- Daily wrap
- Daily wrap
- US equity index futures are undergoing a significant correction amid increased uncertainty regarding the financial results of major technology companies. The US100 is losing as much as 1.4%, and the US500 is down over 0.8%.
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The declines are also linked to news that the Trump administration is reportedly planning to impose export restrictions on products to China that contain US-produced software.
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The Speaker of the House of Representatives suggests that a quick agreement on the funding bill is now receding.
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Netflix is down nearly 10% today due to a weak net result stemming from a tax dispute in Brazil. The negative sentiment is further supported by Texas Instruments, which signaled weakening demand for semiconductors. Its shares are losing almost 7%.
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Tesla is down over 1% today ahead of financial results to be released after the session close. The company is expected to report a record quarter, but a slowdown is anticipated afterward, linked to the expiry of electric vehicle purchase support and the diminished weight of emission certificate sales.
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Beyond Meat shares gained almost 100% at the session open due to the company's inclusion in a newly formed ETF focused on meme stocks. While all of the session's initial gains have now been pared, the stock has still gained almost 400% over the past five sessions.
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EURUSD is rebounding above 1.1600 as US Treasury yields fall below 4%.
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Bitcoin is down 2% and drops towards the $108 thousand level.
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Gold continues its sharp decline, adding even 2% to yesterday’s sell-off and approaching the $4000 level.
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Crude oil is up over 2% and nears the $59 per barrel mark. This is the result of a possible agreement between India and the US regarding India halting purchases of Russian oil.
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Trump postpones a meeting with Putin after Russia rejected the possibility of an immediate ceasefire with Ukraine. Ukraine continues attacks inside Russia, but the country's oil refining capacity is beginning to recover.
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GBP was the weakest currency in the G10 for most of the day following the release of weaker-than-expected UK inflation data. Inflation came in at 3.8% y/y versus the 4.0% expectation, increasing the chances of an interest rate cut in November.
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Google achieved a breakthrough in quantum computing with its "Willow" chip, outperforming classical supercomputers.
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OpenAI launched Atlas—an AI-based web browser.
Google Quantum Echoes – A Quantum Computing Breakthrough
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