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✨【US Stock Market News】US stock index futures weakened in the pre-market on Friday, with Amazon (110.96, -4.70, -4.06%) earnings dragging down the Nasdaq. The US PCE price index for September, the Federal Reserve's most favoured inflation gauge, will be released.
Dow futures were down 0.03%, while S&P 500 futures were down 0.5% and Nasdaq futures were down 0.9%. The UK's FTSE 100 index was down 0.4%, Germany's DAX was down 0.5% and France's CAC-40 was down 0.2%. Investors have sold off technology stocks after Microsoft, Alphabet and Meta reported weak earnings and earnings outlooks. Stocks have been shaken this week Steven's Report Research president Tom Essaye said, "The tech heavyweights in the S&P 500 are down significantly, while most sectors of the market have seen decent rallies or only modest declines."
✨ [Real-time news] US energy giant Exxon Mobil (XOM.US) reported a quarterly profit on Friday that far exceeded expectations, largely due to soaring energy prices driving the company to record quarterly profit levels that were almost on par with tech giant Apple (AAPL.US). The figures showed that the company's third quarter net profit reached a staggering US$19.66 billion, or US$4.68 per share, far exceeding Wall Street's recently raised expectations and bringing its profit close to Apple's US$20.7 billion net profit for the same period. It is worth noting that as recently as 2013, ExxonMobil was the largest publicly traded company in the US by market capitalisation, a position now held by Apple, which has a market capitalisation of $2 trillion.
The US economy has been "dragged through the mud" by unattainable loan rates + falling home prices: "Deep in the mud" of US real estate, which has become the biggest problem for US economic growth. 27 October, US GDP data released showed that The preliminary real GDP for the third quarter achieved a higher than market expectations of 2.4%, reaching 2.6%. However, residential fixed investment plunged 26.4%, the sixth consecutive quarterly decline, becoming the core factor affecting GDP. Some analysts have pointed out that interest rate sensitive real estate has shown signs of recession, while the plunge in housing investment is the result of the continued surge in US mortgage rates and sluggish consumer growth.
Unattainable loan rates:According to data from the Mortgage Bankers Association (MBA) on Wednesday 26 October, the contract rate on 30-year fixed-rate mortgages rose 22 basis points to 7.16% in the week ended 21 October, the 10th consecutive week of increases and the highest level since 2001, according to data from the Federal Reserve's aggressive rate hikes, going back to a year ago when the rate was only slightly above 3%. As mortgage rates continued to climb, homebuyers stopped and began to wait and see, and home sales figures plummeted. The National Association of Realtors data shows that second home sales fell by 2% in August, a decline that exceeded expectations of 1.5%, and second home sales fell by a further 1.5% in September compared to August.
The Washington Post cited sources as saying that Tesla CEO Musk's purchase of Twitter for US$44 billion (RMB 319 billion) was completed on the evening of 27th local time, giving him control of the company. According to the report, three people familiar with the matter, who requested anonymity, revealed that four executives, including Twitter's chief executive officer (CEO) Parag Agrawal, chief financial officer (CFO) Ned Segal, and general counsel Sean Edgett, had been fired in place by Musk and hastily evicted from the Twitter headquarters building.
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