Daily wrap – US Export Restrictions on China and Weaker Earnings Trigger Wall Street Correction

Key takeaways

Daily wrap

GOLD

Key takeaways

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%.
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.
The Speaker of the House of Representatives suggests that a quick agreement on the funding bill is now receding.
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%.
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.
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.
EURUSD is rebounding above 1.1600 as US Treasury yields fall below 4%.
Bitcoin is down 2% and drops towards the $108 thousand level.
Gold continues its sharp decline, adding even 2% to yesterday’s sell-off and approaching the $4000 level.
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.
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.
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.
Google achieved a breakthrough in quantum computing with its "Willow" chip, outperforming classical supercomputers.
OpenAI launched Atlas—an AI-based web browser.

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Daily wrap – US Export Restrictions on China and Weaker Earnings Trigger Wall Street Correction

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