Daily global market review

The S&P 500 managed to halt a five-day losing streak and concluded the day above its 200-day moving average at 4,236 points. All major stock indices closed with gains, though they retreated slightly from their earlier peaks due to widespread buying activity. Interestingly, there was a mid-morning pullback around 11:00 a.m. Eastern Time, with no specific catalyst identified for the dip. Some large-cap stocks did temporarily slip into negative territory during this period. Notably, the Vanguard Mega Cap Growth ETF (MGK) experienced a brief decline but ultimately closed with a 0.9% gain. This trend of recovery extended to many other stocks, including the Invesco S&P 500 Equal Weight ETF (RSP), which closed the day with a 0.6% gain.

The overall optimism in the market was partly a result of recent market weakness, which ignited a sense of rebound potential. Additionally, investors were processing a series of corporate earnings reports from prominent blue-chip companies, most of which exceeded expectations. Companies like Verizon, Coca-Cola, Dow, RTX, General Electric, and 3M were among the top performers in this regard.

Out of the 11 sectors within the S&P 500, ten saw gains, with the energy sector being the exception, ending the day in negative territory with a 1.4% loss. Leading the pack were the utilities and communication services sectors, which gained 2.8% and 1.4%, respectively.

On the flip side, bank stocks faced challenges today due to lingering concerns related to credit quality, deposit costs, and weakening loan demand. The SPDR S&P Regional Banking ETF (KRE) fell by 0.6%, while the SPDR S&P Bank ETF (KBE) experienced a 0.2% decline.

The yield on the 10-year Treasury note remained unchanged from the previous day at 4.84%, while the 2-year note yield increased by four basis points to 5.10% following a successful $51 billion 2-year note auction that attracted robust demand.

Today's economic data was limited, including the preliminary October S&P Global US Services PMI, which rose from 50.1 to 50.9, and the Manufacturing PMI, which increased from 49.8 to 50.0.

The 10-year Treasury note saw a slight gain of 1/32 and settled at a yield of 4.84%. On the NYSE, advancing issues numbered 1957, while declining issues were at 863, with a trading volume of 899 million shares. The Nasdaq displayed 2588 advancing issues and 1630 declining issues, with a substantial trading volume of 4.6 billion shares.

In terms of industry performance, there was strength observed in sectors such as utilities, communication services, materials, consumer discretionary, real estate, industrials, and financials. On the flip side, the energy sector showed weakness.

The market dynamics were influenced by several factors. Firstly, investors were digesting earnings reports from major blue-chip companies that exceeded expectations. Secondly, the S&P 500 managed to rebound after a streak of five consecutive losing sessions, a situation that had caused it to close below its 200-day moving average in the previous session. Additionally, market participants were keeping a close watch on Treasury activity and yield movements.

In the United States, the Dow stands at 33,141.38, reflecting a positive change of 204.97 points, equivalent to a 0.62% increase. The S&P 500 is at 4,247.68, with a change of +30.64 points, indicating a 0.73% rise. Meanwhile, the NASDAQ is at 13,139.87, showing an increase of 121.55 points, equivalent to a 0.93% gain. The VIX records a value of 18.97, with a change of -1.40 points, reflecting a 6.87% decrease. In the United States, the Russell 2000 is at 1,679.50, displaying a positive change of 13.62 points, or a 0.82% increase.

In Canada, the S&P/TSX Composite index stands at 18,986.49, with a change of -60.25 points, reflecting a 0.32% decrease. The S&P/TSX 60 is at 1,141.14, with a change of -4.48 points, indicating a 0.39% drop. In Brazil, the BOVESPA reports a value of 113,761.90, with a change of +977.38 points, equivalent to a 0.87% increase. In Chile, the S&P IPSA is at 5,557.62, displaying a positive change of 54.29 points, or a 0.99% rise. In Mexico, the S&P/BMV IPC stands at 48,278.80, with a change of +80.92 points, reflecting a 0.17% increase.

In Europe, the STOXX Europe 50 index is at 3,843.65, showing a positive change of 25.63 points, equivalent to a 0.67% increase. The STOXX Europe 600 is at 435.09, with a change of +1.91 points, indicating a 0.44% rise. In the United Kingdom, the FTSE 250 stands at 16,994.10, with a change of -64.89 points, reflecting a 0.38% decrease. The FTSE 100 reports a value of 7,389.70, with a change of +14.87 points, indicating a 0.20% rise. In Germany, the DAX is at 14,879.94, displaying a positive change of 79.22 points, or a 0.54% increase. In Italy, the FTSE MIB stands at 27,572.74, with a change of +13.96 points, equivalent to a 0.05% increase. In France, the CAC 40 is at 6,893.65, showing a positive change of 43.18 points, or a 0.63% rise. In Switzerland, the SMI stands at 10,376.81, with a change of +44.89 points, indicating a 0.43% increase.

In Japan, the Nikkei 225 is at 31,062.35, with a change of +62.80 points, reflecting a 0.20% increase. In Hong Kong, the Hang Seng index stands at 16,991.53, with a change of -180.60 points, equivalent to a 1.05% decrease. In China, the Shanghai Composite is at 2,962.24, showing a positive change of 22.95 points, or a 0.78% rise. The Shenzhen Composite is at 9,483.90, with a change of +57.93 points, indicating a 0.61% increase. In Australia, the S&P/ASX 200 is at 6,856.90, and there is no change reported. In South Korea, the KOSPI is at 2,383.51, with a positive change of 26.49 points, equivalent to a 1.12% increase. In Taiwan, the Taiwan SE index stands at 16,309.76, with a change of +58.40 points, indicating a 0.36% increase.

On October 23rd, several key stock indices in the Indian market exhibited various data points. The BSE MidCap index saw a range between 30,975.35 and 31,927.99, eventually closing at 31,082.03, with a 2.51% decrease and a loss of 798.83 points. The BSE Sensex index showed a low of 64,502.68, a high of 65,453.92, and closed at 64,571.88, experiencing a 1.26% decline, equivalent to a loss of 825.74 points. The BSE SmallCap index fluctuated between 36,527.80 and 38,313.09, concluding at 36,602.75, registering a 4.18% decrease with a loss of 1595.97 points. Meanwhile, the India VIX index ranged from 8.8250 to 11.3575, closing at 10.9050, showing a 0.81% increase and an gain of 0.0875 points.

In the NIFTY category, the Midcap 100 index saw a range between 38,706.10 and 39,971.90, closing at 38,817.35, with a 2.66% decrease and a loss of 1061.40 points. The NIFTY Smallcap 100 index displayed a low of 12,424.35, a high of 13,019.95, and closed at 12,463.90, experiencing a 3.59% decrease and a loss of 463.50 points. The Nifty Smallcap 50 index ranged from 5,726.95 to 6,026.90, ultimately closing at 5,745.40, with a 3.89% decrease and a loss of 232.65 points. The Nifty 100 index showed a low of 19,162.20, a high of 19,482.70, and ended at 19,189.10, experiencing a 1.43% decrease and a loss of 279.30 points. In the same vein, the Nifty 200 index fluctuated between 10,250.00 and 10,441.45, concluding at 10,266.15, with a 1.62% decrease and a loss of 168.85 points.

The Nifty 50 index had a low of 19,257.85, a high of 19,556.85, and closed at 19,281.75, registering a 1.34% decrease and a loss of 260.90 points. The Nifty 50 USD index remained steady at 8,030.93 but recorded a 1.42% decrease and a loss of 116.01 points. The Nifty 50 Value 20 index ranged from 10,170.85 to 10,339.90, closing at 10,185.05, with a 1.55% decrease and a loss of 160.50 points. The Nifty 500 index fluctuated between 16,859.85 and 17,224.80, concluding at 16,888.70, showing a 1.86% decrease and a loss of 320.05 points.

The Nifty Midcap 150 index had a low of 14,512.20, a high of 14,999.80, and ended at 14,557.10, experiencing a 2.71% decrease and a loss of 406.00 points. The Nifty Midcap 50 index ranged from 11,103.30 to 11,373.75, ultimately closing at 11,140.35, with a 1.82% decrease and a loss of 206.10 points. The Nifty Next 50 index had a low of 43,574.55, a high of 44,604.15, and ended at 43,684.75, registering a 1.94% decrease and a loss of 862.90 points. The Nifty Smallcap 250 index fluctuated between 11,894.30 and 12,456.10, concluding at 11,930.40, with a 3.79% decrease and a loss of 469.90 points.

In the S&P BSE category, the ALLCAP index showed a low of 7,758.83, a high of 7,941.64, and closed at 7,770.20, experiencing a 2.07% decrease and a loss of 164.38 points. The S&P BSE-100 index fluctuated between 19,692.36 and 20,023.27, concluding at 19,716.98, with a 1.45% decrease and a loss of 289.38 points. The S&P BSE-200 index had a low of 8,398.33, a high of 8,555.92, and ended at 8,409.65, registering a 1.63% decrease and a loss of 139.48 points. The S&P BSE-500 index ranged from a low of 26,706.79 to a high of 27,285.63, ultimately closing at 26,746.23, with a 1.89% decrease and a loss of 515.25 points.

• Tesla, Inc. (TSLA) had a price of 216.52, showing a positive change of 4.44 points, representing a 2.09% increase. The trading volume was 118 million, and the 52-week range was between 101.81 and 299.29.
• Marathon Digital Holdings Inc (MARA) was at a price of 9.76, with an increase of 1.01 points, equivalent to an 11.54% rise. The trading volume reached 94 million, and the 52-week range spanned from 3.11 to 19.88.
• AT&T Inc. (T) had a price of 15.53, with a change of 0.58 points, reflecting a 3.88% increase. The trading volume was 66 million, and the 52-week range extended from 13.43 to 21.53.
• Snap, Inc. Class A (SNAP) was priced at 9.71, showing an increase of 0.22 points, or 2.32%. The trading volume reached 66 million, and the 52-week range was between 7.49 and 13.89.
• Verizon Communications Inc. (VZ) recorded a price of 34.30, with an increase of 2.91 points, equivalent to a 9.27% rise. The trading volume was 61 million, and the 52-week range spanned from 30.14 to 42.58.
• Bank of America Corp (BAC) was at a price of 25.47, with a slight decrease of 0.10 points, indicating a 0.39% drop. The trading volume reached 55 million, and the 52-week range extended from 25.40 to 38.60.
• Intel Corporation (INTC) had a price of 34.59, showing an increase of 0.74 points, representing a 2.19% increase. The trading volume was 53 million, and the 52-week range was between 24.73 and 40.07.
• Advanced Micro Devices, Inc. (AMD) was priced at 101.67, with an increase of 1.66 points, equivalent to a 1.66% rise. The trading volume reached 51 million, and the 52-week range spanned from 56.66 to 132.83.
• Riot Platforms, Inc. (RIOT) recorded a price of 10.67, with an increase of 1.00 points, indicating a substantial 10.34% rise. The trading volume was 51 million, and the 52-week range extended from 3.25 to 20.65.
• Ford Motor Company (F) had a price of 11.39, with a slight decrease of 0.09 points, equivalent to a 0.78% drop. The trading volume reached 48 million, and the 52-week range spanned from 10.90 to 15.42.
• Forbion European Acquisition Corp. Class A (FRBN) had a price of 18.20, showing a significant increase of 7.67 points, representing a remarkable 72.84% rise. The trading volume was 191,000, and the 52-week range was between 9.25 and 29.00.
• Bridger Aerospace Group Holdings, Inc. (BAER) was at a price of 5.37, with an increase of 1.31 points, equivalent to a 32.27% rise. The trading volume reached 683,000, and the 52-week range spanned from 3.26 to 25.90.
• Falcon's Beyond Global, Inc. Class A (FZT) had a price of 16.68, showing an increase of 3.87 points, or 30.25%. The trading volume was 527,000, and the 52-week range was between 7.17 and 44.00.
• Falcon's Beyond Global, Inc. Class A (FBYD) recorded a price of 16.68, with an increase of 3.87 points, indicating a substantial 30.25% rise. The trading volume was 527,000, and the 52-week range extended from 7.17 to 44.00.
• Aspen Aerogels Inc (ASPN) was priced at 8.43, with an increase of 1.76 points, equivalent to a 26.39% increase. The trading volume reached 3 million, and the 52-week range was between 5.33 and 14.44.
• Tourmaline Bio, Inc. (TRML) had a price of 11.89, showing an increase of 2.43 points, representing a 25.69% increase. The trading volume was 149,000, and the 52-week range was between 8.90 and 32.90.
• Agilysys, Inc. (AGYS) recorded a price of 80.10, with an increase of 16.20 points, indicating a remarkable 25.35% rise. The trading volume was 558,000, and the 52-week range extended from 52.70 to 88.16.
• Travelzoo (TZOO) was at a price of 6.53, with an increase of 1.28 points, equivalent to a 24.38% rise. The trading volume reached 621,000, and the 52-week range spanned from 4.10 to 10.86.
• Enviva Inc (EVA) had a price of 3.90, showing an increase of 0.65 points, representing a 20.00% rise. The trading volume was 1 million, and the 52-week range was between 3.22 and 61.99.
• Medpace Holdings, Inc. (MEDP) recorded a price of 272.27, with an increase of 44.75 points, indicating a 19.67% rise. The trading volume was 1 million, and the 52-week range extended from 155.84 to 282.73.
• reAlpha Tech Corp. (AIRE) had a price of 100.00, showing a significant decrease of 306.67 points, representing a notable 75.41% drop. The trading volume was 10,000, and the 52-week range was between 23.01 and 575.41.
• INVO Bioscience, Inc. (INVO) was at a price of 1.48, with a decrease of 0.64 points, equivalent to a 30.19% drop. The trading volume reached 5 million, and the 52-week range spanned from 0.50 to 25.40.
• Golden Minerals Company (AUMN) had a price of 1.72, showing a decrease of 0.61 points, or 26.18%. The trading volume was 2 million, and the 52-week range was between 0.60 and 8.04.
• Spectaire Holdings, Inc. (SPEC) recorded a price of 2.24, with a decrease of 0.77 points, indicating a significant 25.58% drop. The trading volume was 285,000, and the 52-week range extended from 1.76 to 15.40.
• TransUnion (TRU) was priced at 49.74, with a decrease of 15.11 points, equivalent to a 23.30% drop. The trading volume reached 17 million, and the 52-week range spanned from 46.47 to 82.75.
• La Rosa Holdings Corp. (LRHC) had a price of 1.73, showing a decrease of 0.49 points, representing a 22.07% drop. The trading volume was 185,000, and the 52-week range was between 1.69 and 5.53.
• TrueBlue, Inc. (TBI) was at a price of 10.70, with a decrease of 2.96 points, indicating a 21.67% drop. The trading volume reached 2 million, and the 52-week range spanned from 10.15 to 22.30.
• Aaron's Company Inc (AAN) recorded a price of 7.01, with a decrease of 1.88 points, showing a 21.15% drop. The trading volume was 2 million, and the 52-week range extended from 7.00 to 16.16.
• a.k.a. Brands Holding Corp. (AKA) had a price of 6.78, showing a decrease of 1.73 points, equivalent to a 20.33% drop. The trading volume was 62,000, and the 52-week range was between 3.60 and 25.80.
• Calix, Inc. (CALX) was priced at 34.80, with a decrease of 7.78 points, indicating a notable 18.27% drop. The trading volume reached 5 million, and the 52-week range spanned from 32.47 to 77.44.

In the world of cryptocurrencies, the Nasdaq Crypto Index is valued at 1,843.90, indicating a substantial increase of 80.94 points, equivalent to a 4.59% rise. Bitcoin is priced at 33,685.00, reflecting a gain of 747.00 points, equivalent to a 2.27% increase. Ether is trading at 1,771.80, showing a modest increase of 7.80 points, or 0.44%. Litecoin is valued at 68.48, with a small decline of 0.43 points, equivalent to a 0.62% decrease. XRP is at 0.56, showing a slight increase of 0.01 points, or 2.33%.

In the domain of bonds and interest rates, the 3 Month Treasury yield stands at 5.315%, with no change reported. The 2 Year Treasury yield is at 5.114%, showing an increase of 0.060%. The 5 Year Treasury yield is at 4.820%, reflecting an increase of 0.020%. The 10 Year Treasury yield is at 4.825%, with a decrease of 0.018%. The 30 Year Treasury yield is at 4.939%, showing a decrease of 0.065%.

Regarding currencies, the Euro to US Dollar exchange rate is at 1.0591, with a minor decrease of 0.01 points, equivalent to a 0.72% drop. The British Pound to US Dollar rate is at 1.2160, indicating a slight decrease of 0.01 points, or 0.71%. The US Dollar to Canadian Dollar rate is at 1.3741, showing a minor increase of 0.01 points, or 0.38%. The US Dollar to Swiss Franc rate is at 0.8933, with no significant change reported. The US Dollar to Japanese Yen rate is at 149.8930, reflecting an increase of 0.24 points, or 0.16%.

The Bloomberg Commodity Index (BCOMTR) stands at 237.73, reflecting a decrease of 0.60 points, equivalent to a 0.25% drop. The UBS Bloomberg CMCI (CMCITR) reports a value of 1,541.87, down by 4.42 points, representing a 0.29% decline. The Reuters/Jefferies CRB (CRYTR) registers at 318.87, showing a decrease of 1.71 points, equivalent to a 0.53% drop. The Rogers International Index (RICIGLTR) is reported at 3,825.96, marking a decrease of 28.08 points, or a 0.73% decline.

In the energy sector, WTI Crude Oil (CL1:COM) is priced at 83.86 USD per barrel, showing a decrease of 1.63 USD, or a 1.91% decrease. Brent Crude (CO1:COM) is listed at 88.22 USD per barrel, indicating a decrease of 1.61 USD or 1.79%. RBOB Gasoline (XB1:COM) is priced at 227.78 USD per gallon, displaying a decrease of 5.07 USD or 2.18%. Natural Gas (NG1:COM) is valued at 2.98 USD per MMBtu, showing an increase of 0.06 USD or 1.95%. Heating Oil (HO1:COM) is priced at 304.54 USD per gallon, reflecting a decrease of 5.01 USD or 1.62%.

In the precious and industrial metals category, the Gold (GC1:COM) price stands at 1,982.90 USD per troy ounce, with a decrease of 4.90 USD or 0.25%. Gold Spot (XAUUSD:CUR) is documented at 1,971.48 USD per troy ounce, showing a decrease of 1.37 USD or 0.07%. Silver (SI1:COM) is priced at 23.08 USD per troy ounce, indicating a decrease of 0.13 USD or 0.58%. Copper (HG1:COM) is valued at 363.15 USD per pound, reflecting an increase of 4.50 USD or 1.25%. Platinum Spot (XPTUSD:CUR) is listed at 889.82 USD per troy ounce, with a decrease of 8.48 USD or 0.94%.

Within the agricultural sector, the Corn (C 1:COM) is priced at 483.25 USD per bushel, showing a decrease of 7.00 USD or 1.43%. Wheat (W 1:COM) is listed at 578.75 USD per bushel, indicating a decrease of 8.50 USD or 1.45%. Cocoa (CC1:COM) is valued at 3,729.00 USD per metric ton, reflecting a decrease of 30.00 USD or 0.80%. Cotton #2 (CT1:COM) is priced at 82.93 USD per pound, displaying a decrease of 0.80 USD or 0.96%. Live Cattle (LC1:COM) is listed at 178.60 USD per pound, showing an increase of 0.25 USD or 0.14%.

At 7:00 AM ET, the MBA Mortgage Applications data will be published, including the Refinance Index (Week-to-Week), Purchase Index (Week-to-Week), and Composite Index (Week-to-Week). This data is considered to have a low impact on the market. The forecasted values are not available at the moment.

At 10:00 AM ET, the State Street Investor Confidence Index will be revealed. This index is expected to have a low impact. The forecast for this release is not provided.

Also at 10:00 AM ET, New Home Sales data will be released. This data is considered to have a high impact, and the actual data will be provided later.

At 10:30 AM ET, the EIA Petroleum Status Report will provide information on Gasoline Inventories (Week-to-Week), Crude Oil Inventories (Week-to-Week), and Distillate Inventories (Week-to-Week). This report is expected to have a high impact. The forecasted values are not yet available.

Finally, at 11:00 AM ET, the Survey of Business Uncertainty will release data on Employment Growth and Sales Growth. This data is considered to have a low impact on the market. The forecast for these figures is not provided.

• Market Rebound: The data suggests that global equity markets are on the rise after hitting a five-month low. The stabilization in government bond yields and optimism around corporate profits are contributing to this rebound. Investors seem to be less concerned about the impact of rising interest rates on equity valuations. This trend could continue as long as yields remain stable, potentially leading to a recovery in stock prices.
• Tech Earnings Impact: The upcoming earnings reports from major tech companies like Alphabet, Microsoft, Meta, and Amazon are highly anticipated. These companies have played a significant role in driving U.S. market gains, and their results can influence overall market sentiment. Positive earnings from these tech giants, driven by factors such as strong balance sheets, AI opportunities, and rebounding advertising spending, could have a positive impact on stock markets.
• Bond Market Outlook: The data suggests that the recent decline in bond prices and the sharp reversal in the 10-year U.S. Treasury yield may be influenced by technical factors, such as negative investor sentiment and concerns about government borrowing. This could indicate that the bond market is entering its final stage of the bear market, potentially leading to a year-end advance in stocks. However, for long-term rates to significantly drop, rate cuts by the Federal Reserve and Bank of Canada may be necessary, but this is expected to occur around mid-2024.
• Earnings Season: The data indicates that corporate earnings are entering a strong phase, with a significant number of S&P 500 companies reporting. Factors like strong consumer spending, accelerating revenue growth, and declining input costs are expected to support profitability and drive corporate profits higher in the third quarter. This positive trend in corporate earnings could further bolster stock market performance.