Would a rebound AT&T be a conspiracy?

Thursday, October 20, 2022: “🇺🇸 Is the US stock market influenced by UK 🇬🇧 politics? Today, UK Prime Minister Liz Truss resigned after budget failure and market turmoil. The London stock market cheered, and the pound immediately rebounded.

The US stock market, the futures market, the S&P 500, and the Nasdaq were all initially red. However, 10 minutes after the stock market opened, all three indices turned positive in continuously fluctuating trading. The S&P 500 is up about 1%. The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) rose 0.9% to $372. The Dow Jones Industrial Average rose 350 points, or +1.2%. The tech-heavy Nasdaq Composite Index rose 1.3%. Meanwhile, US Treasury yields are at multi-year highs, and the interest rate sensitive 2-year Treasury yield surpassed 4.6% for the first time since 2007.

The US Department of Labor reports that the unemployment rate declined for the week ending October 15, 2022. The number of claimants fell to 214,000, far below the forecast of 230,000.

The earnings season is in full swing, so the stock market remains highly volatile. Telecom giant AT& T Inc. (AT&; T Inc.) reported third-quarter results that surpassed sales and earnings expectations and raised profit expectations. The company also announced 960,000 new users and said it is confident that it will achieve its previously estimated cash flow for the rest of the year. Just one hour after the market opened, the stock price rose by nearly 5%.

Be careful if the one-time upgrade is too high.