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On Thursday, American equities headed south due to the fact that gloomy earnings reports from industrials backed fears about soaring expenses as well as the impact of levies, contributing to worries over higher borrowing costs after hawkish remarks from the Fed’s minutes.
The US-China trade clash, higher borrowing costs as well as wage pressures have appeared to be the key fear of market participants because the third-quarter earnings season gains steam, contributing to the previous week's selloff.
Those worries were manifested in Sealed Air's outcomes. As a matter of fact, the equities of this packaging firm slumped by 6.5% after downgrading its full-year revenue outlook because of higher raw material as well as freight costs.
Revenue at S&P 500 businesses are anticipated to have surged by 22% in the third quarter, which is slower compared to the previous two quarters. Of the 69 companies, which have posted o far, up to 78.3% have managed to beat expectations.
Moreover, large industrials, including 3M and Caterpillar dived 1%-2.5% and assisted to suppress the sector, making it slump by 1.1%.
The minutes of the key US bank’s September gathering, uncovered on Wednesday, disclosed that policy makers generally agreed on the necessity to keep lifting interest rates.
The Dow Jones Industrial Average declined by 0.91% hitting 25,472.71. Moreover, the S&P 500 lost nearly 0.92% being worth 2,783.38. The Nasdaq Composite dipped by 1.44% reaching 7,532.48.
The defensive utilities, real estates and consumer staples appeared to be the top-notch performers amidst the 11 key S&P sectors.
Besides this, Activision lost 7.3% after its fresh "Call of Duty" computer game earned more than $500 million for the first three days of sales, which is lower than investors had hoped for.
Philip Morris rallied by 3.7% after the Marlboro cigarette producer topped experts’ forecasts for quarterly revenue and sales.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
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