Market Momentum Builds on Strong Earnings Reports
The US stock market is poised for a sixth consecutive week of gains, driven by a strong showing from big banks and a stellar earnings report from Netflix. Tech stocks are leading the charge, with futures on the Nasdaq 100 surging 0.5% and those on the S&P 500 adding 0.2%. The Dow Jones Industrial Average is hovering near its fresh record closing high.
Netflix Shines with Across-the-Board Earnings Beat
Netflix’s impressive Q3 results have alleviated concerns that Big Tech names might struggle in the third quarter. The streaming giant’s profit soared past Wall Street estimates, while revenue and subscriber growth also exceeded expectations. Its shares skyrocketed over 6% in premarket trading, setting the tone for a positive day in the markets.
Chinese Stocks Rebound on Stimulus Hopes
A rebound in Chinese stock markets has boosted US-listed shares of Alibaba, JD.com, and PDD, driven by renewed optimism for more stimulus to support China’s economy. This rally is providing a welcome boost to the global market sentiment.
Gold Hits Record High Amid Geopolitical Uncertainty
Gold prices have surged to an all-time high, topping $2,700 an ounce for the first time. Investors are seeking safer havens amid concerns about the Middle East conflict and uncertainty surrounding the US presidential election.
Earnings and Economic Data in Focus
Today’s earnings calendar features reports from Ally Financial, American Express, Comerica, and Procter & Gamble. Meanwhile, investors will be keeping a close eye on housing starts and building permits data for September.
Catch Up on the Latest Market News
Missed some of the key stories overnight? Catch up on the latest developments, including:
- The big bank that struggled this week
- CVS stock’s slump after CEO Lynch’s exit
- Gold’s record-breaking run
- Netflix’s price hike plans after its earnings beat
- Tesla’s robotaxi flop
- Apple’s iPhone 16 sales surge in China
- Warren Buffett’s latest move on Bank of America shares
- Oil’s edge up amidst Middle East tensions
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