TSLA
Tesla
-- 421.060 PLTR
Palantir
-- 80.550 NVDA
NVIDIA
-- 134.700 AMD
Advanced Micro Devices
-- 119.210 OXY
Occidental Petroleum
-- 47.130 
The Daily | Markets to hit new records but face more tests | Gold on watch | Tesla options suggest it could rev to $225
The S&P500 and the Dow Jones broke new records highs, with S&P hitting its 47th record after six weeks of gains and rising 23% this year. While Europe and Australia’s markets gained for the second week with the ASX200 up 9%. Markets seem supported by a healthy backbone. A stronger than expected economic growth narrative, combined with juicy US company earnings, 7% better than expected.
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What do you need to know now? The good news is the risk markers are behaving, with bond yields, the US dollar and the VIX all down, despite the Fed Fund Futures saying less US rate cuts are coming.
So what should you watch? It seems markets could probably continue to search for new highs this week given the backdrop. But but but...markets could be bumpy this week. 20% of the S&P500 companies are reporting earnings, including Tesla $Tesla (TSLA.US)$ which is a popular hedge fund short and remains a top traded stock at moomoo. And if the US Beige book, a publication the Fed follows closely, shows the US economy is a tad stronger than thought then US rate cut bets be shaved back. That could upset markets.
Speaking of Tesla, if we get details of the their cheaper EV and details on the cybercab, that the market likes, then Tesla could gain back some of that 16% pull back seen over the last two weeks. Options bets do suggest Tesla $Tesla (TSLA.US)$ could get back to $225 sooner than thought though.
For Aussie investors the market could head back to record all time highs this week if iron ore starts to rebound. And if banks shares continue to hit fresh highs, recovering from their September pull back. Also keep an eye on CBA $cba
Elsewhere focus will be on fossil fuel commodities, with oil investors looking for clues as to where oil could go next after jumping 12% in the first two weeks of October, then falling the same amount.
Coal companies will also be on watch too this week with Corondo Global $Coronado Global Resources Inc (CRN.AU)$ reporting.
For more watch the Weekly published Friday October 18.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Jessica Amir
Moomoo Official Market Strategist
moomoo, market strategist.
Seen/heard on Fox News Business, ABC, SBS, Reuters wires.
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