The start of the US trading session has been positive for traders of Tesla and Microsoft.
American equities struggle for direction
On Friday, American equities struggled for direction due to the fact market participants sorted through a number of economic reports, which painted rather a mixed picture of the American economy. Key indexes were mostly braced for a losing week, although they have performed well for the quarter and the month.
The Dow Jones Industrial Average DJIA managed to acquire 20 points trading at 26,460. As for the S&P 500 SPX, it didn’t manage to defend most gains, diving to 2,913. Besides this, the Nasdaq Composite Index COMP declined by 5 points coming up with an outcome of 8,036.
For the last three months, the S&P has rallied over 7% that would be its greatest quarterly jump since the fourth quarter of 2013. As for the Dow, it has gained more than 9%. Additionally, both the S&P and the Dow have added in 11 of the last 12 quarters. Meanwhile, over the quarter the Nasdaq has rallied over 7%.
In the USA, in August, consumer spending acquired 0.3%, thus demonstrating the slowest tempo since February. As for personal income, it also jumped by 0.3%.
Meanwhile, in September, the Chicago Purchasing Manager’s Index slumped to a five-month minimum of 60.4, which is below estimates for an outcome of 62. In September, a reading of consumer sentiment accounted for 100.1, which is a bit below estimates.
The equities of Tesla Inc. TSLA, -13.57% headed south by 13% right after the Securities and Exchange Commission had Elon Musk sued, who appears to be the electric-car maker’s chief executive officer and chairman.
Additionally, Facebook Inc sank by 3.1% because the social media company told it has recently discovered a security vulnerability, which impacted almost 50 million accounts. The given bug enabled hackers to steal Facebook access tokens that could be utilized for hijacking folks’ accounts.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
The GBP traders await the outcome of the election, while the euro may follow the words of the new ECB president Christine Lagarde. Read more!
The Federal Reserve had the meeting on Wednesday - we take the first look at the results and try to understand what's coming next.
YouGov, the key organization tracking the UK public opinion has released its final report ahead of the vote that will take place on Thursday, December 12.