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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.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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