NAGA Weekly Recap October 14 – October 18 - 2024
The markets are buzzing as the S&P 500 reaches new heights and the Dow breaks the 43K barrier, fueled by a tech rally ahead of an action-packed earnings week. While Netflix impresses with subscriber growth and solid revenue figures, crude oil faces its largest weekly drop in over a month amid mixed economic data from China. In the forex space, GBP/USD edges higher, but rate-cut speculations limit gains.
Catch up on the key stories moving the markets this week!
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S&P 500 hits new record, Dow breaks 43K milestone
Wall Street closed with gains as both the S&P 500 and the Dow marked new record highs, fueled by investors' interest in technology stocks ahead of a significant week filled with corporate earnings reports and key economic updates.
Trading activity was relatively light, with bond markets closed due to the federal holiday; around 9.55 billion shares were traded, below the 20-day average of 12.05 billion shares.
Nevertheless, the positive momentum from Friday's strong start to the third-quarter earnings season by major banks propelled the Dow Jones Industrial Average to surpass the 43,000-point mark for the first time.
Trading involves significant risk of loss.
Netflix earnings, subscriber growth top estimates as investors eye potential price hikes
Netflix shares ($NFLX) surged up to 5% in after-hours trading on Thursday as the company exceeded third-quarter earnings per share (EPS) and revenue forecasts, and projected stronger-than-expected sales for the current quarter.
The streaming giant reported Q3 revenue of $9.83 billion, surpassing Bloomberg's consensus estimate of $9.78 billion and marking a 15% year-over-year increase.
The growth was driven by its initiatives like cracking down on password sharing, expanding its ad-supported subscription tier, and last year’s price hikes on select plans.
Trading involves significant risk of loss.
Oil prices stabilize, set for largest weekly drop in over a month
Crude oil futures stabilized on Friday following robust U.S. retail sales figures, but mixed economic data from China kept the market cautious, leading to the largest weekly decline in over a month amid demand concerns.
Brent crude futures edged up 0.1% to $74.53 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.2% to $70.82 per barrel.
Trading involves significant risk of loss.
GBP/USD edges up to 1.3025 amid softer USD, BoE rate cut bets limit gains
GBP/USD continues its recovery from a two-month low, though further upside appears constrained. The softer USD prompts some bulls to take profits, offering support to the pair. However, a surprising decline in UK inflation reinforces expectations of more Bank of England (BoE) rate cuts, capping the pound's potential gains.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
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