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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

US stocks to start the week higher; Halliburton profit falls

12:56 21 October 2019

Summary:

  • US benchmarks gain on Kudlow comments 

  • Small-caps move up near 1-month high

  • Halliburton profits fall on weak NA drilling

 

After having a look lower on Friday stocks are moving higher once more so far today, with European benchmarks trading higher and US indices also in the green ahead of the North American session. The markets have received a further lift in recent minutes after some positive remarks from Kudlow on Fox Business as follows (emphasis is our own): 

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  • If phase 1 China talks go well, December tariffs could be taken off

  • Things look pretty good as US-China trade talks continue

  • Human rights are an important part of negotiations

 

The US500 is back around the 3000 handle but the more interesting price action lies elsewhere with the small-cap index (US2000) pushing up to its highest level since September.

Small caps have been underperforming their larger peers for much of this year with a series of lower highs seen in the US2000 since the YTD high in May whereas the US500 made its 2019 peak in July and currently trades only 1% from its record high. Source: xStation   

 

Earnings season is now in full swing with the most noteworthy set of results ahead of the opening bell coming from Halliburton. The company which specialises in drilling oil & gas wells reported a 32% slump in profits for the quarter, blaming weak demand in North America - its biggest market - for the poor performance. Net profit attributable to shareholders fell to $295M or $0.34/share, down from $435M or $0.50/share for the same period last year. According to Refinitiv analysts had forecast on average these earnings figures but there was a miss in revenue which dropped by 10% to $5.55B - below the consensus forecast of $5.8B.

Shares in Halliburton have been under pressure in recent years and fell to their lowest level since 2009 just a couple of months ago. The latest results will not do a lot for sparking hopes of a recovery. Source: xStation 

 

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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