Daily global market review

During today's trading session, many stocks faced downward pressure, causing the major stock indices to hover near their daily lows. Notably, the S&P 500, which had recently closed above its 200-day moving average at 4,238, began the day below this key level and ultimately settled below the 4,200 mark. The disappointing price action acted as a bearish catalyst, alongside rising interest rates and a significant drop in Alphabet (GOOG), which lost 9.6% following an earnings report that showed underwhelming growth in its cloud business.

However, there were winners as well, with Microsoft (MSFT) standing out positively after reporting remarkable growth in its Azure business. Nonetheless, most mega-cap stocks followed Alphabet's decline. The Vanguard Mega Cap Growth ETF (MGK) fell by 2.2%, in contrast to the S&P 500's 1.4% decline, while the equally weighted S&P 500 dropped by 1.1%.

Some companies stood out for their gains, including General Dynamics (GD), Visa (V), and Waste Management (WM), which posted impressive quarterly results. On the other hand, Boeing (BA) and Texas Instruments (TXN) witnessed notable declines.

In terms of sector performance, nine out of the 11 S&P 500 sectors recorded losses, with the communication services sector suffering the most significant drop of 5.9%, primarily due to Alphabet's performance. On the upside, the utilities sector showed a 0.5% gain, and consumer staples had a 0.3% gain. The 10-year Treasury note yield rose by 11 basis points to reach 4.95%, while the 2-year note yield increased by two basis points to 5.12%. These yield movements were influenced by the release of the September New Home Sales report, which indicated the highest annual rate of sales since February 2022. Furthermore, a $52 billion 5-year note auction, which received poor demand, led to additional selling in the Treasury market. In other news, Rep. Mike Johnson (R-LA) was elected Speaker of the House, receiving unanimous support from Republicans. Summarily, today's trading session featured mixed reactions to earnings reports from Microsoft and Alphabet, with a general trend of selling pressure following a recent rebound. The rise in Treasury yields and the relative weakness of mega-cap stocks, combined with the S&P 500 slipping below 4,200, contributed to the overall market dynamics.

In the United States, the Dow stands at 33,035.93, having decreased by 105.45 points, or 0.32%. The S&P 500 is at 4,186.77, showing a decrease of 60.91 points, or 1.43%. The NASDAQ index is at 12,821.22, having decreased by 318.65 points, or 2.43%. The VIX is at 20.19, reflecting an increase of 1.22 points, or 6.43%. The Russell 2000 index stands at 1,651.43, with a decrease of 28.07 points, or 1.67%. In Canada, the S&P/TSX Composite is at 18,947.85, showing a decrease of 38.64 points, or 0.20%. The S&P/TSX 60 is at 1,139.03, with a decrease of 2.11 points, or 0.18%. In Brazil, the BOVESPA is at 112,829.97, with a decrease of 931.93 points, or 0.82%. In Chile, the S&P IPSA stands at 5,515.62, showing a decrease of 42.00 points, or 0.76%. In Mexico, the S&P/BMV IPC is at 48,766.33, with an increase of 487.53 points, or 1.01%.

Moving to Europe, the STOXX Europe 50 is at 3,862.23, with an increase of 18.58 points, or 0.48%. The STOXX Europe 600 is at 435.27, showing an increase of 0.18 points, or 0.04%. In the United Kingdom, the FTSE 250 is at 16,870.71, with a decrease of 123.39 points, or 0.73%. The FTSE 100 is at 7,414.34, showing an increase of 24.64 points, or 0.33%. In Germany, the DAX is at 14,892.18, with an increase of 12.24 points, or 0.08%. In Italy, the FTSE MIB stands at 27,428.60, showing a decrease of 144.14 points, or 0.52%. In France, the CAC 40 is at 6,915.07, with an increase of 21.42 points, or 0.31%. In Switzerland, the SMI is at 10,400.93, reflecting an increase of 24.12 points, or 0.23%.

In Asia, the Nikkei 225 in Japan is at 31,269.92, with an increase of 207.57 points, or 0.67%. In Hong Kong, the Hang Seng stands at 17,085.33, with an increase of 93.80 points, or 0.55%. In China, the Shanghai Composite is at 2,974.11, showing an increase of 11.87 points, or 0.40%, while the Shenzhen Composite is at 9,528.31, with an increase of 44.40 points, or 0.47%. In Australia, the S&P/ASX 200 is at 6,854.30, with no change. In South Korea, the KOSPI is at 2,363.17, reflecting a decrease of 20.34 points, or 0.85%. In Taiwan, the Taiwan SE stands at 16,358.89, showing an increase of 49.13 points, or 0.30%. In India, the Bombay Sensex is at 64,049.06, with a decrease of 522.82 points, or 0.81%.

In the recent Indian stock market trading session, several key indices reported their data. The BSE Sensex closed at 64,049.06, with a high of 64,787.08 and a low of 63,912.16, experiencing a 522.82-point decrease, which signified an 0.81% decline. The Nifty Midcap 150 concluded at a value of 14,470.25, with a high at 14,653.05 and a low at 14,326.50, registering a decrease of 86.85 points, indicating a 0.60% decrease. The Nifty 50 closed at 19,122.15, with a high of 19,347.30 and a low of 19,074.15, experiencing a 159.60-point decrease, reflecting a decline of 0.83%. Meanwhile, the Nifty 50 Value 20 closed at 10,104.85, with a high of 10,221.45 and a low of 10,054.50, registering a decrease of 80.20 points, signifying a 0.79% decrease. The S&P BSE ALLCAP concluded at 7,711.69, with a high of 7,812.41 and a low of 7,671.02, experiencing a 58.51-point decrease, corresponding to a 0.75% decline. The BSE SmallCap closed at 36,321.61, with a high of 37,061.06 and a low of 35,868.71, registering a decrease of 281.14 points, reflecting a 0.77% decrease. The BSE MidCap concluded at 30,920.09, with a high of 31,320.99 and a low of 30,640.00, experiencing a 161.94-point decrease, equivalent to a 0.52% decrease. The S&P BSE-500 closed at 26,550.02, with a high of 26,879.89 and a low of 26,423.45, registering a decrease of 196.21 points, indicating a 0.73% decrease. Similarly, the S&P BSE-200 concluded at 8,346.42, with a high of 8,448.02 and a low of 8,314.90, experiencing a 63.23-point decrease, signifying a 0.75% decrease. The S&P BSE-100 closed at a value of 19,562.43, with a high of 19,798.10 and a low of 19,502.96, registering a decrease of 154.55 points, equivalent to a 0.78% decrease. The Nifty Smallcap 50 closed at 5,727.95 and ranged from a high of 5,825.55 to a low of 5,643.10, incurring a decrease of 17.45 points, resulting in a 0.30% decrease. The Nifty Smallcap 250 concluded at 11,853.70 and ranged from a high of 12,080.30 to a low of 11,703.65, registering a decrease of 76.70 points, reflecting a 0.64% decrease. The Nifty 200 closed at 10,185.75, with a high of 10,310.55 and a low of 10,145.05, experiencing a decrease of 80.40 points, equivalent to a 0.78% decrease. The NIFTY Smallcap 100 concluded at 12,433.50 and ranged from a high of 12,645.85 to a low of 12,266.00, registering a decrease of 30.40 points, indicating a 0.24% decrease. The Nifty Midcap 50 closed at 11,066.55 and ranged from a high of 11,232.75 to a low of 10,982.35, incurring a decrease of 73.80 points, resulting in a 0.66% decrease. The NIFTY Midcap 100 concluded at 38,564.25 and ranged from a high of 39,083.40 to a low of 38,187.65, registering a decrease of 253.10 points, reflecting a 0.65% decrease. The Nifty 500 closed at 16,760.80 and ranged from a high of 16,967.10 to a low of 16,677.15, experiencing a decrease of 127.90 points, equivalent to a 0.76% decrease. The Nifty 50 USD closed at 7,964.81 and remained unchanged from a high of 7,964.81 to a low of 7,964.81, incurring a decrease of 66.12 points, reflecting a 0.82% decrease. The Nifty 100 concluded at a value of 19,034.40, with a high at 19,264.90 and a low at 18,977.15, registering a decrease of 154.70 points, resulting in a 0.81% decrease. Lastly, India VIX closed at 11.3125, with a high at 12.1775 and a low at 9.9650, registering an increase of 0.4075, reflecting a 3.74% increase. The Nifty Next 50 concluded at a value of 43,418.65, with a high at 44,022.85 and a low at 43,144.15, registering a decrease of 266.10 points, indicating a 0.61% decrease.

• Tesla, Inc. (TSLA) is currently priced at 212.42, showing a decrease of 4.10, or 1.89%, with a trading volume of 106 million shares. Its 52-week range is between 101.81 and 299.29.
• Snap, Inc. Class A (SNAP) is trading at 9.19, indicating a decrease of 0.52, or 5.36%, with a trading volume of 94 million shares. Its 52-week range spans from 7.86 to 13.89.
• Alphabet Inc. Class A (GOOGL) is priced at 125.61, showing a decrease of 13.20, or 9.51%, and a trading volume of 84 million shares. Its 52-week range is between 83.34 and 141.22.
• Amazon Inc. (AMZN) is currently at 121.39, marking a decrease of 7.17, or 5.58%, with a trading volume of 74 million shares. Its 52-week range extends from 81.43 to 145.86.
• Ford Motor Company (F) is trading at 11.54, with an increase of 0.15, or 1.32%, and a trading volume of 73 million shares. Its 52-week range is between 10.90 and 15.42.
• BioXcel Therapeutics, Inc. (BTAI) is priced at 2.83, indicating an increase of 0.49, or 20.94%, and a trading volume of 69 million shares. Its 52-week range spans from 2.23 to 34.13.
• AGNC Investment Corp. (AGNC) is currently at 6.98, showing a decrease of 0.56, or 7.43%, with a trading volume of 61 million shares. Its 52-week range is between 6.98 and 12.25.
• Alphabet Inc. Class C (GOOG) is priced at 126.67, with a decrease of 13.45, or 9.60%, and a trading volume of 58 million shares. Its 52-week range extends from 83.45 to 142.38.
• Apple Inc. (AAPL) is trading at 171.10, showing a decrease of 2.34, or 1.35%, with a trading volume of 57 million shares. Its 52-week range is between 124.17 and 198.23.
• Microsoft Corporation (MSFT) is currently at 340.67, with an increase of 10.14, or 3.07%, and a trading volume of 55 million shares. Its 52-week range spans from 213.43 to 366.78.
• Abri SPAC I, Inc. (ASPA) is currently priced at 27.05, indicating an increase of 14.45, or 114.68%, with a trading volume of 2 million shares. The stock's 52-week range is between 8.70 and 38.40.
• Blue Hat Interactive Entertainment Technology (BHAT) is trading at 2.90, with an increase of 0.73, or 33.64%, and a trading volume of 681,000 shares. Its 52-week range spans from 0.36 to 3.00.
• Cassava Sciences, Inc. (SAVA) is priced at 18.58, showing an increase of 3.81, or 25.80%, and a trading volume of 5 million shares. The stock's 52-week range is between 12.32 and 45.43.
• BioXcel Therapeutics, Inc. (BTAI) is currently at 2.83, indicating an increase of 0.49, or 20.94%, with a trading volume of 69 million shares. The stock's 52-week range extends from 2.23 to 34.13.
• Bitdeer Technologies Group Class A (BTDR) is priced at 3.72, with an increase of 0.62, or 20.00%, and a trading volume of 791,000 shares. Its 52-week range spans from 2.77 to 14.75.
• NioCorp Developments Ltd. (NB) is trading at 5.14, showing an increase of 0.85, or 19.81%, with a trading volume of 143,000 shares. The stock's 52-week range is between 3.32 and 11.03.
• Stagwell, Inc. Class A (STGW) is priced at 4.82, indicating an increase of 0.79, or 19.60%, with a trading volume of 4 million shares. The stock's 52-week range extends from 3.92 to 9.23.
• Stride, Inc. (LRN) is currently at 52.52, with an increase of 8.02, or 18.02%, and a trading volume of 6 million shares. Its 52-week range spans from 30.66 to 54.35.
• Scholar Rock Holding Corp. (SRRK) is priced at 9.02, showing an increase of 1.36, or 17.75%, with a trading volume of 2 million shares. The stock's 52-week range is between 5.56 and 13.00.
• Ikena Oncology, Inc. (IKNA) is trading at 4.12, indicating an increase of 0.61, or 17.38%, with a trading volume of 111,000 shares. The stock's 52-week range extends from 1.94 to 7.64.
• reAlpha Tech Corp. (AIRE) is currently priced at 60.59, showing a decrease of 39.41, or 39.41%, with a trading volume of 21,000 shares. The stock's 52-week range is between 23.01 and 575.41.
• Forbion European Acquisition Corp. Class A (FRBN) is trading at 12.01, indicating a decrease of 6.19, or 34.01%, with a trading volume of 46,000 shares. Its 52-week range spans from 9.25 to 29.00.
• Vicor Corporation (VICR) is priced at 39.05, showing a decrease of 14.14, or 26.58%, and a trading volume of 4 million shares. The stock's 52-week range is between 36.37 and 98.38.
• Momentus Inc Class A (MNTS) is currently at 2.70, with a decrease of 0.95, or 26.03%, and a trading volume of 2 million shares. Its 52-week range extends from 1.03 to 79.50.
• Foremost Lithium Resource & Technology Ltd (FMST) is priced at 2.15, indicating a decrease of 0.75, or 25.86%, with a trading volume of 23,000 shares. The stock's 52-week range extends from 1.77 to 10.00.
• DarioHealth Corp. (DRIO) is trading at 1.53, showing a decrease of 0.53, or 25.73%, with a trading volume of 690,000 shares. The stock's 52-week range is between 1.46 and 6.78.
• Lipella Pharmaceuticals, Inc. (LIPO) is priced at 1.69, with a decrease of 0.56, or 24.89%, and a trading volume of 275,000 shares. Its 52-week range spans from 0.85 to 7.72.
• Alphatec Holdings, Inc. (ATEC) is currently at 10.10, indicating a decrease of 2.72, or 21.22%, with a trading volume of 13 million shares. The stock's 52-week range is between 8.83 and 19.14.
• MAIA Biotechnology, Inc. (MAIA) is trading at 1.63, showing a decrease of 0.40, or 19.70%, with a trading volume of 634,000 shares. The stock's 52-week range extends from 1.42 to 5.22.
• Heliogen, Inc. (HLGN) is priced at 1.73, with a decrease of 0.42, or 19.53%, and a trading volume of 131,000 shares. Its 52-week range spans from 1.70 to 73.15.

Regarding cryptocurrencies, the Nasdaq Crypto Index is at 1,891.29, with an increase of 23.37 points, or 1.25%. Bitcoin is at 34,762.00, showing an increase of 928.00 points, or 2.74%. Ether is at 1,791.50, with an increase of 7.00 points, or 0.39%. Litecoin is at 68.50, reflecting a decrease of 0.55 points, or 0.80%, and XRP is at 0.55, with no change.

In the Bonds & Rates category, we observe the following yields and changes: The 3 Month Treasury yield stands at 5.320%, reflecting an increase of 0.008%. The 2 Year Treasury yield is at 5.141%, showing a rise of 0.052%. The 5 Year Treasury yield is 4.931%, with an increase of 0.116%. The 10 Year Treasury yield is at 4.959%, indicating an increase of 0.139%. The 30 Year Treasury yield is at 5.088%, showing an increase of 0.152%.

In the Currencies section, we observe exchange rates and changes: The Euro to US Dollar rate is 1.0569, reflecting a slight decrease of 0.24%. The British Pound to US Dollar rate is 1.2112, also showing a decrease of 0.00, but with a percentage change of 0.41%. The US Dollar to Canadian Dollar rate stands at 1.3798, indicating an increase of 0.01, with a percentage change of 0.44%. The US Dollar to Swiss Franc rate is 0.8967, with a minor increase, a percentage change of 0.37%. The US Dollar to Japanese Yen rate is 150.1600, showing an increase of 0.30 and a percentage change of 0.20%.

The Bloomberg Commodity index (BCOMTR) recorded a value of 238.85, showing an increase of 1.12 points, or 0.47%, with a high of 238.90 and a low of 235.98. Similarly, the UBS Bloomberg CMCI (CMCITR) exhibited a value of 1,548.92, marking a positive change of 7.05 points, or 0.46%, reaching its high and low at 1,548.92 and 1,532.89, respectively. The Reuters/Jefferies CRB (CRYTR) index stood at 320.34, indicating a change of +1.47, or 0.46%, with its high and low points at 320.34 and 318.87. The Rogers International index (RICIGLTR) posted a value of 3,854.06, increasing by 27.71 points, or 0.72%, between a high of 3,855.00 and a low of 3,802.52.

In the energy sector, WTI Crude Oil (CL1:COM) was priced at 85.28 USD per barrel, experiencing a positive change of +1.54, or 1.84%. Brent Crude (CO1:COM) recorded a value of 90.02 USD per barrel, representing a change of +1.95, or 2.21%. RBOB Gasoline (XB1:COM) was valued at 228.31 USD per gallon, indicating a change of +1.55, or 0.68%. Natural Gas (NG1:COM) stood at 3.03 USD per MMBtu, showing a change of +0.06, or 1.95%. Finally, Heating Oil (HO1:COM) was priced at 302.11 USD per gallon, experiencing a decrease of -2.38, or -0.78%.

In the category of precious and industrial metals, Gold (GC1:COM) was valued at 1,990.80 USD per troy ounce, marking a positive change of +4.70, or 0.24%. Gold Spot (XAUUSD:CUR) recorded a value of 1,979.84 USD per troy ounce, showing a change of +0.12, or 0.01%, without a specific contract. Silver (SI1:COM) was priced at 23.01 USD per troy ounce, indicating a decrease of -0.11, or -0.48%. Copper (HG1:COM) had a value of 358.60 USD per pound, with a change of -3.80, or -1.05%. Platinum Spot (XPTUSD:CUR) remained at 908.00 USD per troy ounce, without any change.

Finally, in the agriculture sector, Corn (C 1:COM) was priced at 480.50 USD per bushel, showing a decrease of -3.50, or -0.72%. Wheat (W 1:COM) recorded a value of 568.25 USD per bushel, experiencing a decrease of -12.25, or -2.11%. Cocoa (CC1:COM) was priced at 3,735.00 USD per metric ton, with a positive change of +6.00, or 0.16%. Cotton #2 (CT1:COM) stood at 83.81 USD per pound, showing a change of +0.88, or 1.06%. Live Cattle (LC1:COM) was valued at 179.25 USD per pound, experiencing a change of +0.63, or 0.35%.

Tomorrow's economic data release schedule includes several significant indicators. At 8:30 AM ET, the GDP data will be unveiled, indicating the quarter-over-quarter annual rate. Similarly, at 8:30 AM ET, Jobless Claims data will be published, including the Initial Claims level and change, along with the 4-week moving average. Durable Goods Orders data is also expected at 8:30 AM ET, covering Core Capital Goods, New Orders, and Ex-Transportation. At the same time, Retail Inventories (Advance) data is projected to show a change on a month-over-month basis, although it carries a low impact. The International Trade in Goods (Advance) report is set to reveal the Balance, Exports, and Imports on a month-over-month basis, with a high impact expected due to its significance in trade statistics. Wholesale Inventories (Advance) data will be released, showing a low-impact change on a month-over-month basis. Later at 10:00 AM ET, the Pending Home Sales Index, denoting the month-over-month index, is expected to show a medium-impact decrease. The EIA Natural Gas Report, indicating a week-over-week change, will be disclosed at 10:30 AM ET, with a medium impact on the energy sector. Lastly, the Kansas City Fed Manufacturing Index, a low-impact event, is forecast to show a level, providing insights into regional manufacturing activity.

• Market Volatility: Equities experienced fluctuations in response to rising bond yields and earnings reports. The S&P 500's five-day losing streak was broken, but markets remained volatile. This suggests that market volatility may persist as investors react to economic indicators and earnings releases.
• Tech Sector Influence: The performance of the technology sector, particularly mega-cap tech companies like Microsoft and Alphabet, continues to have a significant impact on market dynamics. As these companies report their quarterly earnings, the technology sector's performance will be closely watched, given its substantial weight within the S&P 500. Future developments in this sector will likely influence overall market trends.
• Bank of Canada's Monetary Policy: The Bank of Canada (BoC) kept its policy rate steady at 5%, but the focus was on the underlying signals. The BoC maintained a restrictive stance and lowered its economic growth outlook. The data suggests that the BoC is unlikely to raise rates further and may even consider rate cuts in 2024 if economic growth slows. This predicts potential shifts in Canadian monetary policy.
• Earnings Growth Impact: Earnings growth for 2024 is expected to play a pivotal role in market performance. The data indicates that companies are expected to achieve better-than-10% earnings-per-share (EPS) growth in 2024. This robust earnings growth, despite economic softening, could provide strong support for stock market gains. It suggests that companies' ability to defend margins as cost pressures ease will be a crucial factor in sustaining stock market performance.
• Consumer and Housing Markets: The consumer and housing markets are undergoing a tug of war between resilience and restrictive interest rates. Building permits in the U.S. declined in September, indicating potential softness in housing activity. The consumer, on the other hand, appears to be holding up reasonably well despite high interest rates. However, signs of slowing household spending and the resumption of student loan payments may impact consumer behavior. These factors predict potential shifts in the housing and consumer sectors.
• U.S. GDP Report: The upcoming third-quarter U.S. GDP report will offer insights into the broader economy. While the report is expected to show above-trend growth, markets will be attentive to underlying data that indicates trends in consumer and business spending. This predicts that the GDP report could influence market sentiment and direction.