To The Moon

US Financial Sector Drags Down Marke

🇺🇸 S&P 500 Index: -0.03% 📉

🇺🇸 Nasdaq Index: +0.56% 📈

🇪🇺 Stoxx 600 Index: -0.03% 📉

🇯🇵 Nikkei 225 Index: -0.60% 📉

🇭🇰 Hang Seng Index: +0.49% 📈

🇨🇳 CSI 300 Index: +0.71% 📈

🇸🇬 Straits Times Index: -0.32% 📉

US stock market showed mixed results, with the S&P 500 index giving up early gains to close flat, while the Nasdaq Composite rose 0.6%. This was due to a decline in the banking sector overshadowing gains in technology stocks, as investors grew concerned about financial stocks following disappointing earnings guidance from New York community banks.

In the Asia-Pacific region, stock markets also showed mixed results, with the Hong Kong Hang Seng Index rebounding 0.5% due to renewed optimism about economic growth sparked by a recovery in Chinese real estate sales. Conversely, the Nikkei 225 index fell 0.6% as investors prepared for Japan's weekend elections.

In October 2024, Japan's core inflation rate increased by 1.8% year-on-year (forecast: 1.7%), marking the second consecutive month of slowing to its lowest level since April.

Future Events:

On Tuesday, Japan's unemployment rate and the US consumer confidence index will be released.

Japan's consumer confidence index and US estimated GDP will be released on Wednesday.

China's manufacturing and services PMI, Japan's central bank interest rate decision, Eurozone CPI preliminary annual rate, and US core PCE index and unemployment claims will be released on Thursday.

Investors will be looking forward to the US average hourly earnings, non-farm payrolls, unemployment rate, ISM manufacturing PMI and China's Caixin manufacturing PMI to be announced on Friday.

💡Things to Know Today:💡

1. New York Community Bank has postponed its profit targets to 2026 due to ongoing losses, primarily impacted by commercial real estate. The stock dropped 8.3% on Friday.

New York Community Bank

2. Berkshire Hathaway's statement: “Mr. Buffett will not, and will not in the future, endorse any investment products or political candidates.”

Berkshire Hathaway

3. The CDC issued a warning on Tuesday linking McDonald's quarter-pound burgers to an E. coli outbreak in 10 states, which has resulted in one death. Since then, the company's stock has fallen 7.2% as of Friday.

MacD

4. According to Xinhua, China's top legislative body will hold a meeting from November 4 to 8, with no mention of anticipated debt and fiscal measures on the agenda.

5. Driven by the successful launch of the iPhone 16, Apple has re-entered the top five smartphone suppliers in China in Q3 2024, although its growth still lags behind domestic rival Huawei.

iPhone 16

✅ Key Points:

It will be a very busy week in the US, with a series of highly anticipated economic data releases and earnings reports from major tech companies including Microsoft $Microsoft(MSFT)$ , Alphabet $Alphabet(GOOGL)$ , Meta $Meta Platforms, Inc.(META)$  , Apple $Apple(AAPL)$  , and Amazon $Amazon.com(AMZN)$ .

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