As North American trading commenced today, the Australian Dollar (AUD) emerged as the strongest currency while the Swiss Franc (CHF) registered as the weakest, with the US Dollar (USD) positioned in between. The USDCHF pair escalated by 0.42% while the USD depreciated against the AUD, falling by 0.27%.
US stocks presented a mixed performance. Tech giants Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC) reported improved earnings, propelling their shares to rise by 5.55% and 7.47% respectively. Amazon's revenue growth has been accelerating, and net income is expected to grow this year, according to InvestingPro Tips. The company, a prominent player in the broadband retail industry, operates with a moderate level of debt and is trading at a high earnings multiple, with a P/E ratio of 62.42. This information suggests that Amazon's stock is currently considered expensive relative to its earnings.
Intel, on the other hand, has raised its dividend for 8 consecutive years and 9 analysts have revised their earnings upwards for the upcoming period, according to InvestingPro Tips. However, the company is experiencing a declining trend in earnings per share, and analysts anticipate a sales decline in the current year. Despite these challenges, Intel remains a prominent player in the Semiconductors and Semiconductor Equipment industry.
However, broader indices underperformed yesterday, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite Index recording declines of -251.63 points (-0.76%), -49.56 points (-1.18%), and -225.62 points (-1.76%) respectively.
The Federal Reserve's upcoming meeting is anticipated to hold interest rates steady, yet robust Q3 GDP data has sparked uncertainty about the December meeting's outcome. Today's release of Personal Consumption Expenditures (PCE), the Fed's preferred inflation metric, is expected to exhibit a 3.4% YoY increase for September and a 0.3% monthly surge. The core PCE, which excludes volatile fuel and energy prices, is projected to demonstrate a 3.7% annual increase and a 0.3% monthly rise.
In commodities trading, crude oil experienced an uptick of $1.45 or 1.77%, trading at $84.67, up from yesterday's price of $83.35 per barrel. Spot gold and silver prices fell slightly with gold down $1.85 or -0.09% at $1982.82, and silver down $0.04 or -0.19% at $22.72 per ounce respectively. Bitcoin traded at $34,012, slightly lower than yesterday's price of $34,199.
US stock market futures indicated a mixed opening, with Dow futures implying a decline of -92 points, S&P futures suggesting a gain of 8.75 points, and NASDAQ futures pointing towards a gain of 104 points. European equity markets were mostly lower, with Germany's DAX at -0.13%, France's CAC 40 at -1.19%, UK's FTSE 100 at -0.32%, Spain's Ibex 35 at -0.15%, and Italy's FTSE MIB at -0.34%.
In the Asia Pacific region, Japan's Nikkei 225 rose by +1.27% but fell -0.86% over the week. China's Shanghai Composite Index and Hong Kong's Hang Seng Index experienced increases of +0.99% and +2.08% respectively, with the former gaining 1.61% over the week. Australia's S&P/ASX 200 index advanced by +0.21%.
In the bond market, US debt yields were moderately higher, with the 2 – 10-year spread at -17.5 basis points and the 2 – 30-year spread at -2.2 basis points, while European benchmark 10-year yields remained unchanged.
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