Friday Market Falls With Busy Business Ahead | Wall Street Today
The market slipped into a fall Friday alongside autumn leaves in Jersey City after another heavy week of earnings. Next week, investors are watching for an even bigger earnings week with less than two weeks to the U.S. election. Watch for reports from $Apple (AAPL.US)$, $Meta Platforms (META.US)$, $Microsoft (MSFT.US)$, and $Amazon (AMZN.US)$, and dozens more industry giants. Next week will also see a labor market report.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded 3 bps lower, the $Dow Jones Industrial Average (.DJI.US)$ fell 60 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 56 bps.
MACRO
In macro Friday, Michigan's Consumer Sentiment of inflation came in lower than last time- 2.7%. Durable goods orders fell just 0.8%, lower than expected, and core goods orders climbed. Atlanta Fed's flash GDP came in a 3.3% for the third quarter, a little lower than the last estimates.
Thursday, October S&P Global PMI climbed to 47.8 in October from 47.3 in September, above estimates. The index still suggests contraction in the sector, as does any reading under 50.
The index for PMI Services climbed to 55.3 in October from 55.2 in September, compared with expectations for a slight decrease to 55.0. The services index indicates expansion in the sector.
SECTORS
Within industries tracked by moomoo, semiconductors climbed on the TSMC US factory yield news. $GlobalFoundries (GFS.US)$ grew by 5% after the news, along with a 3% bump in $Intel (INTC.US)$ that helped pull the Dow higher.
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed 2%. $Bitcoin (BTC.CC)$ fell 2% to $66k Friday after a Wall Street Journal report. The federal government is investigating cryptocurrency company Tether for possible violations of sanctions and anti-money-laundering rules, according to WSJ. Tether is the world's most traded crypto, a stablecoin that has served as a major "on-ramp" into Bitcoin for years or a way to spend USD on an amount of cryptocurrency. Gold climbed. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
MOOVERS
Shares of $New York Community Bancorp (NYCB.US)$ fell after it posted worse-than-expected losses and disclosed expectations of a loss in 2025. The bank's stock slid 8% to $10.64 in Friday morning trading. Shares are down 65% year over year.
Shares of $Mohawk Industries (MHK.US)$ fell 13% Friday after a Thursday night earnings report where the flooring company issued weak fourth-quarter guidance and warned that recent U.S. hurricanes would hurt sales. Chief Jeff Lorberbaum said hurricanes would hurt Q4 revenue by $40 million.
$Tapestry (TPR.US)$ shares climbed 13% after plans to appeal a U.S. federal court decision that enabled the Federal Trade Commission to block the firm's acquisition of $Capri Holdings (CPRI.US)$. Capri shares still fell more than 45% after the news came out Thursday.
$Taiwan Semiconductor (TSM.US)$ shares climbed after a Bloomberg report showed the firm accomplished better-than-expected production yields at its first Arizona plant than at its Taiwan facilities. Yields in Phoenix rose 4% above those at home, according to Taiwan Semiconductor's U.S. division head Rick Cassidy.
Who will win the Presidential Election, and how will it affect the market?
We want YOU to tune in live on November 5th, U.S. election day, for a special moomoo news and community event. Come watch Nov 5th at 6:30 PM ET as the vote counts roll in with our local news team and a party of guests! Subscribe: click here to join the live discussion NOW!
Word from the herd: Mooers, what are you watching?
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
6342Followers
620Following
17KVisitors
Follow
Stock_Drift : It’s coming. $Alphabet-C (GOOG.US)$
Stock_Drift : They were just talking $New York Community Bancorp (NYCB.US)$ on CNBC.
EZ_money : the rebuilding from hurricane devastation is going to drive construction supplies up everything from wood to copper for water pipes. EZFILL is a small company that has an application you can request them to come out and fill your vehicles full of gas. this is going to boost their revenue already profitable company, help them expand their fleet of trucks. located in Florida this probably won't be the last storm they are call on to help everyone out needing any type of fuel even racing fuel since they have contracts with Indy car racing
Laine Ford : all wall street stock is good stock
Adrianlim90 : 1
103185773 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
105671137 : ok
山芭佬 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102862440 : Ok
104556909 : good
View more comments...