Day: October 30, 2024

📈 Foreign exchange market news: EUR/USD pair The EUR/USD pair has exited the downward regressive channel. FXStreet analyst Ehren Senzeger comments: “The Relative Strength Indicator (RSI) rise to 60 on the 4-hour chart indicates a bullish shift in near-term technical bias.”

This is a positive signal for traders, as it shows the possibility of continued growth of the pair in the near future. We are following the developments! submitted by /u/Yuriy_UK [link] [comments]

US layoffs jumped by 160,000 in September, to 1.83 million, the second-highest in 4 years.

Monthly layoffs have increased by 540,000, or 42%, over the last three years as the labor market has slowed. As a result, the layoff rate, measuring the number of layoffs as a % of total employment, rose to 1.2%, the highest since December 2020. Meanwhile, private sector layoffs spiked to 1.78 million, the highest in ~4 years. submitted by /u/XGramatik [link] [comments]

🚀 ETHUSD is ready to bring 20000 pips when the upper boundary of the ascending triangle is broken. +DI crossed -DI on ADX, and momentum crossed 100.0. However, a slight fall to the trendline will make growth possible.

🚀 ETHUSD is ready to bring 20000 pips when the upper boundary of the ascending triangle is broken. +DI crossed -DI on ADX, and momentum crossed 100.0. However, a slight fall to the trendline will make growth possible. submitted by /u/Yuriy_UK [link] [comments]

US stocks edge lower after disappointing GDP release; Alphabet surges

https://preview.redd.it/s75qs6xbtwxd1.png?width=728&format=png&auto=webp&s=aba7aba85ca51d55fcc05bb95b6e81524ff00cdd U.S. stocks edged lower Wednesday, hit by a disappointing growth update, but losses have been curtailed by a surge in Google owner Alphabet after the technology giant reported strong quarterly earnings. At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average fell 32 points, or 0.1%, the S&P 500 index dropped 6 points, or 0.1%, and the NASDAQ Composite slipped 5 points, or 0.1%. US Q3 GDP disappoints Data released earlier Wednesday showed that the US economy grew at a slower than expected rate in the third quarter, with gross domestic product in the world’s largest economy rising by 2.8% in the July-September period. Economists had predicted the figure would match the second quarter’s pace of 3.0%. The equivalent data out of the eurozone, released earlier Wednesday, surprised to the upside, with growth coming in at 0.4% on the quarter, above the 0.2% growth forecast. Additionally, ADP private sector employment grew by 233,000, an increase from the revised 159,000 last month, a precursor of Friday’s widely-watched nonfarm payrolls data. These readings are likely to factor into the outlook for interest rates, and come before a Fed meeting next week where the central bank is widely expected to cut rates by a smaller 25 basis points. Volatility in stock markets is also expected to pick up in anticipation of the 2024 presidential election, with voting set for November 5. Donald Trump and Kamala Harris are set for a tight race, although recent polls and prediction markets showed Trump gaining some ground. Alphabet rises on strong earnings In the corporate sector, Alphabet stock surged 7% after the Google parent reported stronger-than-expected earnings for the September quarter, while stating that its artificial intelligence investments were now bearing fruit. Its cloud business – which is closely linked to AI – grew at its fastest pace in eight quarters, while election-related spending also boosted advertisement sales, especially on YouTube. Strong earnings from Alphabet set a positive tone for upcoming earnings from its tech peers, which are due in the coming days. Meta Platforms and Microsoft are set to report after the close Wednesday, followed by Amazon and Apple on Thursday. Elsewhere, Humana stock rose over 3% after the health insurer beat estimates for third-quarter profit, buoyed by strength in its government-backed Medicare Advantage insurance business for older adults. On the flip side, chipmaker AMD slid nearly 10% after its guidance for the current quarter underwhelmed. Kraft Heinz stock fell over 4% after the consumer goods company posted a steeper-than-expected fall in quarterly revenue as demand stayed weak for its branded meal kits and snacks. Eli Lilly stock slumped over 12% after the drugmaker missed estimates for third-quarter profit, even as demand for its weight-loss drug soared, hurt by higher manufacturing and acquisition-related costs. Crude aided by API inventories Oil prices rose Wednesday, recouping some of the recent losses as industry data showed an unexpected draw in U.S. inventories. By 09:35 ET, the Brent contract climbed 1.6% to $71.86 per barrel, while U.S. crude futures (WTI) traded 1.6% higher at $68.28 a barrel. Data from the American Petroleum Institute showed U.S. oil inventories fell 0.57 million barrels in the past week, compared with expectations for a build of 2.3 million barrels. The official inventory data is due later on Wednesday, and if this data matches the API numbers then it could indicate supplies in the world’s biggest fuel consumer were somewhat tight. submitted by /u/Lor1al [link] [comments]

How the Country’s Biggest Banks Ended up in the ‘Bad Actors’ Category

A change in legislation accidentally led to a temporary ban on the largest banks in the country from operating in Florida for several weeks. Turns out, an amendment designed to boost investment in the state’s economy included a technically accurate but poorly worded clause. In its attempt to block bad actors with a criminal record from exploiting Floridians, the law unintentionally banned any bank previously penalized by the SEC or other authorities from offering certain securities to investors. The catch? Pretty much all the major banks — from Bank of America to JPMorgan Chase and Goldman Sachs — have run afoul of regulators at some point. Of course, the issue was quickly “resolved” the old-fashioned way — with a few calls to the governor’s office. In the end, they chalked it all up to “a drafting error in the legislative process.” Well, could we really expecting anything different? Source: https://www.wsj.com/finance/regulation/florida-accidentally-banned-banks-from-doing-business-in-sunshine-state-067383e3?mod=djem10point submitted by /u/FXgram_ [link] [comments]

Gold’s rally has been unstoppable: Gold prices have skyrocketed 34% year-to-date, marking the best performance since 1995.

At the same time, gold has seen 41 all-time highs and has already exceeded 2011’s performance when it posted 34 new all time highs. Gold prices have also crossed $2,800 per ounce for the first time in history. Adjusted for inflation, gold is trading at the highest level since the 1970s historic bull market. Gold is now on track to record the best year since 1979 when prices finished 120% higher. Gold is making history. submitted by /u/XGramatik [link] [comments]

Morgan Stanley sees long-term upside in Alphabet’s AI push

https://preview.redd.it/bb9y61x0ivxd1.png?width=800&format=png&auto=webp&s=3541ef65b9b31a87d9b26ed32b17d983d5827986 Morgan Stanley reaffirmed its bullish outlook on Alphabet in a note Wednesday, raising its price target for the stock from $190 to $205 per share. The investment bank highlighted Alphabet’s focus on AI as a key driver of growth, citing new product launches and improved monetization strategies. Morgan Stanley highlighted the company’s progress in Generative AI (GenAI), with initiatives such as AI-powered search overviews rolling out across 100+ countries, reaching more than a billion people each month. “The extent to which overviews drive incremental monetizable behavior should lead to incremental revenue,” Morgan Stanley noted. In addition, they believe the company’s ability to monetize AI search at similar rates to traditional search has alleviated market concerns about potential revenue loss from the transition. Morgan Stanley also emphasized the growing adoption of AI features. Google Lens processes over 20 billion visual searches monthly, with 25% tied to commercial intent, while Circle to Search is available on more than 150 million Android devices, with a third of users engaging weekly. “Engagement is also skewing younger,” said the bank, adding that it reinforces Alphabet’s position at the top of the consumer funnel. YouTube was another bright spot, with the gap between Shorts and core monetization said to be narrowing, similar to trends seen with Meta Reels. In addition to revenue growth, Alphabet’s efforts to improve efficiency were highlighted. GenAI now generates 25% of the company’s new code, while operating expenses have been reduced through strategic re-engineering. Morgan Stanley said, “GOOGL’s margins continue to improve,” with durable cost-cutting initiatives expected to further boost cash flow. Looking ahead, Alphabet’s capex guidance suggests steady investment, with additional increases anticipated in 2025. Morgan Stanley projects a 7% rise in free cash flow through 2026. Its updated price target of $205 for GOOGL implies a 14% upside. submitted by /u/Lor1al [link] [comments]

Alphabet Q3 results beat analyst estimates as cloud revenue soars; shares jump

https://preview.redd.it/12fxbpu38vxd1.png?width=800&format=png&auto=webp&s=9a9c9eb65c408be872b954e7846fa6953f8d81c4 Google owner Alphabet reported Tuesday third-quarter results that topped Wall Street estimates as the search giant’s advertising revenue climbed, easing concerns about the threat of competition from artificial intelligence search products. Alphabet jumped more than 5% in premarket trading Wednesday. The company reported earnings of $2.12 per share on revenue of $88.27 billion. That compared with expectations for earnings of $1.84 per share on revenue of $86.37B. The beat on the top and bottom lines comes as revenue in its core advertising business grew. Advertising revenue rose to $65.85B in Q3 from $59.65B in the prior-year period, with YouTube advertising revenue rose to $8.92B from $7.95B. Google Cloud revenue jumped 35% year-over-year to $11.35B from $8.41B in the period-year period, above consensus estimates. In a post-earnings note, Jefferies analysts said Alphabet delivered a “gem of a quarter.” “AI feels increasingly like a well-managed tailwind, improving effectiveness of ads, drawing in Cloud customers, and driving internal efficiencies,” analysts led by Brent Thill said in the note. The investment bank raised the price target on the stock from $220 to $235. Separately, analysts at Mizuho Securities said they remain “structurally positive” on Google stock thanks to its strategic positioning in AI to the edge device. However, the firm believes stock multiples will “likely remain in a holding pattern in the short-term due to ongoing regulatory headlines and competitive concerns.” submitted by /u/Lor1al [link] [comments]