concerns about the rally being concentrated in a few stocks, which could pose a short-term hurdle. The earnings season is showing a very positive trend, with over 60% of S&P 500 companies reporting results that beat expectations. Capital flows remain supportive, with $17.2 billion inflows into global stock markets. Wall Street analysts believe this isn't the peak, as many sectors show double-digit growth, not just limited to AI-related stocks, but across U.S. and global companies.
