Key takeaways
- US indices remain steady as investors await Netflix’s financial results after today’s session.
- Gold and silver prices plunged sharply today, marking their largest single-day declines in years due to profit-taking and a stronger US dollar.
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Key takeaways
- US indices remain steady as investors await Netflix’s financial results after today’s session.
- Gold and silver prices plunged sharply today, marking their largest single-day declines in years due to profit-taking and a stronger US dollar.
- Today marks the beginning of the earnings release season for the so-called "Magnificent 7" — the largest and most influential technology companies in the USA — putting the markets in a state of anticipation. At the time of publication, the US500 and US100 indices are hovering around yesterday’s closing levels.
- After today’s session, Netflix’s financial results will be announced, which could further influence investor sentiment.
- The major European stock markets closed the day in positive territory: the FTSE 100 rose by about 0.25%, the CAC 40 gained approximately 0.64%, the AEX recorded a slight increase of about 0.02%, and the DAX ended the session up around 0.37%.
- In September, Canada’s annual CPI inflation reached 2.4%, surpassing the forecasted 2.3% and the previous level of 1.9%, with a monthly increase of 0.1%. As a result, after the data release, the probability of an interest rate cut by the Bank of Canada in October fell from 86% to 74%.
- Today, the Warsaw Stock Exchange saw a slight correction, with most major indices closing in the red.
- Production and assembly dynamics in Poland in September were slightly better than expected — increasing by 0.2% year-over-year (a decline of 2% was forecasted), suggesting some resilience in the industrial sector, although the BIEC indicator still signals deteriorating economic sentiment.
- GE Aerospace published its Q3 results, significantly exceeding expectations, which boosted the company’s stock prices; the firm also raised its full fiscal year forecasts despite moderate growth in orders.
- Futures prices for cocoa are beginning to rise after previous declines, despite significant export restrictions from Africa and lower processing activity in Asia and Europe. Currently, contracts are priced at around 5,943 USD per ton.
- Gold is down more than 5% today, marking its largest single-day correction since August 2020. The drop is a result of profit-taking after earlier gains and changing market conditions such as a strengthening US dollar and easing geopolitical tensions. The price of gold has fallen below the 4,150 USD per ounce level.
- Silver is also down more than 7%, dropping below 50 USD — its biggest single-day correction since April — due in part to profit-taking after a wave of FOMO (fear of missing out) among retail investors.
- Cryptocurrencies are gaining today, recovering losses from recent market turmoil. Bitcoin is up more than 1.5%, surpassing the 112,000 USD level. Ethereum is also up today, though more modestly, by about 1%, breaking above the 4,000 USD mark.
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