The start of the US trading session has been positive for traders of Tesla and Microsoft.
Dow gets back to positive territory
On Thursday, the Dow got back to positive territory for the year, offsetting losses from yesterday’s rout, led by soaring tech equities because bargain-hunting traders rushed to beaten-up equities on the back of reassuring earnings.
As a matter of fact, the Dow Jones Industrial Average leapt by nearly 1.63%. As for the S&P 500, it managed to gain by 1.86%. At the same time, the Nasdaq Composite surged by 2.95%. Firm profits for the Dow as well as Nasdaq saw both indexes dodged correction territory.
Well, the major averages managed to dodge correction territory due to the fact market participants considered the rout from a day earlier to be a buying opportunity.
On Wednesday, Microsoft reported profits after the settlement that handily surpassed analyst expectations on both the top as well as bottom lines, thus sending its equities up by 6%. As for Twitter, it managed to surge over 15% having surpassed consensus profit forecasts.
In addition to this, Tesla demonstrated a striking third-quarter gain, although some on Wall Street tamed upbeat mood, questioning whether it’s as good as it gets for the well-known electric car maker.
Tesla's exposure to China levies on imported components as well as its offering of lower-priced cars would probably have margins compressed in the fourth quarter.
Chip producer Advanced Micro Devices tamed optimism on profits after it guided fourth-quarter gains below consensus forecasts. Its equities headed south by nearly 15%.
Chipmakers generally rallied, with top performers including, Nvidia, Micron Technolgoy and Intel. Besides this, the SPDR S&P Semiconductor headed north by over 2%, compensating some losses from yesterday, when the sector faced its worst dive since November 2018.
By the way, Xilinx, Twitter as well as International Paper turned out to be the S&P 500 top performers for the trading session.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
Today, the euro shows a double-top pattern against the CHF, which may be used by the bears if the pattern is confirmed.
Australia will publish the level of employment change and the unemployment rate at 2:30 MT on November 14.
The euro and the Australian dollar growing against the USD, the British pound in a correction after Monday's rise